Hot mix segment attained the largest revenue share in the Cambodia Asphalt Market – 6Wresearch
Hot mix asphalt segment accounted for the largest market share in Cambodia Asphalt Industry owing to its wide applicability in construction activities such as paving, waterproofing and emulsion of roads. Additionally, Cambodia government has invested more than $3billion in constructing roads across the country in last 10 years which has positively affected the growth of hot mix asphalt segment in the country. The government's initiative to improve 1,200 km of rural roads across Cambodia and ensuring that rehabilitated roads are climate resilient has acted as a catalyst in growth of hot mix segment in Cambodia asphalt market.
According to 6Wresearch, Cambodia Asphalt Market revenue size is projected to grow at a CAGR of 10.3% during 2023-2029. Cambodia Road Infrastructure is growing and it will continue to grow in the near future and it plays a pivotal role in the growth of asphalt market in Cambodia. In Siem Reap, Sihanoukville, Koh Kong, and other provinces, the Government of Cambodia has undertaken several significant road construction projects such as Phnom-Penh-Bavet Expressway, National Roads 1 and 5. Asphalt is primarily used in construction of roads henceforth, the rise in road projects in the years ahead would drive the market for asphalt in Cambodia.
Airport infrastructure in Cambodia is growing at a rapid pace as the investment in airport infrastructure would rise significantly in the years ahead. The construction of New Phnom Penh International Airport (NPPIA) worth of $1.5 billion, is scheduled to be fully developed by 2050, and it is anticipated to serve 30 million passengers by 2030 and 50 million passengers annually by the year 2050.
According to Ravi Bhandari, Research Head, 6Wresearch, by applications, paving segment accounted for the largest market share in Cambodia asphalt market owing to the commencement of $2 billion Phnom Penh-Sihanoukville Expressway in 2019. Moreover, Siem Reap Battambang road project which is expected to be completed in 2025 would driving the market for the paving segment in the years ahead.
The Cambodia Asphalt Market (2023-2029)” report provides an in-depth analysis with 17 figures and 4 tables, covered in 59 pages. The report on Asphalt Market in Cambodia comprehensively covers the industry by Mix Type, and Application. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.