Rockville , April 27, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: On the basis of analysis by Fact.MR, the global recycled asphalt market is estimated to be valued at US$ 7.6 billion in 2023 and is anticipated to grow at a CAGR of 4.7% during the forecast period of 2023-2033.
The process of making fresh asphalt requires burning fossil fuels, which drives CO2 emissions. As a result, repeated asphalt production increases environmental pollution and threatens the economy of natural resources. Recycling asphalt eliminates the need to burn fossil fuels, reducing air pollution as well as conserving natural resources. As a result, asphalt recycling has emerged as one of the most effective ways to reduce toxin production worldwide.
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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.
Key Takeaways from Market Study
- 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.
“Rising Fuel Prices and Environmental Concerns Are Propelling the Use of Recycled Asphalt in the Construction Sector” says a Fact.MR analyst.
Key Players of Recycled Asphalt Market
- Bodean Company
- Cherry Companies
- Pavement Recycling System, Inc.
- The Kraemer Company LLC
- Wirtgen Group
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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.
Segmentation of Recycled Asphalt Industry Research
- By Type :
- Hot
- Cold
- 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
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the recycled asphalt market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (hot and cold), application (patch material, hot mix asphalt, temporary driveways and roads, road aggregate, interlocking bricks, new asphalt shingles, and energy recovery) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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