Global tire recycling downstream products market forecast with a CAGR of 2.15 percent through 2030
Pune, Indi a- The global tire recycling downstream products market is valued at $4.1 billion in 2021, and it is anticipated to grow at a CAGR of 2.15 percent over the forecast period until 2030, according to Quince Market Insights. Recycling technologies improve the circular economy by maximizing the return of materials produced. Hence, tire recycling downstream will have a huge impact on the economy. The tire recycling process involves the conversion of discarded or end-of-life tires into useful industrial materials. Various methods are adopted for tire recycling, including pyrolysis, cryogenic recycling and repurposing the old tires. However, the most common technique used is shredding, which has a huge impact on market growth.
The growing awareness about the environmental benefits from tire recycling, new recycled products and industrial applications will drive the market during the analysis period. Furthermore, sustainable industry practices to reduce carbon impact and technological advancements and government approvals in tire recycling techniques will drive the market. For instance, Renegade Rumble Strip by Rubber erosion got approval from the Colorado Department of Transportation (C-DOT). The product has the ability to control mud sediments in construction sites.
The disposal of tires in landfills can trap methane gas, resulting in safety and health issues, tire fires and diseases. Hence, rising issues related to landfill demand for the recycling technique. For instance, according to the United States Environmental Protection Agency (EPA), recycling of rubber from tires in 2018 was estimated to be 1,700 kilotons in landfills. The automobile industry has the potential to generate stranded vehicles or scrap tires, which results in rising applications for tire-derived products in various industries. These factors will further promote market development.
The countries covered in the global tire recycling downstream products report are the United States, Mexico and Canada, in North America, France, Germany, U.K., Netherlands, Russia, Belgium, Switzerland, Turkey, Spain, Italy, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, rest of Asia Pacific in the Asia Pacific, Saudi Arabia, South Africa, Egypt, Israel, rest of the Middle East and Africa as a part of the Middle East and Africa, Argentina, Brazil and rest of the parts of South America as a part of South America. The huge demand for essential oils is currently driving the personal care sector is assessed to dominate the global market over the forecast period. Additionally, quick urbanization, as well as the rise in disposable income in developing economies like China and India, encourages significant growth in the global market.
Global tire recycling downstream products market competitive analysis offers details on the basis of competitors. Certain details that have been provided in this study are company revenue, investment in research and development, global presence, production size, production capacity, product launch, company strengths and weaknesses, application, dominance and product width and breadth. In this report, the major companies studied are: Continental AG, Fornax Corp, ETR Group, Tyre and Rubber Recycling, Royal Dutch Shell PLC, Genan Holding A/S, Lakin Tires West Inc., Ragn Sells Group, Liberty Tire Recycling, Emanuel Tire LLC, ECO Green, L&S Tire Company, Reliable Tire Disposal, Probio Energy International, Renelux Cyprus Ltd. and West Coast Rubber Recycling Inc.