About the Report
The recycled asphalt market has been progressing at significant pace over the past few years. The key reason behind growing market of recycled asphalt in past few years has been the rising price of petroleum prices globally. As recycled asphalt does not require burning of fossil fuels, the demand of recycled asphalt has been observed to grow at a moderate pace.
Due to the environment friendly factors, recycled asphalt demand is gaining pace. The growing market of recycled asphalt is directly affecting the market of virgin asphalt materials. The binder used in virgin asphalt is very expensive and increase the cost of production. Recycle asphalt already contains huge percent of binders which almost cuts down the cost up to 30%.
Rising concern towards global warming and energy consumption has raise the major concerned in using virgin asphalt globally. Using recycled asphalt is a sustainable process for reconstruction of road, fixing patches and small construction of pathway.
Foremost objective of the report by Fact.MR on the recycled asphalt market is to pitch insights on the purchase growth scenario, demand generators, and development strategies in this space. The report provides a taxonomy elaborating on key segments.
The report also outlines visionary insights on the market dynamics, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key success factors. Demand trends have been tracked in 15+ high-growth countries, pointing towards countries in North America holding bulk of the share.
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Historical Trends Vs Future Market Projections
Historically from 2016 to 2020, demand of recycled asphalt increased at around 2.5% CAGR, and the key factor assisting this growth is its advantages over traditional virgin asphalt, including zero emersion of Co2, less costly compare to virgin asphalt and it also used as a mixture with virgin asphalt after heating process to construct road and filling path holes.
Due to use of recycled asphalt shingles in virgin asphalt has led the decrease in demand for mined aggregates. Recycled asphalt shingles mix in virgin asphalt enhance the quality of pavement, therefore the market is growing positively.
The market of recycled asphalt is forecasted to expand at the CAGR of nearly 4.5% over the coming years (2021 – 2031). Major reason influencing the market growth is growing concerned about global warming and environment safety.
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Which Region Offers Larger Opportunity for the Recycled Asphalt?
Major market of recycled asphalt has been observed in North America. The region accounts for 37.2% of global market share of the recycled asphalt market in 2020. The region is expected to offer over US$ 1,275 Mn absolute dollar opportunity in the forecasted period (2021 – 2031).
The major reason for highest market share is due to having a highly developed advanced recycling technology. Apart from highly developed recycling process the factor affecting the growth of recycled is government policies toward use of zero emersion methods.
For instance, more than 15 states of United States has signed a memorandum of understanding (MOU) a diverse mix of states that includes California, Colorado, Connecticut, Hawaii, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington as well as the District of Columbia has agreed to signed a deal to work collaboratively in replacing dirt fossil fuel trucks to zero emersion electric trucks.
Why Hot Recycled Asphalt is More Preferred?
In process type of recycled asphalt, the market is bifurcated into two segments including hot recycling asphalt and cold recycling of asphalt. The hot recycling asphalt process contributes the highest in the process type segment with around 62.3% market share globally. With growing expansion of market, the hot recycled asphalt process is expected to grow in coming years.
The reason for demand of hot recycled asphalt process has more compare to cold asphalt recycling process due to its advantage, cold recycling asphalt process generally used in new construction of roads but recycled asphalt is beneficial in repairing roads and small constructions, thus the demand for hot recycled asphalt is more.
The cold recycled asphalt process is expected to grow even future in forecasted period (2021 – 2031). Cold recycled asphalt in the type is anticipated to expand at the CAGR around 5.2%, while hot recycled asphalt at CAGR of 4.1%.
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How Has COVID-19 has Badly Affected the Recycled Asphalt Market?
With the implementation of lockdown at global level response to Covid 19 pandemic, industries are badly affected globally, due to the halt in business activities by government to prevent spread on Covid 19 virus. Construction industries and real estate industries are badly impacted sector globally. This has impacted the market growth of recycled asphalt market as this sectors are key share in the market.
Companies are facing issue in procurement of raw material like virgin asphalt, recycled asphalt and other particles from others countries due to the trade restriction between countries, companies are also facing issues in delivering their products to international clients.
The shortage of raw material has forced companies to start looking for local opportunities for procuring the raw materials. However, even after huge drop in the revenue in recycled asphalt market during the pandemic times, the growth of the market is expected to reach back to normalcy very soon.
Majority of the companies discussed in the report have focused on establishing partnerships with road construction companies, introducing workshops to aware people about benefits and continuously doing research and development. Some of the key development are:
- In 2020 GAF Materials has invest $21 Mn to build out 400,000 square feet of new space in Gainesville to expand their business in Texas, U.S. The company plans to occupy the new space in Gainesville, Florida in around January 2022.
- In 2020 Ames-Kraemer Company, LLC a joint venture company announced ramping up its major construction activities on the Twin Ports Interchange Project in Duluth for MnDOT (Minnesota Department of Transportation). Once completed, this project will enhance safety by eliminating blind merges and left exits, replace aging infrastructure, and better accommodate freight movements through the interchanges next to the Clure Public Terminal. Use of recycled asphalt will play an important role in this project to cut down mineral aggregate price and making more durable roads.
Similarly, recent developments related to companies manufacturing recycled asphalt have been tracked by the team at Fact.MR, which is available in the full report.
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Historical Data Available for
Tons for Volume and US$ Mn for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Hot recycling asphalt
- Cold recycling asphalt
- Patch Material
- Hot Mix Asphalt
- Temporary Driveways and Roads
- Road Aggregate
- Interlocking Bricks
- New Asphalt Shingles
- Energy Recovery
- North America
- Latin America
- East Asia
- South Asia
Recycled Asphalt Market- Scope of Report
A recent study by Fact.MR on the recycled asphalt market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of recycled asphalt.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the recycled asphalt market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of recycled asphalt across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of recycled asphalt during the forecast period.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (tons) and value (US$ Mn). Market estimates at global and regional levels for recycled asphalt are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a solution provider can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global recycled asphalt market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include Porter’s five forces analysis and PESTLE analysis (political, economic, social, technology, legal and environment outlook), which are expected to have a momentous influence on the growth of the recycled asphalt market during the forecast period.
Country-specific valuation on demand for recycled asphalt has been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of recycled asphalt, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the manufacturing of recycled asphalt has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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