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Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Recycled Asphalt Market Size is Expected to Grow from USD 7.5 Billion in 2023 to USD 11.80 Billion by 2033, at a CAGR of 4.64% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Recycled Asphalt Market Size, Share, and COVID-19 Impact Analysis, By Type (Hot and Cold Recycling), By Application (Energy Recovery, New Asphalt Shingles, Interlocking Bricks, Road Aggregate for Unpaved Roadways, Temporary Driveways, Hot Mix Asphalt, and Patch Material), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Recycled asphalt, also commonly referred to as reclaimed asphalt pavement (RAP), is just asphalt removed from old roads, parking lots, or pavements and then reprocessed for reuse in new asphalt mixtures. The recycling procedure involves crushing the old asphalt, removing impurities, and blending it with fresh asphalt binder and aggregates. Recycled asphalt is widely used in road construction, repairs, and maintenance. It is significant for its economic and environmental advantages as it saves the requirement of new materials and waste. This sustainable practice has picked up due to the reason that it can lower the cost and support the circular economy by reintroducing the material back into the production cycle. Furthermore, Growth in the market for recycled asphalt is primarily being spurred by the demand for cost-effective and sustainable road construction and maintenance solutions. International governments are increasingly introducing regulatory measures to promote the recycling of construction materials, further boosting demand. Apart from the growth in environmental awareness and concerns, the urgency of saving carbon emissions coupled with less consumption of natural resources favors the demand for recycled asphalt. It also saves some transport costs and raw materials and fuels, which otherwise be costly if new raw materials had to be extracted from the earth or transported from afar. However, the inconsistent quality of recycled asphalt, variations in material properties, and availability of high-grade RAP may pose some kind of challenge to the business. The initial cost of building recycling infrastructure and equipment deters the use of recycled asphalt in some regions.
The hot segment is predicted to hold the greatest market share through the forecast period.
Based on the type, the recycled asphalt market is classified into hot and cold recycling. Among these, the hot segment is predicted to hold the greatest market share through the forecast period. Hot recycling refers to the process of reheating RAP to a temperature in the range of 300°F to 350°F, thereby blending it with new asphalt binder and aggregates. It is a popular technique since the recycled asphalt obtained by this process has good performance characteristics and is almost indistinguishable from virgin material in terms of its performance and durability.
The hot mix asphalt segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the application, the recycled asphalt market is divided into energy recovery, new asphalt shingles, interlocking bricks, road aggregate for unpaved roadways, temporary driveways, hot mix asphalt, and patch material. Among these, the hot mix asphalt segment is anticipated to hold the greatest market share during the projected timeframe. Hot mix asphalt (HMA) is a critical component in the construction and maintenance of roads and hence remains the prime application for recycled asphalt because it can achieve high performance and sustainability. Also, the adoption of recycled asphalt in hot mix asphalt production reduces costs and supports the sustainability agenda by minimizing the consumption of virgin materials.
North America is estimated to hold the largest share of the recycled asphalt market over the forecast period.
North America is estimated to hold the largest share of the recycled asphalt market over the forecast period. This dominance is influenced by several factors, including the region's well-established recycling infrastructure, strong regulatory frameworks promoting sustainable construction practices, and a high level of adoption of recycled materials in road construction and maintenance. The United States has been a leader in the use of recycled asphalt for highway development, streets, and other transportation infrastructure for many years.
Asia-Pacific is predicted to have the fastest CAGR growth in the recycled asphalt market over the forecast period. This growth is mainly because of rapid urbanization, the increasing development of infrastructure, and the increasing awareness of environmental sustainability in countries like China, India, and Southeast Asian countries. As these countries continue to spend heavily on road construction and maintenance, the demand for low-cost and environmentally friendly alternatives like recycled asphalt will continue to rise.
Company Profiling
Major key players in the recycled asphalt market are GAF, OWENS CORNING, Lone Star Paving, THE KRAEMER COMPANY, LLC, CertainTeed Corporation, ASAHI KASEI CORP., Cherry Companies, PAVEMENT RECYCLING SYSTEM, INC., Downer EDI Limited, WIRTGEN GROUP, and Others.
Key Target Audience
Market Segment
This study forecasts global, regional, and country revenue from 2023 to 2033. Spherical Insights has segmented the recycled asphalt market based on the below-mentioned segments:
Global Recycled Asphalt Market, By Type
Global Recycled Asphalt Market, By Application
Global Recycled Asphalt Market, By Regional Analysis
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