With a CAGR of 4.7%, it is predicted that the global recycled asphalt market would be valued US$ 7.6 billion in 2023 and US$ 12.0 billion by the end of 2033. The use of reclaimed asphalt in building and infrastructure projects has increased significantly. As well as roofing and waterproofing, recycled asphalt is used.
Recycled asphalt is created from used pavement, it is less expensive than conventional fresh asphalt. Furthermore, recycled materials help to reduce carbon footprint because they are an environmentally friendly substitute for virgin asphalt, which is derived from a petroleum product.
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- Bodean Company
- Cherry Companies
- Pavement Recycling System, Inc.
- The Kraemer Company LLC
- Wirtgen Group
Key Statistics Supporting the Surge
- The market for recycled asphalt is estimated to reach a valuation of US$ 7.6 billion in 2023
- The global recycled asphalt market is projected to grow at a CAGR of 4.7% and reach a valuation of US$ 12.0 billion by 2033
- North America is estimated to dominate the market with a 37.2% market share in 2023
- Patch material and road aggregate collectively accounts for over half of the global recycled asphalt market share
- Cold recycling asphalt is poised to expand at 5.2% CAGR during the forecast period, while hot recycling asphalt is at 4.1% CAGR.
Market Growth Stratagems
Many companies are focusing on developing customized solutions and technologies to produce quality asphalt through the recycling process. Benefits from these technologies include reduced CO2 emissions and reduced costly storage. The global construction industry is constantly pushing for the use of environmentally friendly natural resources and this will have a positive impact on the global recycled asphalt market and opens a new bracket for market players.
Rising concern about global warming and the usage of energy has propelled manufacturers to increase the recycling of asphalt as a sustainable process for the reconstruction of roads, fixing patches and pathway construction. Also, benefits such as reduced construction material costs, less use of petroleum-based products, and conservation of natural resources by requiring less virgin aggregate and asphalt in construction projects have heightened the growth prospects for market players.
Modern road construction involves design and maintenance. So, it has to be renewed regularly. Asphalt roads are comparatively flexible and have numerous degrees of freedom in terms of constructing bottleneck roads and building a road out of recycled asphalt is relatively quick. Therefore, increasing road construction across the globe drives market expansion during the forecast period.
“Rising Fuel Prices and Environmental Concerns Are Propelling the Use of Recycled Asphalt in the Construction Sector” says a Fact.MR analyst.
- By Type :
- By Application :
- Patch Material
- Hot Mix Asphalt
- Temporary Driveways and Roads
- Road Aggregate
- Interlocking Bricks
- New Asphalt Shingles
- Energy Recovery
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Report Benefits & Key Questions Answered
- Recycled asphalt Category and segment level analysis: Fact MR offers detailed analysis of the factors influencing the sales prospect across key segments. Recycled asphalt category analysis provides deep insights into customer experiences, emerging trends and growth drivers. The vital information highlighted in this section will enable market players to make timely business decision to gain competitive advantage.
- Recycled asphalt Manufacturing trend analysis: A key aspect of the study is comprehensive Recycled asphalt manufacturing trend analysis. These insights provide vital information on how market players are coping with latest trends that are prevailing in the market.
- Innovation and acquisition activity in Recycled asphalt: The report highlights in detail the various organic and inorganic strategies adopted manufacturers in order to gain a competitive edge in Recycled asphalt. Adoption of various technologies are being discussed in detail.
- Recycled asphalt demand by country: The report forecasts the country wise demand for Recycled asphalt between 2021 and 2031. By analyzing this section of the report, Recycled asphalt manufacturers can accordingly invest in those regions where the demand is on the rise.
- Post COVID consumer spending on Recycled asphalt: The Fact.MR market survey also highlights the impact of COVID-19 on medical devices industry. These insights provide vital information on how market players are executing their manufacturing strategies to coup with the COVID-19 pandemic.
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