According to the report published by Zion Market Research, the global Recycled Asphalt Market size was valued at USD 8,205.44 Million in 2022 and is predicted to reach USD 16,627.90 Million by the end of 2030. The market is expected to grow with a CAGR of 9.23% during the forecast period. The report analyzes the global Recycled Asphalt Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Recycled Asphalt Market industry.
Global Recycled Asphalt Market: Overview
Recycled asphalt refers to the combination of asphalt and associated aggregates that were recycled. Asphalt pavements are resized and milled again during the recycling process. The asphalt layer is initially crushed and then pulled away from the surface. Therefore, after stabilization, pulverization, and milling, asphalt is milled again. Also, asphalt is later pulverized to efficiently combine the asphalt and sublayer. Stabilization aids in mixing the crushed asphalt with tar, waterproofing material, and binding agents. Also, these are widely used for making roofing shingles. It cut down on the adoption of natural resources like coal and water.
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Global Recycled Asphalt Market: Growth Factors
The global recycled asphalt market is likely to witness significant growth in the forthcoming years due to the surging petroleum prices globally. In addition, the adoption of reclaimed asphalt facilitates advantages for the optimum utilization of resources, thereby helping in saving the economy and environment. The repeated production procedure includes the ignition of fossil fuels, thereby polluting the environment by emitting carbon dioxide. The repeated production of asphalt further contributed to the pollution. The recycling of asphalt has emerged as one of the most effective ways to lower the production of toxins during the process.
Furthermore, it is much more durable than virgin asphalt at very low prices. The recycled asphalt shingles facilitate better utility in several applications, including pavement activities, where these are mixed with virgin asphalt after being heated for repair and construction activities. Apart from this, the ceramics in recycled asphalt shingles function as the primary source of aggregate in the heated asphalt mix. As a result, it is likely to grow significantly during the requirement for mind aggregates. One of the major benefits of recycled asphalt pavements is that they are light-colored and do not absorb a lot of heat. On the other hand, the pavements made with virgin asphalt absorb a lot of heat from the sun, thereby heating the payment even after sunset time. As a result, the adoption of recycled asphalt pavement will hold a lot of growth prospects during the forecast period.
The newly developed plants in urban areas highlight the reclaimed asphalt ratio with a maximum of 60%. But several companies are in the development and testing stage of using 100% asphalt recycling plants. The construction sector is likely to further propel the demand for optimum utilization of natural and sustainable resources. Thereby, the market leaders are involved in introducing new asphalt mix concepts without the fortification of current production capabilities.
Global Recycled Asphalt Market: Segmentation
The global recycled asphalt market can be segmented into types, applications, and regions.
By type, the market can be segmented into hot and cold recycling.
By application, the market can be segmented into energy recovery, new asphalt shingles, interlocking bricks, road aggregate for unpaved roadways, temporary driveways, hot mix asphalt, and patch material. The patch material segment accounts for the largest share in the global recycled asphalt market due to the high utilization of recycled asphalt in potholes and resurfacing. Additionally, the road aggregate for unpaved road segments is likely to spur with the considerable CAGR owing to the growing applications of recycled asphalt in unpaved roads due to the fact they hold more fraction of aggregate when compared to the virgin material.
Global Recycled Asphalt Market: Regional analysis
North America accounts for the largest share in the global recycled asphalt market due to the fast proliferating construction sector in the region. Additionally, the ongoing technological advancements and growing awareness among people regarding the advantages offered by recycled asphalt will further complement the growth of the regional market.
Asia Pacific is also likely to grow significantly during the forecast period due to the rising applications of recycled asphalt in base development, resurfacing, and reconstructing activities.
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Global Recycled Asphalt Market: Competitive Players
Some of the significant players in the global recycled asphalt market include:
- Bodean Company
- Lone Star Paving
- Cherry Companies
- Shell Bitumen
- Owens Corning
- Oldcastle Materials
- GAF Materials
The Global Recycled Asphalt Market is segmented as follows:
- cold recycling
- energy recovery
- new asphalt shingles
- interlocking bricks
- road aggregate for unpaved roadways
- temporary driveways
- hot mix asphalt
- patch material
Global Recycled Asphalt Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFrance The UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
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