The global reclaimed rubber market is expected to reach USD 6.32 billion by 2025, according to a new report by Grand View Research, Inc. Favorable regulations promoting sustainable and eco-friendly materials as substitutes for conventional virgin rubber is driving product demand in several end-use industries.
Increasing consumer awareness regarding environment-friendly materials with lower processing costs & enhanced properties are driving product consumption. Automotive & cycle tires, footwear, and other molded rubber goods manufacturers have realized the benefits of recycled & regenerated rubber in these applications.
Increasing natural rubber prices, growing environmental concerns on account of waste rubber disposal in rivers, and higher energy efficiency are other key factors driving reclaimed rubber demand across the globe.
Burgeoning demand for whole tire reclaim (WTR) is anticipated to drive segment volume demand by 42% by 2025.Owing to its versatility, durability, reduced pollution and low processing costs, WTR is expected to witness growth over the forecast period. However, the emergence of innovative elastomer-based products has restricted the full growth potential of this segment.
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Further key findings from the study suggest:
- The global reclaim rubber market demand was over 2,900 kilo tons in 2015 and is expected to grow at an estimated CAGR of 10.3% from 2016 to 2025
- Butyl reclaim occupied a significant portion of the market with over 19% of volume share in 2015
- EPDM is anticipated to emerge as the fastest-growing product owing to technological advancements that have contributed largely to improved product properties and greater sustainability
- Automotive & aircraft tires emerged as the leading & fastest-growing application with 11.1% CAGR. Growing awareness regarding cost-effective and eco-friendly alternatives for virgin rubber is likely to boost reclaim demand for the production of durable tires and other synthetic products in automotive sector.
- Expansion of the global footwear industry has also contributed to growth in the reclaim footwear market, with high consumption in heels, soles and inner linings
- Asia Pacific dominated the global reclaim rubber industry owing to huge domestic market, availability of cheap and skilled workforce and rapid industrial development
- Favorable government regulations promoting recycling efforts & sustainable materials is expected to drive consumption in countries such as Argentina, Brazil and even Venezuela