Technological innovations for developing cost-effective method are anticipated to provide opportunity for the global tire recycling market
Tire recycling is the process that mediates recycling of used tires. The products developed from the recycled tries are extremely useful for various industries. Also, tire recycling is freeing up the landfill space, preventing disease spread by waste tires, preventing fire and pollution, by restricting greenhouse gases emissions into the atmosphere. These are the major growth influencers propelling balanced growth output in the global tire recycling market. As a result of the boom, the global tire market is expected to reach a value of 4,600.28 million by 2028 with and annual growth rate of 3.41% from 2021 to 2028.
The tire recycling that produces product such as rubberized asphalt, sports mats, etc. 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 tire recycling.
Looking at current market scenarios, the future of the global tire recycling market is attractive. The key factors influencing the growth of the global tire recycling market are the increasing demand for products in industrial sectors, technological innovations, increasing scope of recycling due to its cost saving and other advantages, and growing necessity for protecting environment from rubber and plastic waste.
Also, tire recycling coupled with modern methods of recycling are facilitating more environment friendly solutions and multiply the returns on investment. However, some recycling plants generate significant waste that is left in the water causing diseases and affecting marine life, also degrading the air quality. These factors are likely to downsize the global tire recycling market growth.
Adroit Market Research report on the global tire recycling market provides a total coverage of the regions and segments contributing majorly to the growth of the market. The report also sheds light on tire recycling market equipment and tire recycling market process in detail. The report evaluates various internal and external parameters influencing the overall market performance.
The important economic factors are featured in the report. Moreover, the competitive environment including the market segments, market size, latest trends, competitive landscape, and drivers are studied. The SWOT analysis of the global tire recycling market, biggest leaders, competitors, as well as the financial states of the market from 2018 to 2020 is examined in the report. 2020 is considered as base year for study and forecast years 2021-2028 have been covered.
Each company highlighted in the report is further studied presenting product, portfolios, market share, growth potential, and expansion plans. This helps readers gain understanding of the competitive environment and in-depth knowledge. Most importantly, it gives an idea of the market completion that will be faced ahead and how to prepare accordingly.
On the basis of different approaches the market has been classified on the basis of product namely, crumb rubber, tire-derived fuel, rubberized asphalt, mats, sports material, automotive parts, molded rubber products, and flooring products. The sports material and automotive parts is gaining traction in the global tire recycling market. The rubber mulch, rubber mats, rubber tiles, flexible curbs, shock absorbing bumpers and walkaways are extremely useful in playgrounds and gardens. The recycling of tire also produces many automotive parts. These are the key reasons for growth of tire recycling market.
On the basis of different approaches the market has been classified on the basis of end user namely automotive, aviation, manufacturing, construction, and others. The automotive and construction segments have recorded highest growth in the tire recycling market and are expected to witness continued growth in the forthcoming years.
The North American region claimed the maximum share in the global tire recycling market. The region is expected to witness rapid growth in the market in forthcoming years and may see sporadic growth by 2028. The APAC and MEA regions are not lagging behind and are estimated to record good market revenue due to increasing construction and other end user industries in the region.
Some top manufacturers and producers of recycled tire products 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 the best technological innovation in the global tire recycling market.
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