The Tire Recycling Market is expected to reach $7.32 Bn during the forecast period at a 3.5% CAGR.
A thriving sector globally, the global tire recycling market is estimated to have a market size of USD 4,600.28 million by 2028 with and annual CAGR rate of 3.41% from 2021 to 2028. This growth is due to combination of factors such as tremendous cash flow and liquidity, and increasing demand for tire recycling from industrial sector. In addition to this, the technological innovations leading to cost-effective methods and increasing scope off tire recycling are also boosting the global tire recycling market growth. However, recycling plants producing significant amount of waste and polluting the air leading to several health problems is likely to hamper the global tire recycling market growth. In addition, adoption of high recycling standards and stringent government regulations is anticipated to be an opportunity for the global tire recycling market.
The tire recycling is a process that undergoes recycling of waste tires that cannot be used on vehicles due to damage. The tires are usually recycled so as to follow a practical and environment-friendly way of disposing the old and worn out tires. For example, obtaining rubberized asphalt, playground turf, railroad ties, and flooring from recycling tires. The tire that is obtained by commercial reprocessing plants which are then treated with chemicals and broken down into material that can be reused for various purposes is referred as tire recycling.
The purpose of tire recycling is to save space which otherwise is lost to landfills. By significantly reducing landfill burden and improving ecological balance, the practice of tire recycling saves huge amounts of energy and reduces greenhouse gas emissions. Tires that undergo shredding and grinding to obtain another useful product is a method that can also be classed under tire recycling.
The tire recycling market is comprised of emerging and traditional players that are involved in retreading tires staring from collection, recycling, and bringing them back to the market. To compete and outperform their counterparts the tire recycling players produce high valued and innovative environment friendly products from the recycled tire rubber. This is providing the market players with tremendous growth opportunities.
The top companies that are leading in the tyre manufacturing, retreading, and recycling are Global Rubber, L&S Tire, Champlin, Golden By-Products, Mac’s Tire Recyclers, Tire Disposal & Recycling, Emanuel Tire, Entech , Lakin General, and Liberty Tire Services. These companies have brought best technological innovation in the global tire recycling market Recently, a company named Pyrum won an award in the best tyre recycling innovation category. The company has affirmed its unfaltering advancement in developing the pyrolysis technology that mediates full recycling of the waste tires. The innovation is likely to bolster tangible growth in the global tire recycling market.
Tire Recycling Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4,600.28 million|
|Growth Rate||CAGR of 3.41% during 2021-2028|
|Segment Covered||Product, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Global Rubber, L&S Tire, Champlin, Golden By-Products, Mac’s Tire Recyclers, Tire Disposal & Recycling, Emanuel Tire, Entech , Lakin General, and Liberty Tire Services|
Key Segments of the Global Tire Recycling Market
Product Overview, 2018-2028 (USD Million)
- Crumb Rubber
- Tire-derived fuel
- Rubberized Asphalt
- Sports Material
- Automotive parts
- Molded Rubber Products
- Flooring Products
End User Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To offer custom research focused on comprehensive and tailored insights based on your specific objectives.
- To help decision makers develop new market strategies over the existing old business models.
- To correlate the costs, facts, and figures with key business segments.
- Analyze market contribution, and identify influencing factors for navigating well through the global tire recycling market.
What does the report include?
- The report includes individual chapter wise or region wise report for North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Study of the competitive landscape covering the leading market players along with their key information such as service/product launches, partnerships, business expansions, and recent acquisitions.
- The report includes data evaluation all the segments mentioned above as well as the market share registered region-wise.
- Facts related to each product and segment in the market along with the sales price, annual revenue, and estimated growth rate in forecasted years.
- Analysis and forecasts of the global tire market in terms of value and volume, and study of segments that have tremendous potential to gain the highest market share.
- Study of past and present market development, forecasts, segmentation, competitive landscape, industry value chain, and Covid-19 impact analysis.
Who should buy this report?
- This global tire recycling market is useful to all the players involved in the tire recycling supply chain from manufacturers, produce, collectors, recycled product providers, innovators, regulators, and government agencies.
- The study is also intended for inquisitive researchers, thorough professionals, academic institutions seeking in-depth knowledge targeting stable growth output for the global tire recycling market.
Frequently Asked Questions (FAQ) :
The growing focus on technologically innovative, cost-effective, and environment friendly methods for tire recycling is driving global tire recycling plants. Tire recycling has become the primary method for reducing volume of tire on landfill space, preventing disease spread by waste tires, prevent fire and pollution, and cut down greenhouse gas emissions. The tire recycling also offers effective ways to efficiently recycle rubber tires, save energy, and costs.
The growing focus of small and medium sized tire recyclers on implementing advanced strategies, innovation, and methods to produce new product lines for different applications through optimum utilization of technology and the raw materials are accelerating the use of recycled tire products and boosting the global tire recycling market.
Also, tire recycling allows the companies to reduce air pollution, conserve natural resources, protect ecosystems and wildlife, and reduce global warming. Most importantly recycling the tires is allowing to produce many by-product such as ground rubber, sport surfaces, floor mats, etc which are extremely useful.
On the basis of different approaches the market has been classified on the basis of product. The sports material and automotive parts made from recycled rubber has gathered the major share in the global tire recycling market in the historic years and is also poised to repeat similar growth prognosis in the coming years as well. The growing automotive sector and the importance of sports globally are the key reasons for growth of the segment in global tire recycling market.
End User Segment
End use applications is a significant segment in the global tire recycling market/ The automotive and construction segments are likely to experience a tremendous growth in the near future and rise exponentially by 2028.
North America is the most lucrative region, holding the lion’s share in the global tire recycling market and is further awaiting rapid growth in the market in forthcoming years. The key reasons attributed for the growth of the market in this region is rising urbanization, modernization, and rapid growth of various end user industries like construction and automotive industry. Also, the MEA and APAC regions contributed largely to the market due to increasing tire recycling market equipment firms and tire recycling market process plants. These developments are likely to propel magnificent growth momentum in these regions through 2028.