Reclaimed Rubber Market to grow at a CAGR of 10.89% during 2024-2028
The Reclaimed Rubber Market is expected to grow at a CAGR of 10.89% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2081.7 million. The reclaimed rubber market represents a significant business opportunity for companies seeking sustainable and cost-effective alternatives to virgin rubber. Reclaimed rubber, derived from the recycling of scrap tires and industrial waste, offers numerous benefits, including reduced environmental impact and lower production costs. Market growth is driven by increasing demand for eco-friendly products and regulatory initiatives promoting tire recycling. Businesses can capitalize on this trend by investing in reclaimed rubber production and distribution, thereby aligning with corporate social responsibility goals and enhancing their competitive edge.
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Technavio analysts predict that the Whole tire reclaim rubber subsegment will lead the Type segment during 2024 and 2028 The reclaimed rubber market encompasses the production and utilization of rubber derived from the entire tire, including the tread and thread peelings. This recycled rubber is manufactured into various grades, catering to diverse industry requirements. Notably, reclaimed rubber is employed in the production of automotive tires, conveyor belts, rubber sheets, rubber molded goods, and transmission belts. This sustainable raw material offers several advantages. From an environmental standpoint, it promotes eco-friendly practices by sourcing rubber from recycled tires, thereby reducing waste. In terms of performance, reclaimed rubber boasts superior elasticity and resilience, ensuring durability and excellent application results. Moreover, it represents a cost-effective solution for manufacturers, offering significant savings without compromising on quality.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish benefits of reclaimed rubber
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The Reclaimed Rubber Market encompasses the production, sale, and utilization of recycled rubber forms derived from TireRecycling. Reclaimed rubber finds extensive applications in various industries, including Consumer Goods, Aerospace, and Building Materials. In Consumer Goods, reclaimed rubber is used to manufacture Conveyor belts, Safety gear, and Pharmaceutical goods. The Aerospace industry uses recycled rubber in the form of powder, crumb, and granules for producing components in Aircraft, including tires for Aircraft tires and EPDM rubber for insulation. Reclaimed rubber also finds significant use in the manufacturing of Butyl reclaim rubber for Tire retreading in Commercial vehicles like F-Series trucks and Pickup trucks. Additionally, the market caters to the production of Conductive elastomer for various applications and Rubber-Cal's recycled materials for Footwear. General Motors and other automotive manufacturers increasingly use recycled rubber in their production processes, reducing the demand for Virgin rubber. Bicycle tires are another significant application for recycled rubber, making it an essential component in the global rubber industry.
The global commodity chemicals market encompasses businesses specializing in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-paints and pigments, explosives, and petrochemicals. This market excludes entities engaged in the manufacturing of diversified chemicals, fertilizers, agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market size is determined by the collective revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for the commodity chemicals market include the escalating demand for plastic packaging and the increasing preference for lightweight, corrosion-resistant materials in various industries. Plastic, being the most widely used material in the packaging sector worldwide, is undergoing continuous innovation to meet the growing demand for sustainable and cost-effective solutions. This, in turn, influences the chemical industry's role in producing advanced plastic packaging materials.
The Reclaimed Rubber Market is experiencing significant growth, fueled by the benefits of reclaimed rubber. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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