Recycled Asphalt Market
Recycled Asphalt Market Study by Hot and Cold Recycling Asphalt for Patch Material, Hot Mix Asphalt, Temporary Driveways & Roads, Road Aggregates, and Interlocking Bricks from 2023 to 2033
Analysis of Recycled Asphalt Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Japan, Korea, Nordics, GCC countries and many more
Recycled Asphalt Market Growth Outlook (2023 to 2033)
Based on the analysis by Fact.MR, the global recycled asphalt market is estimated to be valued at US$ 7.6 billion in 2023 and it is forecasted to grow at a CAGR of 4.7% to reach US$ 12.0 billion by the end of 2033.
Recycled asphalt has gained tremendous popularity in the infrastructure development and construction industry. Other uses of recycled asphalt include roofing and waterproofing.
| Report Attributes | Details |
|---|---|
| Recycled Asphalt Market Size (2022A) | US$ 7.2 Billion |
| Estimated Market Value (2023E) | US$ 7.6 Billion |
| Forecasted Market Value (2033F) | US$ 12.0 Billion |
| Global Market Growth Rate (2023 to 2033) | 4.7% CAGR |
| North America Market Share (2023) | 37.2% |
| Key Companies Profiled | Bodean Company; Cherry Companies; Pavement Recycling System, Inc.; The Kraemer Company LLC; Wirtgen Group |
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Historic and Future Pathway Analysis for the Recycled Asphalt Market
Recycled asphalt is made of high-quality graded aggregates coated with asphalt cement which can be used to produce hot asphalt mixes, cold asphalt mixes, and asphalt concrete for subgrade construction. Most recycled asphalt is usually destined to return to street construction. This is due to the recycled asphalt grading curve.
Recycled asphalt is less expensive than traditional new asphalt because it is made from existing pavement. Further, it is an eco-friendly alternative to virgin asphalt which is made from a petroleum product, hence, using recycled material help to lower the carbon footprint.
- Short Term (2023 to 2026): Adopting sustainable construction practices is stimulating the demand for recycled asphalts.
- Medium Term (2026 to 2029): The Asia-Pacific recycled asphalt market is expected to witness remarkable growth owing to increasing infrastructure development and growing demand for sustainable building materials.
- Long Term (2029 to 2033): Government expenditures on road development, promoting recycling initiatives, and others to create an opportunity for market growth.
According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.7% CAGR between 2023 and 2033.
Market Dynamics Overview
“Consistent Increase in Highway/Roads Constructions to Supplement Growth”
Growth in the road and construction industry is having a positive impact on the recycled asphalt market. Using recycled asphalt for rebuilding roads, paving patches, and building small trails drives the market growth.
Recycled asphalt also plays an important role in improving the durability and surface of gravel roads. Adding recycled asphalt to gravel, minimizes gravel road noise, dust emissions, and gravel displacement from the road. Recycled asphalt is highly functional while constructing temporary driveways and roads.
Road pavements constructed from virgin asphalt tend to exhibit the urban heat island effect. The materials used absorb heat from the sun into the ground, keeping the area warm. However, pavers made from recycled asphalt are light in color and less susceptible to heat absorption. Therefore, the consumption of recycled asphalt in pavements will lead to a reduced urban heat island effect and increase the growth prospects of the global recycled asphalt market.
In recent years, the asphalt recycling market has developed rapidly. The main reason behind the growth and use of recycled asphalt is the recent rise in petroleum prices.
“Factors Affecting Market Growth”
Asphalt is a petrochemical product, and fluctuations in oil prices directly hampered the price of asphalt, so it is highly volatile. One of the biggest concerns is that the quality of the material may not be as high as new asphalt.
Asphalt is an important raw material for pavement construction, so fluctuating petrochemical prices can affect the supply and demand of construction projects by the government and road construction companies. As a result, road substitutes such as concrete, gypsum, and bio-asphalt are being used more and more.
The recycled asphalt market cannot be separated from the asphalt market. Therefore, fluctuations in asphalt price and supply during the forecast period are impacting the global reclaimed asphalt market.
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Country-wise Insights
Why is the U.S. increasing the demand for Recycled Asphalt Market?
