Portland, OR, Feb. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global recycled asphalt market generated $7.1 billion in 2019, and is expected to generate $10.4 billion by 2027, witnessing a CAGR of 5.9% from 2020 to 2027. The report offers extensive analysis of changing market trends, key segments, major investment pockets, regional scenario, and competitive landscape.
Different economic and environmental benefits gained by utilization of recycled asphalt drive the growth of the market. However, limitations regarding the usage of this material hinder the global recycled asphalt growth. Contrarily, technological innovations and development of custom solutions are expected to present lucrative opportunities in the industry.
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Covid-19 Scenario:
- There has been huge decline in construction and infrastructural activities across the globe during the pandemic. This reduced the demand for recycled asphalt from different industry verticals.
- However, government bodies have been offering relaxations on the current regulations, which in turn, would help the market in retaining its previous position.
The report offers detailed segmentation of the global recycled asphalt based on type, application, and region.
By type, the hot recycling segment accounted for more than three-fifths of the total market share in 2019, and is estimated to maintain its lead position by 2027. In addition, the same segment is expected to register the highest CAGR of 6.0% during the forecast period. The research also analyzes the cold recycling segment.
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By application, the patch material segment held nearly one-third of the global recycled asphalt market in 2019, and is projected to maintain its dominant share by 2027. However, the road aggregate for unpaved roadways segment is estimated to witness the fastest CAGR of 6.4% from 2020 to 2027.
By region, North America garnered the major market share in 2019, accounting for more than two-fifths of the total market share, and will continue its leadership status during the forecast period. However, Asia-Pacific would manifest the highest CAGR of 6.4% from 2020 to 2027.
Leading players of the global recycled asphalt market discussed in the report include Tokuyama Corporation, Merck Millipore Limited, Evonik Industries AG, PQ Group Holdings Inc., Nippon Chemical Industrial Co. Ltd., CIECH S.A., Occidental Petroleum Corporation, Shijiazhuang Shuanglian Chemical Industry Co. Ltd., Sinchem Silica Gel Co. Ltd., and Kiran Global Chem Limited.
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