Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- 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.
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.
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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.
Some Significant Market Developments Considered in the Report:
- April 2021 – Bridgestone Corporation (Bridgestone) announced spending of USD 135.90 million to upgrade certain facilities at its Shimonoseki Plant, which produces tires for mining and construction vehicles. Installation is scheduled to begin in 2022 and end in 2025. Safety, disaster preparedness, environmental friendliness, quality, and productivity will benefit from the new equipment. It is expected to enhance the production of reclaimed rubber by Bridgestone Corporation in the coming years.
- October 2017 - Michelin acquired Lehigh Technologies, a specialty materials company that uses proprietary cryogenic turbo mill technology to convert rubber from end-of-life tires and industrial goods into high-performance micronized rubber powder (MRP) for new tires and other products, thereby reducing the number of raw materials initially required, such as elastomers and fillers derived from oil and rubber. This acquisition illustrates Michelin's strategic ambition to extend its material competence to sectors other than tires, with a focus on promoting the use of advanced rubber recycled materials in both tire and non-tire industries.
COVID-19 Impact on the Global Reclaimed rubber Market
The QMI team is closely monitoring the impact of COVID-19 on the global reclaimed rubber industry, and it has been observed that the demand for reclaimed rubber is uncertain during the pandemic. However, it is expected to grow sharply during the forecast period. The COVID-19 pandemic has increased regional restrictions, thereby affecting the flow of materials and labor for reclaimed rubber testing, assembly, and commissioning. This is increasing the cost of reclaimed rubber and is lowering the demand from automotive and heavy engineering manufacturers. All these factors have been analysed in details in this report.
Global Reclaimed Rubber Market, by Type
Based on type, the market is divided into whole tire reclaim (WTR), butyl reclaim, ethylene propylene diene monomer (EPDM), drab & colored, and others. Among these, the butyl reclaim segment is expected to be the fastest growing segment in the market during the forecast period. Due to the adoption of modern procedures, the entire desulfurization procedure used in butyl reclaim manufacturing has become eco-friendly and scientific. The reason butyl reclaim is driving the market is its faster mixing and extrusion properties and reduced power consumption, which are contributing to the growth of the butyl reclaim segment in the reclaimed rubber market.
Global Reclaimed Rubber Market, by Material Type
Based on the material type, the global reclaimed rubber market is bifurcated into synthetic and natural. Between these two segments, the synthetic segment is anticipated to be the fastest growing segment in the global reclaimed rubber market. The benefits of utilizing synthetic rubber in modern industries stem from its exceptional weathering qualities. Synthetic rubber is resistant to oxygen, oil solvents, and various chemicals. This makes it better than its substitutes. Additionally, synthetic rubber doesn't lose its elasticity when exposed to a broad range of temperatures. Thus, these factors will boost the market during the forecast period.
Global Reclaimed Rubber Market, by Application
Based on application, the market is divided into tire and non-tire. The non-tire segment is expected to be the fastest growing segment in the market during the forecast period. The non-tire segment comprises conveyor belts, molded goods, adhesives, footwear, matting, profiles, and roofing. The molded goods segment contributes to the major chunk of non-tire applications of the reclaimed rubber market. The benefits offered by the individual non-tire products is driving the market growth during the projected period.
Global Reclaimed Rubber Market, by End-Use Industry
Based on the end-use industry, the market is divided into transportation, heavy engineering, building & construction, aerospace & defense, and others. The transportation segment is expected to witness fast growth in the market during the forecast period.
The transportation industry is also expected to be the dominate in the end-use industry segment due to the usage of tires in the automotive industry. Reclaimed rubber is widely used in the automotive industry, airlines, trucking, logistics firms, and the shipping industry. These factors will thus contribute to the growth of the market during analysis period.
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Global Reclaimed Rubber Market, by Region
By region, the global reclaimed rubber market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region expected to grow at the faster rate in the market during the forecast period.
Asia Pacific is the dominating region in the global reclaimed rubber market due to the increasing demand for automobiles combined with increased investment in vehicles by the working-class group. The product demand is increasing from the aviation industry due to flourishing tourism in Asian countries and customers' high per capita income. These factors will boost the regional growth and hence drive the market during the analysis period.
Some Major Findings of the Reclaimed rubber Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global reclaimed rubber market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- 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.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global reclaimed rubber market
- Impact of COVID-19 on the global reclaimed rubber market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, "Global Reclaimed Rubber Market, by Type (The Whole Tire Reclaim (WTR), Butyl Reclaim, Ethylene Propylene Diene Monomer (EPDM), Drab & Colored and Others), Material Type (Synthetic and Natural), Application (Tire and Non-Tire), End Use Industry (Transportation, Heavy Engineering, Building & Construction, Aerospace & Defense, Others) and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)" in depth analysis along with the table of contents (ToC).
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