The recycled elastomers market is expected to grow from US$ 4,680 million in 2022 to US$ 8,095 million by 2028, with an estimated CAGR of 9.5% from 2022 to 2028.
Recycled elastomers are durable, skid-resistant, improve rutting, and reduce hydroplaning. These properties make recycled elastomers ideal for use as asphalt binders in road construction, playground surfaces, and sports equipment. Recycled elastomers also find application in the agriculture industry, where it is used as protection sheds and windbreakers for livestock and vegetation due to its various properties, including cost-effectiveness, durability, and UV resistance. Further, recycled elastomers are increasingly used in medical products, offering biocompatibility, durability, design flexibility, and favorable performance/cost ratios. Moreover, the rising preference for recycled products due to the implementation of stringent pollution control norms by many economies across the globe has been bolstering the recycled elastomers market growth.
MARKET DYNAMICS
The recycled elastomers market growth is mainly driven by the growing demand from various industries such as infrastructure, pharmaceutical, agriculture, and construction. In the construction sector, the usage of recycled elastomers as an asphalt binder is increasing in developing nations. Furthermore, huge spending on highway and expressway projects by governments of various developed and developing nations, a growing population, and an increased number of infrastructures are boosting the demand for recycled elastomers. However, the recycled elastomer market is restricted due to fluctuation in raw materials prices.
MARKET SCOPE
The "Global Recycled Elastomers Market Analysis to 2028" is a specialized and in-depth study of the recycled elastomers market with a special focus on the global market trend analysis. The report aims to provide an overview of the recycled elastomers market with detailed market segmentation. It also provides key statistics on the market status of the leading players operating in the recycled elastomers market and offers an analysis of key trends and opportunities in the recycled elastomers market.
Strategic Insights
MARKET SEGMENTATION
The global recycled elastomers market is bifurcated into raw material and application. Based on raw material, the market is segmented into styrene butadiene rubber, nitrile rubber, propylene rubber, chloroprene rubber, natural rubber, polyurethane rubber, and others. Based on application, the market is segmented into medical, agriculture, sports product, playground surfaces, infrastructure, and others.
REGIONAL FRAMEWORK
The global recycled elastomers market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the regions.
Asia Pacific dominated the recycled elastomers market with ~38% share in 2021. The Asia Pacific recycled elastomers market growth is majorly attributed to the high adoption rate of recycled elastomers for infrastructure development. A few of the key manufacturers of recycled elastomers in the region include GRP LTD., LIBERTY TIRE RECYCLING, Austin Rubber Company LLC., J. Allcock & Sons Ltd, and Klean Industries Inc. These suppliers are witnessing constant demand from the agriculture industry. The below figure showcases the revenue growth trend in the recycled elastomers market:
(image) Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, that impact the recycled elastomers market. It also provides exhaustive Porter's five forces analysis, highlighting the factors affecting the recycled elastomers market in these regions.
IMPACT OF COVID-19 PANDEMIC
Due to the impacts of the COVID-19 pandemic, chemical & materials, construction, and many other industries experienced unprecedented challenges owing to disruptions in the global supply chain that adversely affected the manufacturing, delivery schedules, and sales of various goods. Many production sites partially or fully discontinued operations to combat the spread of SARS-CoV-2, which hampered the market growth. The pandemic has caused demand and supply gap which led to fluctuations in the prices of raw materials required for manufacturing recycled elastomers. However, the infrastructure sector has continued to witness significant growth after the economy recovered in 2021 due to resumption of business activities in different countries across the globe. As a result, the growing consumption of recycled elastomers will bolster the recycled elastomers market growth during the forecast period.
MARKET PLAYERS
The reports cover key developments in the recycled elastomers market, such as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players operating in the recycled elastomers market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for recycled elastomers. The list of a few companies engaged in the recycled elastomers market is mentioned below:
- GRP LTD.
- LIBERTY TIRE RECYCLING
- Austin Rubber Company LLC.
- J. Allcock & Sons Ltd
- Klean Industries Inc.
- Monmouth Rubber and Plastics Corp,
- Rubberform Recycled Products, LLC
- Green Rubber Global Ltd
- Emanuel Tire Co
- Genan Holding
The report includes the profiles of key companies operating in the recycled elastomers market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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