According to Goldstein Research, “Lack of proper demand for recycled materials hindering the production of recycled tires. Uncertainty related with poor quality of recycled tire materials negatively impacting the demand for recycled tires. However, innovative implementation of recycled tires for various applications is expected to strengthen the tire recycling market. Tire recyclers are promoting the quality of their recycled tire products which is eventually supporting the growth of tire recycling market.”
Global tire recycling market is segmented on the basis of rubber type, product type and by end user. End user segment is further categorised into automotive & aviation sector, manufacturing, construction and others (sports, home decor). Automotive and aviation sector dominates the tire recycling market owing to the wide adoption of recycling tires in manufacturing some auto parts and retreading in aviation sector. However, construction sector is expected to witness remarkable growth during the forecast period owing to the rising application of rubberized asphalt as construction materials.
Global tire recycling market is anticipated to reach USD 1.12 billion by 2024 and is projected to register steady growth during the forecast period. Europe is increasing the execution of new approaches for tire recycling and various applications of recycled tires. Recycling tire industry is expanding in countries such as France, Sweden, Italy, Spain and Portugal owing to their strong adoption of tire recycling process and wide usage of recycled tire materials for various applications.
Green Tire Recycling Technology: Scope for vendors in International Market
Local and regional market players are adopting innovative and eco-friendly approach for tire recycling to expand their business in international market. Recently a Hungary based old tires recycling company named AquaJet Limited introduced tire milling technology and recycled waterjet milled rubber powder obtained from the recycling of old tires. The company has doubled their production and are now aiming to expand their business in an international market.
“Global Tire Recycling Market Outlook 2024” contains detailed overview of the global tire recycling market in terms of market segmentation by rubber type, product type and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global tire recycling market also provides competitive outlook of some of the major players of global tire recycling market which includes profiling of companies such as Liberty Tire Services LLC, Lakin General, Entech Inc., Emanuel Tire Co., Tire Disposal & Recycling Inc., Mac’s Tire Recyclers, Golden By-Products Inc., Champlin Tire Recycling, L&S Tire Co., Global Rubber LLC, Manhantango Enterprises Inc., RB Rubber Products, BAS Recycling Inc., Rumpke Consolidated Cos. Inc., Global Tire Recycling of Sumter County Inc., reRubber LLC, Golden By-Products Inc. and Colt Inc. Scrap Tire Centers. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global tire recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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