According to Inkwood Research, the Global Recycled Asphalt Market to record a CAGR of 4.98% in terms of revenue over the forecasting period of 2023-2032.
“Browse 45 Market Data Tables and 44 Figures spread over 220 Pages, along with an in-depth TOC on the Global Recycled Asphalt Market Forecast 2023-2032.”
Recycled asphalt, often referred to as reclaimed asphalt pavement (RAP), stands as a versatile and environmentally friendly construction material with widespread use in road construction and maintenance. This sustainable resource is generated through the milling or crushing of existing asphalt surfaces, such as roads or parking lots, and then blending the resulting asphalt fragments with new asphalt binder and aggregates.
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Environmental Advantages of Recycled Asphalt Drive Global Market Growth
Reclaimed Asphalt Pavement (RAP) makes a substantial impact in lowering greenhouse gas emissions. Through the reuse of existing asphalt materials, the demand for fresh oil in the asphalt manufacturing process is minimized. This reduction in oil consumption not only aids in carbon emissions reduction but also preserves precious fossil fuel resources.
Patch Material: Major Application by 2022
Recycled asphalt in patch material provides a pragmatic and environmentally responsible option for rectifying potholes and deteriorated road segments. These patch materials are comprised of a blend of reclaimed asphalt material and a recycling agent, resulting in a robust and economically efficient substance suitable for road maintenance.
North America Poised for Significant Growth
The increasing demand for recycled asphalt in North America is further boosted by prevailing market conditions. In August 2023, the retail cost of regular gasoline witnessed a 6% surge, influenced by multiple factors, including production reductions in Saudi Arabia, diminished gasoline stockpiles in the United States, and planned refinery maintenance in the Northeast.
Key players operating in the global recycled asphalt market include CertainTeed, Oldcastle Materials Inc, Wirtgen Group, etc.
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