Reclaimed Rubber Market Overview:
The global market for reclaimed rubber to find impressive growth in terms of CAGR in the years between 2018 and 2023, which can be considered as the forecast period, as per the claim made by Market Research Future (MRFR). Reclaimed rubber can be defined as cured rubber that goes through several thermo-chemical processes and is softened as the polymer chain gets shortened. The product finds wide-scale application in industries like retreading, automobiles, aircraft, footwear, belts & hoses, and adhesives.
The growth of the Reclaimed Rubber Market Size depends on the increasing automobile sector and aerospace industry substantially. Both these regions are witnessing a huge boom in the market as their regional players are investing substantially to leverage opportunities. The automotive segment is finding growth opportunity in high disposable income and change in lifestyle, whereas the aerospace industry is depending much on the defence budget and the expenditures set by individual airlines. The market is also set to benefit from its advantages that puts it ahead of the synthetic rubber. It saves fuel consumption, which is a must for many industries due to increasing government regulations.
Competitive Landscape:
Major players impacting the global market for reclaimed rubber are Rolex Reclaim Pvt. Ltd (Gujarat), Fishfa Rubbers Ltd (Gujarat), GRP LTD (Mumbai), HUXAR (India), Sun Exim (India), Swani Rubber Industries (India), Genan (Denmark), Minar Reclamation Pvt. Ltd (India), Miracle Rubbers (India), Revlon Rubbers Private Limited (India), MICHELIN (France), High Tech Reclaim Pvt. Ltd (India), and others. MRFR listed these companies in their report to make sure that the analysis of the market becomes profitable in terms of gauging upcoming trends and triggering market growth accordingly. The process to solidify market presence includes strategic moves like tie-ups, mergers, acquisitions, innovations, and others.
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Segmentation
By type, the market for the reclaimed rubber market can be segmented into ethylene propylene diene monomer (EPDM), drab & colored, whole tire reclaim (WTR), butyl reclaim, and others.
By application, the global market study on the reclaimed rubber can be segmented into tire and non-tire wherein. The tire segment can be sub-segmented into inner tubes, inner liner, tire piles, tire side walls, and tire treads & retreads.
The non-tire segment covers molded goods, conveyor belts, footwear, adhesives, profiles, matting, and roofing.
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Regional Analysis
The global market for reclaimed rubber is surely to benefit from the increasing participation of various companies from the Asia Pacific region. The region would be the fastest growing one in the coming years. This would be triggered by the rising demand for automotive and the expanding market for automobiles in the region.
Various global companies are showing interest in expanding their market growth opportunities. This is to make sure that the market gains significant support from cost-effective pricing and easy access to labor. The regional players are also bolstering the market by increasing their performance on a global scale. Players like KIA motors and Hyundai are showing promising growth opportunities. The market would gain further traction from the rising disposable income in the hands of middle-class families.
The North American market has the potential to gain better profit with the revamping automotive sector. The market is also expecting strong traction from aerospace industry where the demand for better aircraft is growing in leaps and bounds. Its market penetration is getting wider with the preference for it to reduce fuel consumption over synthetic tires.
In Europe, the chance for growth is better as the regional market depends more on sustainability than anything else. The stringent regulations regarding better ecological standards are pegged to promote the global market for reclaimed tires to ensure lesser fuel consumption.
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