Advanced recycling technology plays a key role in the development and demand of the recycled asphalt market. Additionally, government policies in countries such as the United States focus on zero-emission practices for construction purposes further increasing the use of recycled asphalt.
For instance, more than 15 U.S. states have signed a memorandum of understanding (MOU) to work together to replace fossil fuel-powered dirt vehicles with zero-emission electric vehicles. Therefore, North America is expected to capture a 37.2% market share by accumulating over US$ 1.2 billion in absolute dollar opportunities over the forecast period.
Will China Present a Lucrative Market for Recycled Asphalt During the Forecast Period?
Governments in countries such as China are investing in infrastructure development. Additionally, increased demand from road repairs and construction sites is boosting sales of recycled asphalt in the country.
Large-scale road infrastructure projects such as China's Belt and Road Initiative (BRI) have provided significant impetus to the expansion of the recycled asphalt industry. BRI's total funding is between $50 billion and $100 billion annually which includes the cost of carrying out road repairs. Thus, creating immense growth opportunities for the market players.
Category-wise Insights
Will Reconstruction Boost Demand for Hot Recycled Asphalt?
The demand for hot asphalt recycling processes is growing as it offers more advantages compared to cold asphalt recycling processes. Hot asphalt or warm mix reclaimed asphalt can help speed up road repair. This, lead to saving energy and resource.
Therefore, the hot recycling asphalt process is expected to grow at a CAGR of 4.1% during the forecast period. Additionally, hot recycled asphalt ensures optimal manual laying and is easy to handle, store, and other.
Will Patch Material Application Generate Maximum Recycled Asphalt Demand?
On the basis of application, patch material I estimated to grow at a CAGR of 4.0% during the forecast period. Patch materials repair surfaces such as potholes, roads, bridges, parking lots, driveways, and sidewalks.
The use of recycled asphalt is economical as well as they are effective in all weather conditions, reducing the chance of potholes and other damage in the road, eliminating the need for expensive repairs, and requiring no priming.
There are several manufacturers in the global market that offer recycled asphalt for paving applications. For instance, AS Systems offers a range of cold patch asphalts suitable for repairing dangerous potholes and large cracks in minutes. It is widely used in parking lots, driveways, roads, and others.
Know thy Competitors
Competitive landscape highlights only certain players
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Eminent Players Key Stratagems
Prominent recycled asphalt manufacturers are Bodean Company, Cherry Companies, Pavement Recycling System, Inc., The Kraemer Company LLC, and Wirtgen Group
The majority of the companies are focusing on establishing partnerships with road construction companies, introducing workshops to aware people of benefits, and continuously investing in research and development. Manufacturers use mineral materials such as gravel, sand, crushed stone, slag, or other materials to process aggregates.
Government guidelines on the usage of recycling material favor market growth. For instance,
- The Federal Highway Administration (FHWA) has taken a particular interest in promoting asphalt recycling because using asphalt in new road projects saves taxpayers money and is more environmentally friendly than using virgin materials. National Asphalt Pavement Association to track the amount consumed and stored nationwide at the end of each calendar year.
Fact.MR has provided detailed information about the price points of key manufacturers of recycled asphalt positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Recycled Asphalt Industry Research
-
By Type :
- Hot
- Cold
-
By Application :
- Patch Material
- Hot Mix Asphalt
- Temporary Driveways and Roads
- Road Aggregate
- Interlocking Bricks
- New Asphalt Shingles
- Energy Recovery
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Market - Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Demand (Tons) Analysis and Forecast
- 5. Global Market - Pricing Analysis
- 6. Global Market Value (US$ million) Analysis and Forecast
- 7. Global Market Analysis and Forecast, By Type
- 7.1. Hot
- 7.2. Cold
- 8. Global Market Analysis and Forecast, By Application
- 8.1. Patch Material
- 8.2. Hot Mix Asphalt
- 8.3. Temporary Driveways and Roads
- 8.4. Road Aggregate
- 8.5. Interlocking Bricks
- 8.6. New Asphalt Shingles
- 8.7. Energy Recovery
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. East Asia
- 9.5. South Asia & Oceania
- 9.6. Middle East & Africa
- 10. North America Market Analysis and Forecast
- 11. Latin America Market Analysis and Forecast
- 12. Europe Market Analysis and Forecast
- 13. East Asia Market Analysis and Forecast
- 14. South Asia & Oceania Market Analysis and Forecast
- 15. Middle East & Africa Market Analysis and Forecast
- 16. Country-level Market Analysis and Forecast
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Bodean Company
- 18.2. CertainTeed
- 18.3. Cherry Companies
- 18.4. Downer Group
- 18.5. GAF Materials
- 18.6. Lone Star Paving
- 18.7. Owens Corning
- 18.8. Pavement Recycling System, Inc.
