Tire Recycling Downstream Products Market Size, Share | 2031

Report Description

Tire Recycling Downstream Products Market Outlook 2031

The global tire recycling downstream products market size was valued at USD 4712 Million in 2022 and is likely to reach USD 6371.89 Million by 2031, expanding at a CAGR of 3.14% during the forecast period, 2023 – 2031. Emerging economies and growing awareness related to the benefits of recycling products among consumers. Increasing environmental concern related to rising air & noise pollution and reducing carbon impact increases the demand for tire recycling downstream products are propelling the market.

Tire recycling or rubber recycling is the process of recycling old and waste tires that are no longer suitable for use on vehicles due to wear or irreparable damage. These old tires are shipped to a commercial reprocessing plant for breaking them that can be further reused. The breaking down process can be done with chemical treatment.

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For instance, rubberized asphalt made from recycled tire materials is used to resurface many roads. The tire recycling downstream products help in maintaining environmental sustainability by saving an impressive amount of energy, reducing greenhouse gas emissions, and conserving landfill space. However, millions of used tires that are further recycled provide a continuous source of supply to the main three markets such as civil engineering applications, tire-derive fuels, and ground rubber application.

 Tire Recycling Downstream Products Market Trends, Drivers, Restraints, and Opportunities

• Growing expansion of the automobile industry and the increasing adoption of the 3R (Reduce, Reuse, and Recycle or Recover) concept by the government are driving the market.
• The tire recycling downstream products require low installation and maintenance costs. Thus, fueling the market.
• The constant rise in the prices of fossil fuel increasing the demand for tire-derived fuel products among consumers is boosting the market.
• Lack of awareness related to the tire recycling downstream products in developing and underdeveloped countries are restricting the market.
• Increasing focus on research activities to develop high-performance rubberized railway tracks are creating opportunities for the market.
• Technological advancement, product innovations, and the growing need to create a sustainable future for the tire industry are generating opportunities for the market.

Scope of Tire Recycling Downstream Products Market Report

The report on the global tire recycling downstream products market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Tire Recycling Downstream Products Market Segment Insight

Products Segment Analysis

In terms of products, the global tire recycling downstream products market is segmented into tire-derived fuel, tire-derived aggregates, rubber mulch, steel, rubber powder, and others. The others segment is further sub-segmented into crumb rubber and fiber. The rubber powder segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period.

The scrap tires are converted into rubber powder, which is further recycled or blended into the asphalt. Asphalt is a cost-effective solution for road construction. The rubber mulch is anticipated to create opportunities for the market, due to the growing adoption by the residential, commercial, and military sectors. The rubber mulch is used for protecting fall height playgrounds and offers cost-efficiency as compared to sand, grass, wood mulch, and other solutions. These factors are anticipated to propel the segment during the forecast period.

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Recycling Types Segment Analysis  

On the basis of recycling types, the global tire recycling downstream products market is segregated into pyrolysis and shredding. The shredding segment is further sub-segmented into mechanical, cryogenic, and others. The other segment includes the waterjet machining process. The shredding segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period.

The shredding recycling technique or shredder is a machine or equipment used to shred and reduces the size of a material. The scrap tires or rubbers are shredded into very small particles having the same consistency as sand. These small particles are further used to create new eco-friendly products, which are anticipated to propel the segment during the forecast period.

End Users Segment Analysis

Based on end-users, the tire recycling downstream products market is segregated into cement manufacturing, pulp & paper mills, utility boilers, construction & infrastructure, sports complexes & playgrounds, tires & rubber, and others. The others segment is further sub-segmented into the chemical industry and steel production plants.

The construction & infrastructure segment is expected to hold a significant share of the market during the forecast period, attributed to the growing number of residential and commercial construction activities across the globe. The asphalt made from recycled tires is highly used in road construction for improves the quality and service life of roads.

Moreover, the crumbed rubber concrete (CRC) has high tensile strength and is similar to sand as compared to traditional concrete. The crumbed rubber concrete (CRC) is used as a sustainable and environmentally-friendly alternative for constructing residential buildings, roads, and other infrastructures, which is expected to boost the segment during the forecast period.

Regional Analysis

In terms of regions, the global tire recycling downstream products market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020, due to the rising expansion of the automotive sector. The key vendors are increasing their focus and found high potential in the market of China and Japan.

The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to the ongoing generation of a large number of tires every year and issues associated with tire disposal. Moreover, the growing initiatives and support by the government towards the adoption of tire recycling downstream products in several applications. The waste bins are highly adopted by municipal corporations of different countries, which are propelling the market in Asia Pacific.

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