40 percent of Recycled Asphalt revenue from Patch Material and Road Aggregates
The demand of recycled asphalt has just witnessed huge growth due to rising petroleum prices across the globe.
Recycled asphalt plays an important role in improving the performance and durability of road surfaces of gravel constructed road. Along with durability it also minimizes the noise of road, emersion of road dust and misplacement of gravels from the roads. It also provides high performance in temporary road construction.
Demand has increased as a use for patch materials and road aggregates due to the benefits of the toughness of mixture, which remains highly durable and long lasting. It also costs less compared to other mixtures.
A report published by Fact.MR, an ESOMAR-certified market research and consulting firm, estimates the global recycled asphalt market is anticipated to exceed a valuation of around US$6,970 million by 2021, and is expected to expand at an impressive CAGR of around 4.5% over the forecast period of 2021 to 2031.
North America dominates the consumption across the world as the department of transportation in several states of the U.S. including Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, and Georgia have now authorized the use of recycled asphalt in paving mixes.
- East Asia is estimated to witness major growth in the forecast period, compared to 2021, accounting over 7% growth.
- In 2020, North America is anticipated to register highest market share of around 37.2%, followed by Europe.
- In 2020, North America and Europe together accounted for 65% of global recycled asphalt market. The European market is expected to offer over US$ 323.2 Mn absolute dollar opportunity over the next ten years.
- In terms of application, patch material and road aggregate together held around 50% of the overall market share in 2020.
- Among types, the hot recycled asphalt is estimated to cover higher market share in 2020, accounted around 63%.
A senior research analyst commented: “Globally, growing global warming and concerned toward environment safety has increased the market of recycled asphalt.”
The recycled asphalt market is dominated by the hot recycled asphalt as it accounts for more than 60% market share globally.
The major factor for growing market of hot recycled asphalt is its advantage in reconstruction of road and patching.