The Recycled Asphalt Market report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Allied Market Research published a report, titled, “Global Recycled Asphalt Market by Type (Hot Recycling and Cold Recycling) and Application (Patch Material, Hot-Mix Asphalt, Temporary Driveways & Roads, Road Aggregate for Unpaved Roadways, Interlocking Bricks, New Asphalt Shingles, and Energy Recovery): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global recycled asphalt industry was estimated at $7.1 billion in 2019, and is anticipated to hit $10.4 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027.
Several environmental and economic benefits from using recycled asphalt drive the growth of the global recycled asphalt market. On the other hand, limitations in the usage of the material impede the growth to some extent. However, development in custom solutions and technologies is expected to create lucrative opportunities in the industry.
Based on type, the hot recycling segment accounted for more than three-fifths of the global recycled asphalt market share in 2019, and is projected to lead the trail by the end of 2027. The same segment would also register the fastest CAGR of 6.0% during the forecast period, owing to ease of handling and processing.
Based on application, the patch material segment contributed to nearly one-third of the global recycled asphalt market revenue in 2019, and is expected to retain its dominance till 2027, due to wide use of recycled asphalt in re-surfacing and potholes. Simultaneously, the road aggregate for unpaved roadways segment would grow at the fastest CAGR of 6.4% from 2020 to 2027.
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North America to rule the roost-
Based on region, North America generated the major share in 2019, holding more than two-fifths of the global recycled asphalt market, owing to rising application of recycled asphalt in reconstruction, resurfacing, and base development activities in the continent. The region across Asia-Pacific, on the other hand, would exhibit the fastest CAGR of 6.4% throughout the forecast period.
Covid-19 scenario-
The outbreak of the pandemic led to sharp decline in the infrastructural and construction activities across the world, which in turn set off an overall deceased demand for recycled asphalt from several industry verticals. This factor impacted the global market negatively.
However, with several government bodies coming along with relaxations on the existing regulations, the global recycled asphalt market is expected to revive its position soon.
The hot recycling segment to dominate by 2027-
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Key players in the industry-
1. Tokuyama Corporation
2. Evonik Industries AG
3. Merck Millipore Limited
4. Nippon Chemical Industrial Co. Ltd.
5. PQ Group Holdings Inc.
6. Occidental Petroleum Corporation
7. CIECH S.A.
8. Sinchem Silica Gel Co. Ltd.
9. Shijiazhuang Shuanglian Chemical Industry Co. Ltd.
10. Kiran Global Chem Limited
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.