Market Research Report
Global Recycled Asphalt Market by Type and Application : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Global Recycled Asphalt Market by Type and Application : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: January 30, 2021
Allied Market Research
Content info: 240 Pages
Delivery time: 2-3 business days
Global Recycled Asphalt Market by Type (Hot Recycling and Cold Recycling) and Application (Patch Material, Hot-Mix Asphalt, Temporary Driveways & Roads, Road Aggregate for Unpaved Roadways, Interlocking Bricks, New Asphalt Shingles, and Energy Recovery): Global Opportunity Analysis and Industry Forecast, 2020-2027.
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 reprocessed asphalt that contains asphalt and aggregates. Asphalt recycling involves milling and resizing of the asphalt pavements. The asphalt layer is crushed and pulled from the existing surface. Asphalt milling is done which is followed by pulverization and then stabilization. The pulverization of the asphalt is done to blend the asphalt layer to sub layers. Stabilization involves mixing tar, binding agents/materials, and waterproofing materials with crushed asphalt.
The recycled asphalt market is driven by environmental and economic benefits. The use of recycled asphalt results in reduced demand for virgin asphalt material. The binders used in the asphalt are expensive and incurs high variable cost. Since the recycled asphalt contains high percentage of the binder which is estimated to reduce cost up to 35%. Moreover, energy consumption and global warming has raised serious concerns with the use of asphalt around the globe. Recycled asphalt is a sustainable way of reconstructing roads. This leads to reduced consumption of natural resources thus benefitting environment. However, limitations in use of the recycled material restrains the market growth as it is prone to fatigue cracking, impartial blending, and rutting.
The recycled asphalt market is segmented on the basis of type, application, and region. Depending on type, the market is segmented into hot recycling and cold recycling. By application, the market is divided into patch material, hot-mix asphalt, temporary driveways & roads, road aggregate for unpaved roadways, interlocking bricks, new asphalt shingles, and energy recovery.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). 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.