- 18.9. The Kraemer Company LLC
- 18.10. Wirtgen Group
- 18.11. Other Prominent Players
- 19. Assumptions & Acronyms Used
- 20. Research Methodology
List Of Table
Table 1: Global Market Value (US$ million) by Region, 2018 to 2022
Table 2: Global Market Value (US$ million) and Forecast by Region, 2023 to 2033
Table 3: Global Market Volume (Tons) by Region, 2018 to 2022
Table 4: Global Market Volume (Tons) and Forecast by Region, 2023 to 2033
Table 5: Global Market Value (US$ million), By Type, 2018 to 2022
Table 6: Global Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 7: Global Market Volume (Tons), By Type, 2018 to 2022
Table 8: Global Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 9: Global Market Value (US$ million), By Application, 2018 to 2022
Table 10: Global Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 11: Global Market Volume (Tons), By Application, 2018 to 2022
Table 12: Global Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 13: North America Market Value (US$ million), by Country, 2018 to 2022
Table 14: North America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 15: North America Market Volume (Tons), by Country, 2018 to 2022
Table 16: North America Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 17: North America Market Value (US$ million), By Type, 2018 to 2022
Table 18: North America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 19: North America Market Volume (Tons), By Type, 2018 to 2022
Table 20: North America Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 21: North America Market Value (US$ million), By Application, 2018 to 2022
Table 22: North America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 23: North America Market Volume (Tons), By Application, 2018 to 2022
Table 24: North America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 25: Latin America Market Value (US$ million), by Country, 2018 to 2022
Table 26: Latin America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 27: Latin America Market Volume (Tons), by Country, 2018 to 2022
Table 28: Latin America Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 29: Latin America Market Value (US$ million), By Type, 2018 to 2022
Table 30: Latin America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 31: Latin America Market Volume (Tons), By Type, 2018 to 2022
Table 32: Latin America Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 33: Latin America Market Value (US$ million), By Application, 2018 to 2022
Table 34: Latin America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 35: Latin America Market Volume (Tons), By Application, 2018 to 2022
Table 36: Latin America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 37: Europe Market Value (US$ million), by Country, 2018 to 2022
Table 38: Europe Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 39: Europe Market Volume (Tons), by Country, 2018 to 2022
Table 40: Europe Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 41: Europe Market Value (US$ million), By Type, 2018 to 2022
Table 42: Europe Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 43: Europe Market Volume (Tons), By Type, 2018 to 2022
Table 44: Europe Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 45: Europe Market Value (US$ million), By Application, 2018 to 2022
Table 46: Europe Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 47: Europe Market Volume (Tons), By Application, 2018 to 2022
Table 48: Europe Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 49: East Asia Market Value (US$ million), by Country, 2018 to 2022
Table 50: East Asia Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 51: East Asia Market Volume (Tons), by Country, 2018 to 2022
Table 52: East Asia Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 53: East Asia Market Value (US$ million), By Type, 2018 to 2022
Table 54: East Asia Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 55: East Asia Market Volume (Tons), By Type, 2018 to 2022
Table 56: East Asia Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 57: East Asia Market Value (US$ million), By Application, 2018 to 2022
Table 58: East Asia Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 59: East Asia Market Volume (Tons), By Application, 2018 to 2022
Table 60: East Asia Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 61: South Asia & Oceania Market Value (US$ million), by Country, 2018 to 2022
Table 62: South Asia & Oceania Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 63: South Asia & Oceania Market Volume (Tons), by Country, 2018 to 2022
Table 64: South Asia & Oceania Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 65: South Asia & Oceania Market Value (US$ million), By Type, 2018 to 2022
Table 66: South Asia & Oceania Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 67: South Asia & Oceania Market Volume (Tons), By Type, 2018 to 2022
Table 68: South Asia & Oceania Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 69: South Asia & Oceania Market Value (US$ million), By Application, 2018 to 2022
Table 70: South Asia & Oceania Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 71: South Asia & Oceania Market Volume (Tons), By Application, 2018 to 2022
Table 72: South Asia & Oceania Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 73: MEA Market Value (US$ million), by Country, 2018 to 2022
Table 74: MEA Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 75: MEA Market Volume (Tons), by Country, 2018 to 2022
Table 76: MEA Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 77: MEA Market Value (US$ million), By Type, 2018 to 2022
Table 78: MEA Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 79: MEA Market Volume (Tons), By Type, 2018 to 2022
Table 80: MEA Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 81: MEA Market Value (US$ million), By Application, 2018 to 2022
Table 82: MEA Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 83: MEA Market Volume (Tons), By Application, 2018 to 2022
