Recycled Asphalt Market – Global Industrial Analysis and Forecast (2023-2029)

Global Recycled Asphalt Market is expected to reach US$ 11.46 Bn. by 2029, at a CAGR of 5.95% during the forecast period.
Recycled Asphalt Market Introduction
Recycled asphalt is a mixture of asphalt and aggregates that has been recycled. Asphalt pavements are milled and resized as part of the recycling process. The current asphalt layer is crushed and pushed away from the surface. After milling, pulverization, and stabilization, the asphalt is milled again. The asphalt is pulverized to mix the asphalt layer with the sub-layers. Stabilization entails combining crushed asphalt with tar, binding agents/materials, and waterproofing materials. They're also utilized to make roofing shingles out of asphalt shingles. It also cuts down on the use of natural resources like water and coal.

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Recycled Asphalt Market Dynamics
The production of fresh asphalt involves the use of fossil fuels, which results in high CO2 emissions. As a result, repetitive production of asphalt increases pollution while also affecting natural resources. Because asphalt recycling does not need the burning of fossil fuels, it conserves natural resources while also reducing air pollution. As a result, asphalt recycling is becoming one of the most effective ways to limit toxin generation around the world.

Furthermore, recycled asphalt has equal durability to virgin asphalt at a far cheaper cost. Recycled asphalt shingles (RAS) offer higher usefulness in pavement applications, where they are heated and combined with virgin asphalt for road building and repair activities. Furthermore, the RAS ceramics serve as a key supply of aggregate in hot asphalt mixes, eliminating the need for mined aggregates. As a result, including RAS in the new hot-asphalt mix improves the qualities of the pavement, influencing its market expansion positively.

The urban heat island effect occurs when road pavements made of fresh asphalt absorb heat from the sun and transfer it to the ground, heating the pavement area long after sunset. The regenerated asphalt pavements, on the other hand, are light-colored, making them less susceptible to heat absorption. As a result, recycled asphalt pavement contributes less to the urban heat island effect, increasing its growth potential throughout the anticipated period.

Several businesses are working to develop customized solutions and current plant technologies in order to provide high-quality asphalt through recycling procedures. These current plant technologies are projected to provide benefits like lower storage costs and lower CO2 emissions. Furthermore, the manufacturing process at these factories is expected to reduce overall production and transportation costs. At the moment, the newly designed plants have a maximum reclaimed asphalt ratio of 60%. The companies are, however, in the process of developing and testing a 100% asphalt recycling plant. The demand for environmentally sustainable and optimal use of natural resources is steadily increasing in the worldwide building industry.
Recycled Asphalt Market Segment Analysis
The Recycled asphalt market is segmented into two types: hot recycling and cold recycling. In 2022, the hot recycling segment commanded a market share of xx%. This was due to advantages such as the ability to execute repaving as a single or multiple pass operation on-site. Because the job is done on-site, logistics costs are reduced, and the market is expected to grow. The hot recycling segment is expected to grow at a CAGR of 5.9% during the forecasted period.

Cold Recycling segment is also expected to grow significantly at a CAGR of xx% during the forecast period. Due to the economic benefits of minimizing the use of production energy and natural resources, cold recycling is expected to be the preferable recycling method. Maintenance expenses can be lowered by 30% to 50% compared to traditional milling and filling methods when done at the correct time, that is, before the pavement structure has fully degraded. Furthermore, the entire asphalt layer can be reused, reducing the need for virgin materials, transportation, construction time, and landfilling.

Patch material, hot-mix asphalt, temporary driveways and roads, road aggregate for unpaved highways, interlocking bricks, new asphalt shingles, and energy recovery are all included in the application segment. Because recycled asphalt is widely used in re-surfacing and potholes, the patch material segment dominated the market position in 2022. The road aggregate for unpaved roadways segment, On the other hand is expected to grow at a faster CAGR of 6.3% during the forecast period, owing to the increasing usage of recycled asphalt in unpaved roads, which has a greater fraction of aggregates and hence reduces the need of virgin material.
Regional Insights
Since the departments of transportation in various states in the United States, including Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, and Georgia, have permitted the use of recycled asphalt in paving mixes, North America dominates the global usage of recycled asphalt. Moreover, over the forecast period, numerous other states are projected to approve the use of recycled asphalt for road pavement applications.

Asia Pacific recycled asphalt market is also expected to grow significantly, owing to expanding infrastructure development in emerging nations and rising demand for environmentally friendly construction materials. In addition, the high ratio of virgin asphalt combined with the country's regularly fluctuating oil prices is spurring the rise of recycled asphalt commercialization. Because of cheaper raw material prices, as well as cheaper production and shipping costs, the use of recycled asphalt benefits all industry participants. Furthermore, all industry participants, including asphalt roofing contractors, road owners, asphalt producers, and mixing plant manufacturers, are working together to develop innovative technologies. During the forecast period, the Asia-Pacific region is expected to have the highest CAGR of 6.3 %.
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Global Recycled Asphalt Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 7.64 Bn.


Forecast Period 2023 to 2029 CAGR:
5.95%
Market Size in 2029:
US$ 11.46 Bn.


 Segments Covered:
by Type
Hot Recycling
Cold Recycling


by Application
Hot-mix Asphalt
Temporary Driveways & Roads
Road Aggregate for Unpaved Roadways
Interlocking Bricks
New Asphalt Shingles
Energy Recovery


by End User
Commercial
Industry
Municipal



Recycled Asphalt Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Bodean Company
2. CertainTeed
3. Cherry Companies
4. Downer Group,
5. GAF Materials
6. Lone Star Paving
7. Owens Corning
8. Pavement Recycling System, Inc.
9. The Kraemer Company, LLC
10. Wirtgen Group
11. Oldcastle Materials
12. Sinopec
13. Shell Bitumen, Corporation.
14. Tokuyama Corporation
15. Evonik Industries AG
16. Merck Millipore Limited
17. Nippon Chemical Industrial Co. Ltd.
18. PQ Group Holdings Inc.
19. Occidental Petroleum Corporation
20. CIECH S.A.

Frequently Asked Questions:

1. Which region has the largest share in Global Recycled Asphalt Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Recycled Asphalt Market?
Ans: The Global Recycled Asphalt Market is growing at a CAGR of 5.95% during forecasting period 2023-2029.

3. What is scope of the Global Recycled Asphalt market report?
Ans: Global Recycled Asphalt Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Recycled Asphalt market?
Ans: The important key players in the Global Recycled Asphalt Market are – Bodean Company, CertainTeed, Cherry Companies, Downer Group,, GAF Materials, Lone Star Paving, Owens Corning, Pavement Recycling System, Inc., The Kraemer Company, LLC, Wirtgen Group, Oldcastle Materials, Sinopec, Shell Bitumen, Corporation., Tokuyama Corporation, Evonik Industries AG, Merck Millipore Limited, Nippon Chemical Industrial Co. Ltd., PQ Group Holdings Inc., Occidental Petroleum Corporation, and CIECH S.A.

5. What is the study period of this market?
Ans: The Global Recycled Asphalt Market is studied from 2022 to 2029.