Overview:
The demand to curb global carbon footprint has initiated a trend that focuses on the sustainability of reclaimed rubbers. The reclaimed rubber market is set to enjoy the benefits of such a paradigmatic shift. New trends are going to inspire the intake of reclaimed rubber in the automobile sector. The global reclaimed rubber market can expect a robust growth during the forecast period (2020-2027), reveals Market Research Future (MRFR). The report includes details on the factors that can instigate the growth of the market in the foreseeable future. An elaborate thermo-chemical process is needed to cure the rubber to soften and expand the product to enhance its quality which results in a uniform product and plummet in the cost. This process makes it a healthy competitor of existing polymers. Burgeoning automobile and aerospace industries are eyeing for benefits from such technological advancements. Obtaining old tires at a reduced cost and then curing it have benefits that most industries do not want to ignore. Other industries such as packaging, electronics, and construction are also providing diverse angles using which the reclaimed rubber market can get access to a larger customer base.
The product is enjoying widespread popularity due to the stringent law implementations by various governments. Among the features, increased sustainability and less energy consumption are market influencers that back the popularity of the reclaimed rubbers.
Segmentation
The global reclaimed rubber industry can be segmented by type and applications.
On the basis of the type, the reclaimed rubber market includes whole tire reclaim (WTR), butyl reclaim, ethylene propylene diene monomer (EPDM), drab colored, and others.
Based on the application, the reclaimed rubber market comprises tire and non-tire wherein, the tire application is further segmented into inner liner, inner tubes, tire sidewalls, tire piles, and tire treads retreads. The non-tire application includes conveyor belts, molded goods, adhesives, footwear, matting, profiles, and roofing.
Regional Analysis:
Geographic analysis of the reclaimed rubber market encompasses regions such as North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East Africa (MEA).
The APAC region is recording the fastest growth among its peers. The growth results from the rising demand for automobiles, where the initiation to curb the carbon footprint has increased the adoption of reclaimed rubber. Countries such as India, China, Indonesia, and others from the region are witnessing rising automobile industry which is squarely impacting the reclaimed rubber market share.
The North American market is quite large with robust automobile and aerospace industries that are creating space for the reclaimed rubber market to proliferate. Fluctuating fuel price is also influencing the intake of the reclaimed rubber as companies are eyeing for more profit. The situation is more or less the same for Europe, and the question of sustainability is further providing a tailwind to the reclaimed rubber market.
The LATAM and the MEA region are likely to exhibit moderate growth rate during the forecast period. But, Mexico can turn the table for the LATAM market as it is witnessing an unprecedented growth the developing automotive industry, especially in Mexico, is likely to drive the market growth in the Latin America region.
Key Players
Players influencing the global reclaimed rubber market are High Tech Reclaim Pvt. Ltd (India), Fishfa Rubbers Ltd (India), Sun Exim (India), Rolex Reclaim Pvt. Ltd (Gujarat), Swani Rubber Industries (India), Minar Reclamation Pvt. Ltd (India), Miracle Rubbers (India), Genan (Denmark), HUXAR (India), MICHELIN (France), GRP LTD (India), Revlon Rubbers Private Limited (India), and others. The market is experiencing further growth with the strategic implementations made by companies in a bid to stay afloat which also helps the market to grow.
In July 2018, Michelin announced their desire to buy Camso which would bolster their performance in manufacturing tires.
In March 2018, Goodyear showcased a tire prototype Oxygene that features a non-pneumatic structure that is 3D-printed with rubber powder from recycled tires. The tire has in-built sensors that would update users constantly about the status of the tire in their mobile app. At the same time, the tire would have moss inside it which would soak in moisture from the road and generate oxygen that it will send out to support eco-friendly causes.
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