Pune, India – The global reclaimed rubber market size has been estimated at USD 2,931.5 million in 2021 and is projected to register a CAGR of 9.6% during forecast period according to Quince Market Insights.
Reclaimed rubber products are in high demand in major end use industries, such as automotive, consumer goods, aerospace, footwear, and others, due to a shift in the trend towards eco-friendly and recyclable materials. The growth of these industries in emerging countries has provided a major stimulus to market growth in the Asia Pacific countries. In developed countries, the ban on landfills in the EU, as well as other favorable regulatory frameworks provided by governments to encourage and support recycling, has increased product demand.
Profiles of major market players operating in the global reclaimed rubber market, which include Michelin, Bridgestone Group, GRP Ltd, Titan Tire Reclamation Corp, Swani Rubber Industries, High Tech Reclaim Pvt Ltd, Aadish International, Gangamani Enterprise Pvt Ltd, SNR Reclamation Pvt Ltd, Valencia Rubber Tech LLP, Rolex Reclaim Pvt Ltd, J. Allcock & Sons Ltd, Star Polymers Inc, Zenish Reclamation, Genan Gmbh, Bajaji Rubber Industries Pvt Ltd, Sapphire Reclaim Rubber Pvt Ltd.
The market is also being driven by the use of reclaimed rubber in manufacturing extruded products, such as drain tubes and pump discharge hoses. The growing use of reclaimed rubber in manufacturing footwear as well as increased aspiration-based purchasing is enhancing product demand. Rising demand for whole tire reclaim (WTR) is a significant trend in the global market for reclaimed rubber, and it is expected to contribute greatly to market growth in the near future. High demand for the product stems from its high versatility and durability, as well as its low processing costs and low environmental impact.
Airlines are expanding and developing new routes, resulting in a demand for new aircraft. The purchase of new aircraft will create a demand for new tires at the same time. During the tire contact with the ground, the tire must also bear the entire weight of the aircraft, making them more prone to wear and tear. This necessitates the replacement of commercial aircraft tires after more than 200 landings to avoid accidents caused by tire wear and tear, bolstering the aftermarket of commercial aircraft tires. This in turn, is expected to increase the demand for reclaimed rubber during the forecast period.