Global Recycled Asphalt Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Recycled Asphalt Market” is a report recently generated by MarketResearch.biz. The study and analysis were conducted using highly qualified opinions and inputs, as well as comprehensive primary and secondary research efforts to determine various aspects of the recycled asphalt market. The global recycled asphalt market segmentation allows for deeper thought and understanding, to decisively assess, analyze, and study. Besides revenues for segments, global, regional, and country-wise market revenue segmentation has been compiled in a fastidious manner for clear flow and understanding. The global recycled asphalt market’s report has been segmented on the basis of applications, and region.
Recycled asphalt or reclaimed asphalt pavement (RAP) is reprocessed pavement containing asphalt and its aggregates. The production of virgin asphalt propels CO2 emissions as it requires the burning of fossil fuels. Consequently, the repeated production of asphalt magnifies environmental pollution and endangers the frugal nature of our natural resources in the process. Therefore, asphalt recycling has emerged as an effective method to reduce the overall global production of toxins. Furthermore, recycled asphalt offers increased durability when compared to virgin asphalt, at considerably lower prices. It plays a crucial role in improving the durability and surfaces of gravel roads.
When heated and mixed with virgin asphalt, recycled asphalt shingles or RAS offers superior utility applications. As a result, it will positively influence the growth of the global recycled asphalt market. The average lifespan of a road is 10 to 30 years, which means that they will need repair at some point, whether sooner or later. The use of RAP materials will bring down the total cost of having this task completed.
Road pavements that are constructed using virgin asphalt tend to exhibit an urban heat island effect. This is when the material used absorbs heat from the sun into the ground and continues to heat the area even after the sun has gone down. However, recycled asphalt pavements are lighter in color, and, as such, is less prone to heat absorption. Therefore, the use of RAP contributes lesser to the urban heat island effect which will heighten the growth prospects of the global recycled asphalt market.
Despite the complicated process of recycling asphalt, the use of new materials for road pavement applications is expected to reduce the expenditure that governments have to bear, which in turn, is slated to offer new business opportunities and also reduce the burden on the environment over a longer period of time.
Many businesses are focusing on the development of custom solutions and technologies to create high-quality asphalt through recycling processes. Some of the benefits that come with these technologies are – CO2 reduction and the reduction in expensive storage capacities. The global construction industry has a constant demand for the use of environmentally sustainable natural resources, and this will prove to have a positive impact on the global recycled asphalt market.
Segmentation of the global recycled asphalt market on the basis of application includes cold patch material, hot-mix asphalt, temporary driveways & roads, road aggregate for unpaved roadways, interlocking bricks, new asphalt shingles, and energy recovery among others. The hot-mix asphalt application is slated to dominate the global recycled asphalt market over the forecasted period.
A dominant force in the consumption of global recycled asphalt is the market of North America since the department of transportation has authorized several states to use recycled asphalt. The market in the Asia Pacific is expected to index significant growth due to the rising demand for sustainable construction materials and the growing infrastructural developments of emerging economies of this region.
Global Market Segmentation:
Global market segmentation, by application:
- Patch material
- Hot-mix asphalt
- Temporary driveways & roads
- Road aggregate for unpaved roadways
- Interlocking bricks
- New asphalt shingles
- Energy recovery
Global market segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
Key players in the global market:
- GAF Materials
- Oldcastle Materials
- Owens Corning
- Shell Bitumen Corporation
- Cherry Companies
- Lone Star Paving
- Bodean Company
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