NEW YORK, May 12, 2021 /PRNewswire/ -- According to a study of Fact.MR, the global recycled asphalt market is set to expand at a healthy CAGR of over 4.5% through 2021. Growing demand for asphalt in using patch material and road aggregate due to its durability and cost-effectiveness will drive the demand of recycled asphalt. Rising concern towards global warning and usage of energy has propelled the manufacturers to increase the recycling of asphalt as a sustainable process for reconstruction of road, fixing patches and pathway construction.
For instance, according to the recent survey by National Asphalt Pavement Association, around 97 million tons of old pavements were recycled by asphalt producers and 94% of old asphalt pavements were utilized in new pavement construction across United States in 2020. Hence, due to the sustainability concerns asphalt producers are increasing their usage of recycled technology for the application in patch materials, road aggregates and energy recovery. Thereby, improving the demand of recycled asphalts in the market.
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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. According to the U.S. Federal Highway Administration, around 100.1 million tons of asphalt pavements are milled off every year during the widening and resurfacing projects across the region. Hence, major key players are focusing on establishing strategic tie-ups and collaboration with road construction companies to improve their growth prospects.
According to Fact.MR, the global recycled asphalt market is anticipated to exceed the valuation of around US$ 6970 Mn through 2021.
"Sustainability concerns across the globe have compelled the key players to increase their usage of recycled asphalt pavements as a base material for highway construction and for fixing pavements," says a Fact.MR analyst.
Hot recycling asphalt segment is expected to account for over 62% of global market share
Cold recycling asphalt is poised to expand at 5.2% CAGR during the forecast period, while hot recycling asphalt at 4.1% CAGR
United States is expected to be one of the most lucrative market backed by the highly advanced recycling technology in the region
China is anticipated to lead the East Asia market of recycled asphalt over the forecast period
Patch material and road aggregate collectively accounts for over half of the global recycled asphalt market share
Development in recycled asphalt pavements projects across UK, Belgium, Finland and other European countries will provide absolute dollar opportunity in the upcoming decade
Bodean Company, Certain Teed, Cherry Companies, Downer Group, GAF Materials, Lone Star Paving, Owens Corning, Pavement Recycling System Inc., The Kraemer Company LLC, and Wirtgen Group are some of the prominent manufacturers profiled by Fact.MR. Prominent players are focusing on developing the products and establishing partnerships with road companies, introducing new projects and workshops to bring awareness among people to maintain the lead in the industry.
For instance, in March 2021, GreenMantra Technologies announced the partnership with HARKE Group to expand its recycling technology that is used in asphalt roofing products in Europe forging a new partnership with the HARKE Group.
Also, in 2019, GAF announced the plan of opening a new manufacturing plant in Pennsylvania to expand their business in New Columbia by creating 35 skilled manufacturing and office jobs.
Furthermore, in February 2019, Crafco announced HP Asphalt cold patch producer partner program to produce and market bulk Crafco HP Asphalt Cold Patch at their own plants.
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Fact.MR, in its new offering, presents a detailed analysis of the global recycled asphalt market. The study divulges essential insights on the major trends and opportunities of global recycled asphalt market. To gain a better perspective on the market potential and scope, the market is segmented on the basis of type (hot recycling, and cold recycling), application (patch material, hot mix asphalt, temporary driveways & roads, road aggregate, interlocking bricks, new asphalt shingles, and energy recovery), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Key Questions Covered in the Report
What will be the future outlook for the global recycled asphalt market?
Which region is the most lucrative for the global recycled asphalt market?
How is demand for recycled asphalt market rising?
What are the major growth drivers that are expected to prevail the market during the forecast period?
What are the key challenges faced by recycled asphalt manufacturers?
What is the impact of Covid-19 on recycled asphalt market?
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