Recycled Asphalt Market Size, Share & Trends Report

Recycled Asphalt Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

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  • Report ID: GVR6916
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The demand for recycled asphalt is expected to witness an exponential growth on account of rising petroleum prices across the globe. Also, reuse of reclaimed asphalt offers key elements for optimum use of resources leading to economic saving and also the protection of the environment thereby positively influencing the recycled asphalt market growth.

The virgin asphalt production process requires the burning of fossil fuel, thereby propelling the CO2 emissions. As a result, repeated production of asphalt heightens environmental pollution and also threatens the frugality of natural resources. Recycling of asphalt doesn’t require the burning of fossil fuels thereby conserving the natural resources while decreasing air pollution. Thus, the recycling of asphalt is emerging as one of the most effective methods to reduce toxin production across the globe. Moreover, the recycled asphalt offers comparable durability with virgin asphalt at significantly lower prices.

Recycled asphalt shingles (RAS) offers superior utility in pavement applications, where they are heated and mixed with the virgin asphalt for road construction and repair activities. Besides, the ceramics in the RAS acts as a primary source of aggregate in hot asphalt mix thereby reducing the demand for mined aggregates. As a result, the addition of RAS in the new hot-asphalt mix enhances the properties of pavement, thereby positively influencing its market growth.

Reclaimed asphalt pavements (RCP) can be reused since it maintains the quality of minerals and filler materials. However, it consists of hardened asphalt that can be reversed using thermal softening processes owing to its thermoplastic properties. The roads have an average lifespan of 10-30 years, thus require frequent repair and replacement generating asphalt rubble and chippings. These materials can also be reclaimed and reused in the construction of new road surfaces.

Road pavements constructed with virgin asphalts exhibits urban heat island effect as the material absorbs heat from the sun into the ground, thereby heating the pavement area even after sunset. However, the recycled asphalt pavements are light-colored, thereby making it less exposed to heat absorption. As a result, the use of recycled asphalt pavement contributes lesser to the urban heat island effect, thereby heightening its growth prospects over the forecast period.

Despite an elaborate process of recycling asphalt, the product is expected to optimize the use of new materials in the road pavement applications. This, in turn, is expected to reduce the government expenditure in road construction. Furthermore, the emerging recycled asphalt market is expected to offer several new business opportunities and environmental protection in the longer run.

Several companies are employing efforts to developing custom made solutions and modern plant technologies to offer high-quality asphalt using recycling processes. These modern plant technologies are expected to offer benefits such as the reduction in expensive storage capacities, CO2 reduction. Moreover, the production process in these plants is projected to lower the overall production and transport cost.

Currently, the newly developed plants exhibit a reclaimed asphalt ratio of a maximum of 60%. However, the companies are in the development and testing stage of 100% asphalt recycling plant. The global construction industry is witnessing a continuously increasing demand for environmentally sustainable and optimum use of natural resources. Thus, the companies are also involved in developing new asphalt mixing plant concepts without forfeiting the existing production capacities.

Global recycled asphalt market is segmented based on applications including Hot-mix asphalt, cold patch material, road aggregate for unpaved roadways, temporary driveways & roads, new asphalt shingles, energy recovery, interlocking bricks, and others. Hot-mix asphalt application is expected to dominate the global recycled market since the use of reclaimed asphalt in the application aids in enhancing the performance of the pavement by reducing the cracking and rutting.

Recycled asphalt also plays a critical role in improving the durability and surfaces of the gravel roads. Addition of ground recycled asphalt to gravels aid in minimizing gravel road-noise, dust emissions, and displacement of gravel from the roadway. Also, ground recycled asphalt offers high functionality in the construction of temporary driveways and roads.

North America dominates the consumption of recycled asphalt across the globe owing since the department of transportation in several states of the U.S. including Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, and Georgia have authorized the use of recycled asphalt in paving mixes. Besides, several other states are expected to allow the use of recycled asphalt for road pavement applications over the forecast period. Recycled asphalt market in the Asia Pacific is also expected to register a notable growth on account of growing infrastructure development in emerging economies coupled with rising demand for sustainable construction materials. Also, the high proportionality of virgin asphalt with frequently fluctuating oil prices is proving an impetus to the growth of recycled asphalt marketing in the country.

The use of recycled asphalt is significantly for all the industry participants owing to lower raw material prices, as well as reduced production and transportation costs. Besides, all the industry participants including asphalt roofing contractors, the road owners, asphalt producers, and the manufacturers of the mixing plants are collaborating for launching new technologies. Some of the key players in the global recycled asphalt market include CertainTeed, GAF Materials, Oldcastle Materials, and Owens Corning, Sinopec, Shell Bitumen, Corporation. Cherry Companies, Lone Star Paving, and Bodean Company.

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