May 04, 2021
Approximately 40% of Recycled Asphalt Revenue Generated through Patch Material and Road Aggregates, Evaluates Fact.MR
by Team Fact.MR
The demand of recycled asphalt has witnessed a huge growth, due to rising petroleum prices across the globe. Recycle asphalt offers less use of resources leading to economic and environmental safety, this key factors are driving the market growth of recycled asphalt. Recycle asphalt also plays an important role in improving the performance and durability of road surfaces of gravel constructed road. Along with durability it also minimize the noise of road, emersion of road dust and misplacement of gravels from the roads. It also provides high performance in roads constructed for small duration.
The demand of recycled asphalt has increase in using patch material and road aggregate due to benefits including the toughness of mixture remain highly durable and long lasting, it also cost less amount of money comparing to other mixtures. Patch material and road aggregates has the maximum share in application type of recycled asphalt.
As per the report published by Fact.MR, the global recycled asphalt market is anticipated to exceed a valuation of around US$ 6,970 Mn by 2021, and is expected to expand at an impressive CAGR of around 4.5% over the forecast period of 2021 to 2031.
North America dominates the consumption of recycled asphalt across the world owing since the department of transportation in several states of the U.S. including Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, and Georgia have authorized the use of recycled asphalt in paving mixes.
Key Takeaways from Market Study
- East Asia is estimated to witness major growth in the forecast period, compared to 2021, accounting over 7% growth.
- In 2020, North America is anticipated to register highest market share of around 37.2%, followed by Europe.
- In 2020, North America and Europe together accounted for 65% of global recycled asphalt market. The European market is expected to offer over US$ 323.2 Mn absolute dollar opportunity over the next ten years.
- In terms of application, patch material and road aggregate together held around 50% of the overall market share in 2020.
- Among types, the hot recycled asphalt is estimated to cover higher market share in 2020, accounted around 63%.
“Globally, growing global warming and concerned toward environment safety has increased the market of recycled asphalt says a Fact.MR analyst.
The recycled asphalt market is dominated by the hot recycled asphalt as it accounts for more than 60% market share globally. The major factor for growing market of hot recycled asphalt is its advantage in re construction of road and patches. It holds the mixture more efficiently comparing to cold recycled asphalt.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global recycled asphalt market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study reveals essential insights on the basis of type (hot recycled asphalt and cold recycled asphalt), by application (patch material, hot mix asphalt, temporary driveways and roads, road aggregate, interlocking bricks, new asphalt shingles and energy recovery) and across seven regions of the world (North America, Latin America, Europe, South Asia, East Asia , Oceania, and MEA).
Fact. MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Consultant – Chemical and Material
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