Table 84: MEA Market Volume (Tons) and Forecast By Application, 2023 to 2033
List Of Figures
Figure 1: Global Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 2: Global Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 3: Global Market Value (US$ million) and Volume (Tons) by Region, 2023 & 2033
Figure 4: Global Market Y-o-Y Growth Rate by Region, 2023 to 2033
Figure 5: Global Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 6: Global Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 7: Global Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 8: Global Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 9: North America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 10: North America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 11: North America Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 12: North America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 13: North America Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 14: North America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 15: North America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 16: North America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 17: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 18: North America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 19: North America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 20: Latin America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 21: Latin America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 22: Latin America Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 23: Latin America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 24: Latin America Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 25: Latin America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 26: Latin America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 27: Latin America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 28: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 29: Latin America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 31: Europe Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 32: Europe Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 33: Europe Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 34: Europe Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 35: Europe Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 36: Europe Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 37: Europe Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 38: Europe Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis By Type, 2023 to 2033
Figure 41: Europe Market Attractiveness Analysis By Application, 2023 to 2033
Figure 42: East Asia Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 43: East Asia Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 44: East Asia Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 45: East Asia Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 46: East Asia Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 47: East Asia Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 48: East Asia Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 49: East Asia Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 50: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 51: East Asia Market Attractiveness Analysis By Type, 2023 to 2033
Figure 52: East Asia Market Attractiveness Analysis By Application, 2023 to 2033
Figure 53: South Asia & Oceania Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 54: South Asia & Oceania Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 55: South Asia & Oceania Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 56: South Asia & Oceania Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 57: South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 58: South Asia & Oceania Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 59: South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 60: South Asia & Oceania Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 61: South Asia & Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 62: South Asia & Oceania Market Attractiveness Analysis By Type, 2023 to 2033
Figure 63: South Asia & Oceania Market Attractiveness Analysis By Application, 2023 to 2033
Figure 64: MEA Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 65: MEA Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 66: MEA Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 67: MEA Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 68: MEA Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 69: MEA Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 70: MEA Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 71: MEA Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 72: MEA Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73: MEA Market Attractiveness Analysis By Type, 2023 to 2033
Figure 74: MEA Market Attractiveness Analysis By Application, 2023 to 2033
- FAQs -
What was the Global Recycled Asphalt Market Size Reported by Fact.MR for 2022?
The global recycled asphalt market size reported by Fact.MR for 2022 was US$ 7.2 billion.
What is the Estimated Value of the Recycled Asphalt Market by the end of 2033?
The recycled asphalt market size is projected to reach US$ 12.0 billion in 2033.
What is the Projected CAGR for the Recycled Asphalt Market from 2023 to 2033?
The projected CAGR for the recycled asphalt market from 2023 to 2033 will be 4.7%.
Which Regional Recycled Asphalt Market Accounts for a Leading Market Share?
North America in the region leading the global recycled asphalt market and is expected to account for 37.2% market share in 2023.
Who are the Major Players in the Recycled Asphalt Market?
Market players include Bodean Company, Cherry Companies, and Pavement Recycling System, Inc. are majorly operating and dominating in the market.
Recycled Asphalt Market