Fact.MR predicts the global sales of recycled asphalt to be valued at nearly US$ 10.7 Bn by the end of the forecast period ranging from 2021-2031, expanding at a CAGR of 4.5%. Demand has witnessed growth owing to rising petroleum prices across the globe. Recycled asphalt offers less use of resources leading to economic and environmental safety.
Historically, between 2016 and 2020, sales of recycled asphalt expanded at over 2% CAGR. Growth projections took a temporary dip amid the COVID-19 pandemic outbreak, prompting the construction industry to cease operations in wake of imposition of mandatory lockdowns. Since Q4 2020, however, prospects have been rebounding, as rapid vaccination drives encourage resumption of key end use industrial operations.
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Key Takeaways from the Market Study
- Hot recycled asphalt to accumulate 60% of market revenue until 2031
- Cold asphalt sales to register a CAGR of 5.1% from 2021 to 2031
- Recycled asphalt for metal patch applications to surge at a CAGR of 4%
- North America to generate an absolute opportunity worth US$ 1.2 Bn by 2031
- 1/4th of global recycled asphalt demand likely to be generated by Asia until 2031
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Competitive Landscape
Bodean Company, Cherry Companies, Downer Group, GAF Materials, Lone Star Paving, Owens Corning, Pavement Recycling System, Inc., The Kraemer Company, LLC, Wirtgen Group and CertainTeed are prominent recycled asphalt market players.
- In 2020 GAF Materials invested $21 Mn to build 400,000 square feet of space in Gainesville to expand 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 announced ramping up of 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.
Key Segments Covered
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Type
- Hot Recycling Asphalt
- Cold Recycling Asphalt
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Application
- Patch Material
- Hot Mix Asphalt
- Temporary Driveways and Roads
- Road Aggregate
- Interlocking Bricks
- New Asphalt Shingles
- Energy Recovery