Albany, NY – Analysts at TMR estimate the crumb rubber market to expand to a CAGR of 4.8% during the forecast period from 2021 to 2031. The increasing use of crumb rubber in various applications such as construction materials, automotive components, and asphalt substitute fuels the growth of the crumb rubber market.
Growth of the construction industry, wherein crumb rubber is used as a crucial component of concrete structures, fuels the expansion of the crumb rubber market. Crumb rubber is increasingly finding use as a cost-effective substitute of asphalt for road construction. With increasing raw material cost for asphalt and asphalt alternatives, crumb rubber is increasingly substituting them for the demand for high performance road construction material used to prevent cracks and holes.
Crumb rubber is recycled rubber obtained through the recycling of automotive and truck scrap ties. Recycling involves removing steel and tire cord to leave tire rubber with a granular consistency, which with continued processing, further reduces size of particles.