Global reclaimed rubber market size is estimated to reach USD 6.53 billion by 2026, growing at a CAGR of 12.03% during the forecast timeline, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The flourishing automotive & aerospace industries worldwide have primarily driven the reclaimed rubber market lately. The surge in natural rubber prices has pushed automakers to shift towards substitutes with lesser processing costs and recyclable ingredients or rubber blends. In addition, the market has witnessed increased traction from the tire manufacturing sector owing to growing product demand.
Due to its superior weather & heat resistance properties, the consumption of reclaimed rubber has increased significantly in the construction sector, especially in the flat roof covering application. The growing demand for floor matting across residential sector and other industries is also anticipated to strengthen product demand over the projected timeline. Meanwhile, increased utilization in the packaging, electronics, and other industrial applications owing to its fast processing and good aging features will positively influence the demand for reclaimed rubber, cites the report.
According to the findings of the study, favorable regulations pertaining to sustainability, recycling, and substitution for natural and synthetic rubber have boosted product demand. While growing consumer preference for materials that exhibit lower environmental impact and require lower processing costs will further strengthen the reclaimed rubber market growth over the forecast period. Furthermore, the makers of automotive & aerospace tires, footwear, and other molded rubber goods have enhanced the utilization of reclaimed rubber blends, supplementing industry growth.
As per product type, the Whole Tire Reclaim (WTR) segment is expected to be the fastest growing reclaimed rubber segment in the coming years. Reportedly, in 2018, WTR dominated the reclaimed rubber market in terms of revenue. However, in the foreseen period, the segment is anticipated to grow owing to its lower processing costs and reduced environmental impacts, as well as properties such as high versatility and durability.
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Nevertheless, the growth of this market can be constrained with the emergence of novel elastomer-based products. EPDM have increasingly replaced traditional natural rubber in consumer moulded products and automobile tires.
Speaking of the geographical landscape, Asia Pacific stands as the largest regional market for the reclaimed rubber industry. The regional growth is primarily driven by rapid advancements in industrial manufacturing operations particularly in developing nations such as India, China, and the Southeast Asian countries. Whereas, developed countries in the region are anticipated to witness growth at below-average rates compared to the other nations across the globe.
The report also cites that the North America and Europe markets are likely to witness substantial growth during the forecast period, mainly due to the large-scale utilization of reclaimed rubber in the expanding regional automotive industry.
According to the report, the global reclaimed rubber market is slated to be highly competitive and moderately fragmented. The market also comprises of several small-scale industrial producers. The distinguished players of this business vertical include J. Allcock & Sons Ltd., Sun Exims (India) Pvt. Ltd., Rolex Reclaim Pvt. Ltd., Star Polymers, Gujarat Reclaim & Rubber Product Ltd., Titan International Ltd., Genan, Huxar Reclamation, Balaji Rubber Reclaim, and Swani Rubber Industries.