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.”
1. 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.
2. 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.
3. 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
Related Report
Global Biodegradable Plastics Market Size,
Segments, Outlook, and Revenue Forecast 2022-2028
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Research
Ankur
Gupta, Head Marketing & Communications
