Driven by the Rising Automotive and Aerospace Industry, and Shifting Trend Towards Sustainable Material Products, the Global Reclaimed Rubber is forecasted at approximately US$ 4 Bn by 2028 says Ken Research Study
Reclaimed rubber is a material manufactured from scrap or waste rubber, through the softening and plasticizing process. Reclaiming is a process in which scrap rubber waste is converted, using mechanical and chemical processes into a state in which it can be mixed, processed, and vulcanized again. Reclaimed rubber is used in tires, inner tubes, tire lining, retreading, belting, adhesives, mastics, footwear, sheeting, matting, belting, and others.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
- Growing Adoption of Recyclable Tires, and the Shifting Trend Towards Sustainable Manufacturing acts as a Driver for the Market.
According to Ken Research Analysis, the Global Reclaimed Rubber Market was valued at US$ 1 Billion in 2017, it is estimated to be US$ 2 billion in 2022 and is forecasted to reach a market size of ~US$ 4 billion opportunities by 2028, owing to the rising environmental concern and stringent government policies on manufacturing facilities to reduce the emission of harmful gases. Furthermore, the easy availability of scrap tires, and increasing consumer preference toward environment apt material products with lower cost and efficient quality, have further aided the reclaimed rubber market to expand. As a result, various types of reclaimed rubber material such as whole tire, butyl, EPDM, and drab & colored reclaimed rubber are being used in tires, footwear, and other molded rubber products.
- Advancements in Automotive Industry in Asia Pacific Region, Is Likely to Propel the Growth of the Reclaimed Rubber Market.
The Reclaimed Rubber Market is expected to witness significant growth during the forecast period, due to the surging automotive industry. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce, stated that the automobile industry in India attracted foreign direct investment (FDI) worth US$ 32.84 billion between April 2000 to March 2022. IBEF also mentioned that the Indian passenger car market was valued at US$ 32.70 billion in 2021 and is expected to reach a value of US$ 54.84 billion by 2027. The increasing automobile industry is likely to drive the demand for tires, which certainly acts as a booster for the reclaimed rubber market.
- Degrading Physical Properties of Reclaimed Rubber and Fluctuating Crude Oil Prices Restrain the Market Growth.
Devocalization or depolymerization of waste rubber will likely result in the degradation of the physical properties of rubber. Devocalization is a process through which vulcanized waste rubber is transformed into the state in which it can be vulcanized, after mixing and processing. Degradation of rubber can range up to 30 to 70% from the virgin state. A higher level of application such as tires from waste rubber is limited to use after the degradation of a material.
Furthermore, fluctuating raw material cost is also hampering the growth of the global reclaimed rubber market. Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. International oil prices rose by almost 70% in 2021. Highly fluctuating prices and lower production of crude oil is a restraining factor for the reclaimed rubber market.
For More Information, refer to below link:-
Reclaimed Rubber Market Industry Outlook
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