According to a new report published by Polaris Market Research. The report “Reclaimed Rubber Market Share, Size, Trends, Industry Analysis Report By Product (WTR, Butyl Reclaim, EPDM, Drab & Colored), By Application (Automotive & Aircraft Tires, Cycle Tires, Retreading, Belts & Hoses, Footwear, Molded Rubber Goods), By Regions, Segments & Forecast, 2019 – 2026” provides insights on the current market scenario and the future prospects.
The global reclaimed rubber market size is estimated to reach USD 6.53 billion by 2026 growing at a CAGR of 12.03% from 2019 to 2026.
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In 2018, WTR segment dominated the market, in terms of revenue. In 2018, North America accounted for the majority share in the global market. The global reclaimed rubber market is primarily driven by the expanding automotive & aerospace industries. Rising natural rubber prices have also forced automobile manufacturers to shift towards products with lower processing costs and recyclable products or rubber blends. The industry is extensively driven by the demand of reclaimed rubber in tire industry.
Construction has also witnessed significant consumption of reclaimed rubber in flat roof covering on account of weather & heat resistance properties. Growing demand from the residential application and various industries for floor matting is further anticipated to strengthen the demand. Increase in the utilization for electronics, packaging, and other industrial applications due to good aging and fast processing has positively influenced the demand of reclaimed rubber.
Moreover, favorable regulations concerning recycling, sustainability, and substitution for synthetic and natural rubber has resulted in the increased demand. Rising consumer preference regarding materials with lesser environmental impact and lower processing costs is further likely to strengthen the reclaimed rubber market growth. Footwear, automotive & aerospace tires, and other molded rubber goods manufacturers have been using the blends of reclaimed rubber at large scale.
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Whole Tire Reclaim (WTR) is anticipated to be the fastest growing type of reclaimed rubber. This is due to lower processing costs coupled with reduced environmental impacts and properties such as high durability and versatility. However, their growth is also expected to be constrained by the emergence of new elastomer-based products. Reclaimed rubber types such as EPDM have increasing replaced traditional natural rubber in consumer moulded goods and automobile tires.
Asia Pacific is the largest regional market for the reclaimed rubber industry. The growth in the region is primarily due to the rapidly growing industrial manufacturing activities of the developing nations such as China, India, and the Southeast Asian countries. In addition to this, developed countries are likely to witness growth at below-average rates in comparison to the other regions across the globe. Europe and North America are also expected to witness considerable growth during the forecast period due to utilization of reclaimed rubber in large and rapidly growing automotive industry.
The global reclaimed rubber market is highly competitive and moderately fragmented. It is also characterized by numerous small-scale industrial producers. Some of the key reclaimed rubber market players include Rolex Reclaim Pvt. Ltd., J. Allcock & Sons, Sun Exims (India) Pvt. Ltd., Star Polymers, GRP (Gujarat Reclaim & Rubber Product Ltd.), Genan, Huxar Reclamation, Titan International Ltd., Swani Rubber Industries, and Balaji Rubber Reclaim.
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Polaris Market Research has segmented the global reclaimed rubber market on the basis of Product, Application and Region:
Reclaimed Rubber Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Reclaimed Rubber Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Reclaimed Rubber Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
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