The research company predicts that the global recycled asphalt market will be worth more than US$6,970m this year, and is expected to expand at an impressive compound annual growth rate (CAGR) of around 4.5% between 2021 and 2031.
North America dominates recycled asphalt consumption as the transport departments in several US states (including Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas and Georgia) have authorised its use in paving mixes.
North America had a share of around 37.2% of the global market in 2020, followed by Europe. In 2020, North America and Europe together accounted for 65% of the global recycled asphalt market. Fact.MR says the European market is expected to offer a US$323.2m-plus opportunity over the next ten years.
In terms of application, patch material and road aggregate together held around 50% of the overall market in 2020. Among types, hot recycled asphalt is estimated to have the highest market share in 2020 with around 63%.
Growing global warming and concerns about the environment have increased the use of recycled asphalt, according to a senior research analyst at Fact.MR. The main factor driving hot recycled asphalt usage is its advantage in the re-construction of roads and patches where it holds the mixture more efficiently compared with cold recycled asphalt.
Fact.MR says recycled asphalt offers less use of resources leading to economic and environmental safety, and this is driving the market growth of the material. It also plays an important role in improving the performance and durability of gravel road surfaces. Along with durability it also minimises road noise, and the production of road dust and misplacement of gravel.
