New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The cost of recycled asphalt could be reduced by 35%. Recycled asphalt contains a lot of binders. Energy consumption and rising global temperatures have raised concerns about asphalt use worldwide. Recycled asphalt can be used to resurface roads. This reduces natural resource consumption, benefiting the environment. Recycled material is prone to fatigue cracking, impartial blending, and rutting, limiting the market growth.
Download Free Sample Report PDF @ https://straitsresearch.com/report/recycled-asphalt-market/request-sample
Positive Environmental Implications and Cost Savings with the Recycled Asphalt Drives the Global Market
According to Straits Research, “The global recycled asphalt market size was valued at USD 8,001.9 million in 2021. It is expected to reach USD 13750.35 million by 2030, growing at a CAGR of 6.2% during the forecast period (2022–2030).” Various aggregates, binders, and fillers are combined to form asphalt. Aggregates are crushed stones, gravel, rocks, and sand, all ground down. These types of asphalts are necessary for road and pavement construction. The extensive nature of the asphalt production process necessitates a significant investment in water and energy. Existing asphalt on roads is chipped off, crushed, and ground into powder to make recycled asphalt. In either case, the asphalt is either crushed on-site or brought to a recycling plant, where it is reprocessed. When recycled asphalt is used, it already contains a binder and aggregates. Recycled asphalt production requires less binder and aggregate because of this. In turn, less virgin material is used, reducing the burden on the planet's natural resources even further.
Development of Bespoke Solutions and Technologies Creates Tremendous Opportunities
For a long time, recycled asphalt has been available in the market. Despite this, many regions were reluctant to accept the same. This was one of the factors contributing to the underdevelopment of recycled asphalt technology. Despite this, the product is gaining widespread acceptance across various regions, particularly among governments, due to the growing recognition of its economic and environmental benefits. This can be attributed to lower infrastructure development costs, which reduce taxpayers' financial burden. As a result of increasing investments in developing technologies that use recycled asphalt, lucrative opportunities are expected to emerge, particularly given the industry's widespread availability of customized solutions.
Regional Analysis
North America is the highest revenue contributor growing at a CAGR of 6.6% during the forecast period. Because of the region's early advancements in the market, North America held a dominant position in the market. Several large corporations actively involved in recycling activities for asphalt is another factor that significantly contributes to the region's expansion in the market for recycled asphalt.
Asia-Pacific is the second-largest contributor to the market and is estimated to grow at a CAGR of 6.7% during the forecast period. The economies that make up the Asia-Pacific region can be broken down into three categories: developed, developing, and underdeveloped. The presence of two significant developing economies in the region, namely China and India, is a major driving force behind the growth of the recycled asphalt market. This is because the emerging economies are increasing, which can be attributed to the previous sentence. Continual investments are being made by the economies in the development and reconstruction of various types of infrastructure. In addition, it is anticipated that the region will grow at the highest CAGR during the period covered by the forecast. Because of its cost benefits, the use of recycled asphalt has increased in the region. This is a significant advantage for developing nations because it lightens the load on taxpayers and enables governments to reinvest the money saved in other aspects of economic growth.
Key Highlights
- Based on the Type, the global Recycled Asphalt market has been categorized into Hot and Cold recycling. The Hot recycling segment was the highest contributor to the market, growing at a CAGR of 6.3% during the forecast period.
- Based on the Application type, the global recycled asphalt market has been categorized into patch material, hot-mix asphalt, temporary driveways and roads, road aggregate for unpaved roadways, interlocking bricks, new asphalt shingles, and energy recovery. The patch material segment was the highest contributor to the market, growing at a CAGR of 6.4% during the forecast period.
- The global recycled asphalt market has been segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America is the highest revenue contributor growing at a CAGR of 6.6% during the forecast period.
Competitive Analysis
Key players in the global recycled asphalt market are Bodean Company, CertainTeed, Cherry Companies, Downer Group, GAF Materials, Lone Star Paving, Owens Corning, Pavement Recycling System, Inc, The Kraemer Company, LLC, and Wirtgen Group.
Market News
- In May 2022, At the World of Asphalt 2022, Vögele presents an attractive cross-section of its current product program: From the smallest street paver, the SUPER 700i, through the SUPER 1800-3i SprayJet spray paver to the 10 ft SUPER 2000-3i paver, all machines are designed for productivity, efficiencies, and precision.
Global Recycled Asphalt Market: Segmentation
By Type
- Hot Recycling
- Cold Recycling
By Application
- Patch Material
- Hot-mix Asphalt
- Temporary Driveways & Roads
- Road Aggregate for Unpaved Roadways
- Interlocking Bricks
- New Asphalt Shingles
- Energy Recovery
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/recycled-asphalt-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
