According to a new report published by Allied Market Research titled, “Recycled Asphalt Market by Type and Application: Opportunity Analysis and Industry Forecast, 2019–2026,” The recycled asphalt market was valued at $7.1 billion in 2019, and is anticipated to generate $10.4 billion by 2027. The market is projected to experience growth at a CAGR of 5.9% from 2020 to 2027
Recycled asphalt is processed by crushing the surface layer of existing asphalt site. It is used in reconstruction and resurfacing purposes. It is also used in preparing asphalt shingles for roofing. Moreover, it reduces consumption of natural resources such as water and coal. Shingles and ground tire rubber are able to be integrated into asphalt. This reduces the virgin material need while providing an incredibly useful for home materials that would otherwise be in landfills.
The recycled asphalt is made from recycling the existing surface asphalt though milling, pulverization, and stabilization. It is widely used in base, fill, shoulders, alleys, potholes, and utility cut. As the recycled asphalt offers environmental and economic benefits, they are widely being adopted for reconstruction of roads, pavements, and even in roof shingles. However, limitation in its use acts as a restraint for market growth. Recycled asphalt saves on oil costs, reduces virgin aggregate needs, and creates a cycle in which asphalt is never dumped in a land fill or discarded.
The global recycled asphalt market is segmented into type, application, and region. Depending on type, the market is bifurcated into hot recycling and cold recycling. The hot recycling segment dominated the market in 2019, and is expected to grow during the forecast period. By application, the market is divided into patch material, hot-mix asphalt, temporary driveways & roads, road aggregate for unpaved roadways, and energy recovery. The patch material segment dominated the market in 2019, however, road aggregate for unpaved roadways is expected to grow at a higher CAGR during the forecast period.
By region, the recycled asphalt market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019 while Asia-Pacific is attributed to the rising demand for recycled asphalt applications for use in commercial, residential, and industrial sectors.
The key players operating in the 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. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.
Key findings of the study
- The recycled asphalt market size is provided in terms of revenue.
- By region, Asia-Pacific is projected to grow at the highest CAGR of approximately 6.4%, in terms of revenue, during the forecast period.
- By application, the patch material segment is anticipated to grow with CAGR 6.1%, in terms of revenue, during the forecast period.
- A comprehensive analysis of the factors that drive and restrain the recycled asphalt market growth is provided
- The qualitative data in this report aims at the recycled asphalt market trends, dynamics, and developments in the recycled asphalt industry
- The recycled asphalt market forecast and estimations are based on factors impacting the market growth