Hot Recycled Asphalt to Capture over 60% Market Share through 2031: Fact.MR Study
Published : 19 Oct 2021 Industry: Chemical & Materials
Fact.MR predicts the global sales of recycled asphalt to be valued at nearly US$ 10.7 Bn by the end of the forecast period ranging from 2021-2031, expanding at a CAGR of 4.5%. Demand has witnessed growth owing to rising petroleum prices across the globe. Recycled asphalt offers less use of resources leading to economic and environmental safety.
Historically, between 2016 and 2020, sales of recycled asphalt expanded at over 2% CAGR. Growth projections took a temporary dip amid the COVID-19 pandemic outbreak, prompting the construction industry to cease operations in wake of imposition of mandatory lockdowns. Since Q4 2020, however, prospects have been rebounding, as rapid vaccination drives encourage resumption of key end use industrial operations.
Recycle asphalt also plays an important role in improving the performance and durability of road surfaces of gravel constructed roads. Along with durability it also minimizes road dust and misplacement of gravels from the roads. Thus, all these factors are playing a key role in spurring the demand for recycled asphalt.
Key Takeaways from the Market Study
- Hot recycled asphalt to accumulate 60% of market revenue until 2031
- Cold asphalt sales to register a CAGR of 5.1% from 2021 to 2031
- Recycled asphalt for metal patch applications to surge at a CAGR of 4%
- North America to generate an absolute opportunity worth US$ 1.2 Bn by 2031
- 1/4th of global recycled asphalt demand likely to be generated by Asia until 2031
“As architecture, engineering and construction companies embrace sustainable construction practices, prospects for recycled asphalt are surging impressively, prompting a flurry of product launches and extensive R&D” says a Fact.MR analyst.
Bodean Company, Cherry Companies, Downer Group, GAF Materials, Lone Star Paving, Owens Corning, Pavement Recycling System, Inc., The Kraemer Company, LLC, Wirtgen Group and CertainTeed are prominent recycled asphalt market players.
- In 2020 GAF Materials invested $21 Mn to build 400,000 square feet of space in Gainesville to expand business in Texas, U.S. The company plans to occupy the new space in Gainesville, Florida in around January 2022.
- In 2020 Ames-Kraemer Company LLC announced ramping up of its major construction activities on the Twin Ports Interchange Project in Duluth for MnDOT (Minnesota Department of Transportation). Once completed, this project will enhance safety by eliminating blind merges and left exits, replace aging infrastructure, and better accommodate freight movements through the interchanges next to the Clure Public Terminal.
More Insights Available
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 indulges essential insights on the market on the basis of type (hot recycling asphalt and cold recycling asphalt) and application (patch material, hot mix asphalt, temporary driveways and roads, road aggregate, interlocking bricks, new asphalt shingles and energy recovery) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemical and Materials