A leading market research and competitive intelligence provider, Fact.MR, reports that the global recycled asphalt market is valued at US$ 7.6 billion in 2023 and is projected to expand at a CAGR of 4.7% from 2023 to 2033.

Producing fresh asphalt typically involves burning fossil fuels, significantly contributing to CO2 emissions. This repeated process not only exacerbates environmental pollution but also strains the economy of finite natural resources. In contrast, recycling asphalt offers a sustainable alternative by eliminating the need for fossil fuel combustion. This approach helps reduce air pollution and conserves vital natural resources.

Asphalt recycling has gained global recognition as one of the most effective methods to minimize toxin production and mitigate the environmental impact of construction activities. Its widespread adoption underscores its critical role in fostering sustainability within the asphalt industry and beyond.

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Growing concerns about global warming and energy consumption have driven manufacturers to adopt asphalt recycling as a sustainable solution for road reconstruction, patch repair, and pathway construction. This process offers significant advantages, including reduced construction material costs, decreased reliance on petroleum-based products, and the conservation of natural resources by minimizing the need for virgin aggregate and asphalt. These benefits are bolstering growth opportunities for market players in the recycled asphalt sector.

Modern road construction emphasizes design and regular maintenance, necessitating periodic renewal. Asphalt roads are particularly advantageous due to their flexibility and adaptability, making them ideal for addressing bottleneck areas. Additionally, constructing roads using recycled asphalt is both time-efficient and cost-effective.

The increasing pace of road construction projects worldwide is expected to further accelerate the adoption of recycled asphalt, driving market expansion throughout the forecast period.

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Key Takeaways from Market Study

  • The recycled asphalt market is anticipated to be valued at US$ 7.6 billion in 2023 and is expected to grow at a CAGR of 4.7%, reaching US$ 12.0 billion by 2033.
  • North America is projected to lead the market, accounting for a 37.2% share in 2023.
  • Applications such as patch material and road aggregate dominate, collectively representing over 50% of the global market share.
  • In terms of recycling methods, cold recycling asphalt is set to grow at a faster pace, with a CAGR of 5.2%, compared to hot recycling asphalt, which is expected to expand at 4.1% CAGR during the forecast period.

“Rising Fuel Prices and Environmental Concerns Are Propelling the Use of Recycled Asphalt in the Construction Sector” says a Fact.MR analyst.

Key Players of Recycled Asphalt Market

  • Bodean Company
  • Cherry Companies
  • Pavement Recycling System, Inc.
  • The Kraemer Company LLC
  • Wirtgen Group

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Market Growth Stratagems

Numerous companies are prioritizing the development of customized solutions and advanced technologies to enhance the production of high-quality asphalt through recycling processes. These innovations offer significant advantages, such as lower CO2 emissions and reduced expenses associated with material storage.

The global construction industry is increasingly advocating for the adoption of environmentally friendly resources, creating a favorable environment for the recycled asphalt market. This shift not only supports sustainable practices but also presents lucrative opportunities for market players to expand their offerings and tap into emerging demand.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the recycled asphalt market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of type (hot and cold), application (patch material, hot mix asphalt, temporary driveways and roads, road aggregate, interlocking bricks, new asphalt shingles, and energy recovery) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

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