Rise in production of more vehicles that leads to the production of more tires drives the growth of the global tire recycling market.
PORTLAND, Ore., Aug. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Tire Recycling Market by Process (Pyrolysis, Shredding), by Product (Crumbed Rubber, Tire Derived Fuel, Others), by Application (Manufacturing, Construction, Rubber Products, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global tire recycling industry was estimated at $5.12 billion in 2021, and is anticipated to hit $7.32 billion by 2031, registering a CAGR of 3.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
Pre-determinant of growth-
Rise in production of more vehicles that leads to the production of more tires drives the growth of the global tire recycling market. Moreover, tires are non-biodegradable, thus discarding them in landfills is not a viable solution and it can lead to more pollution of the land and water. Thus, in order to properly manage scrap tires, recycling is considered an effective method, which has supplemented the market growth even more. Furthermore, countries across the world are moving towards a sustainable future by employing various eco-friendly industrial practices, which has created a number of opportunities in the industry.
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The shredding segment to dominate by 2031-
Based on process, the shredding segment held around three-fifths of the global tire recycling market revenue in 2021, and is expected to lead the trail by 2031, due to its cost-effectiveness and wide usability. The pyrolysis segment, nevertheless, would manifest the fastest CAGR of 3.7% from 2022 to 2031, owing to advancements in processing technologies.
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The manufacturing segment to rule the roost-
Based on application, the manufacturing segment generated the major share in 2021, holding nearly half of the global tire recycling market, and is projected to dominate throughout the forecast period. Extensive use of recycled material in the manufacturing industry drives the segment growth. The others segment, simultaneously, would cite the fastest CAGR of 4.2% by 2031. The construction and rubber products segments are also examined in the market report.
The tire derived fuel segment to maintain the lion's share-
By product, the tire derived fuel segment contributed to nearly half of the global tire recycling market share in 2021, and is expected to retain its dominance by 2031, owing to its extensive use in various manufacturing facilities across the world. The crumbed rubber segment, on the other hand, is expected to exhibit the fastest CAGR of 3.7% from 2022 to 2031, due to its increased use in the construction industry.
Asia-Pacific garnered the major share in 2021-
Based on region, Asia-Pacific held the major share in 2021, generating more than half of the global tire recycling market. The presence of the large automotive and construction industries fuels the market growth. LAMEA, simultaneously, would garner the fastest CAGR of 4.4% by 2031. This is attributed to increased construction activities across the province. The other regions assessed through the report include North America and Europe.
Key players in the industry-
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The report analyzes these key players in the global tire recycling market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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