More than 3/5th of Recycled Asphalt Sales to be contributed by Hot Recycling Asphalt
Fact.MR's latest report offers reliable data on various factors shaping the growth of the recycled asphalt market. It further studies various trends and opportunities affecting the demand across leading segments in terms of type and application.
NEW YORK, Nov. 1, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the recycled asphalt market is estimated to surpass US$ 6.9 Bn by 2021. With rising demand for recycled asphalt across various applications, the overall market is projected to accumulate US$ 10.7 Bn by 2031, expanding at a CAGR of 4.5% over the forecast period.
Demand for recycled asphalt has been rising significantly over the years in response to the soaring environmental concerns. Recycled asphalt offers various advantages such as zero CO2 emission, cost-effectiveness, and minimizes material waste.
It is sometimes mixed with virgin asphalt to construct roads and filling potholes. When mixed and heated with virgin asphalt, the recycled asphalt offers superior utility applications.
Contractors are utilizing both hot recycled and cold recycled asphalt for the construction of new roads and for repairing the old ones. Rapid urbanization and increasing construction activities across the globe is expected to improve the sales prospects of recycled asphalt.
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Extreme weather conditions and heavy traffic load in some regions often damage the roads at quicker pace. Continuous patching becomes essential to maintain road quality. To ascertain this, a high volume of recycled asphalt is utilized annually for patching roads in these region.
According to the National Asphalt Pavement Association (NAPA), 89.2 Mn tons of reclaimed asphalt pavement (RAP) was recycled into new mixes in 2019. Furthermore, 94% of asphalt mixture was reclaimed from old asphalt pavement and put back to use in new pavements.
As per the report, the demand for hot recycling asphalt is growing as it offers various advantages compared to cold recycling asphalt. Hot recycled asphalt allows quicker mending of roads, requires low energy, and reduces the logistics cost. Fact.MR projects, the segment to account for 62.3% market share by 2031.
North America will continue to dominate the recycled asphalt market, accounting for 37.2% share through 2031. Growth in the region is attributed to increasing adoption of recycled asphalt in road construction and resurfacing, strong presence of leading players, and adoption of latest recycling technologies.
"With implementation of stringent emission control regulations and rising fuel prices, contractors are showing keen interest in utilizing recycled asphalt for construction purposes. This will create a plethora of opportunities for the leading recycled asphalt manufacturers in the future," says the Fact.MR analyst.
Key Takeaways from Recycled Asphalt Market Survey
With the adoption of highly advanced recycling technology, North America market is projected to create absolute dollar opportunity of over US$ 1.2 Bn between 2021 and 2031.
Asia is expected to account for around 25% market share, with China and India leading the growth on the back of increasing investments in road infrastructure.
South Korea is expected to witness strong growth as a result of expanding road infrastructure and rising need for lowering the emission rate.
Owing to the widespread usage of recycled asphalt in resurfacing of roads and covering potholes, the patch material segment is anticipated to grow by 4% CAGR between 2021 and 2031.
Shifting focus towards sustainable construction practices is stimulating the demand for recycled asphalt products.
Increasing need for constructing new roads and repairing the old ones is expected to spur the demand for recycled asphalt.
Adoption of recycled asphalt is expected to increase due to its cost effective and ecofriendly nature. Also, reduced consumption of natural resources makes it an ideal candidate for the construction purposes.
Rising government investments to develop new roads as well as to continuously repair the old ones is expected to accelerate the growth of the market
Fluctuation in prices and limited usage of the material are restraining the growth of the market.
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Key companies operating in the recycled asphalt market are focusing on establishing partnerships with road construction companies. They have adopted various strategies such as expansion of recycled facilities, collaborations, and acquisitions to expand their global presence.
In 2021, Wirtgen Group launched a new cold recycling mixing plant "KMA 240 (i), capable of processing 240 tons of mix from a variety of construction materials per hour in an ecofriendly manner.
In April 2020, GAF, a Standard Industries company and the largest roofing and waterproofing manufacturer in North America, announced a new patented shingle recycling process that has successfully produced the industry's first asphalt roofing shingles containing recycled material from post-consumer and post-manufacture waste shingles that may have otherwise been landfilled.
In May 2018, Downer's Infrastructure Services roads business launched a new recycled asphalt product to join the series of recycled road products.
Some of the prominent players operating in the recycled asphalt market profiled by Fact.MR are:
Lone Star Paving
Pavement Recycling System, Inc.
The Kraemer Company LLC
More Insights on the Global Recycled Asphalt Sales Outlook
Fact.MR offers detailed presentation on recycled asphalt market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for recycled asphalt with a detailed segmentation on the basis of:
Hot Recycling Asphalt
Cold Recycling Asphalt
Hot Mix Asphalt
Temporary Driveways and Roads
New Asphalt Shingles
Key Questions Covered in the Recycled Asphalt Market Outlook Report
The report offers insight into recycled asphalt demand outlook for 2021-2031
The market study also highlights projected sales growth for recycled asphalt market between 2021 and 2031
Recycled asphalt market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Recycled asphalt market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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