Tire Recycling Market 2019-2025
Global Tire recycling or rubber recycling market is flourishing as more and more companies are showing their interest in the recycling business. Used tires take up a lot of space as these are non-degradable. Used tires when not recycled can lead to various hazardous outcome, tires can trap water and provide unwanted breeding space for insects. Tires can consume a lot of airspaces when used as landfills. These detrimental effects lead to developing new technologies to recycle the tire. Many companies and government organization are stepping up to provide new solutions.
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Growing concern on reducing environmental degradation have helped in developing new ideas to utilize the worn-out tires in a more creative manner, which itself is becoming a growing market. At the same time, diverse types like tires that can produce oxygen are also coming into being. These innovations can boost the tire recycling market. Various organic compounds are also getting tested to ensure better production.
Potential for the global tire recycling market is high. It is imperative to go through the various aspects of the market before investing, it helps in developing business models and strategies. The global tire recycling market can be segmented by its product and application type.
Automobile tires, rubber products, and others are the main segments for product type. Automobile tires are recycled and used to generate power. It produces same amount of energy if compared to oil. The ash also contains less heavy metal. It is also used asphalt rubber, for synthetic sports field, as insulation blocks and other types of fills in construction business. Other rubber products such as gloves, rubber bands, and many others are used as rubber powder or to create household furniture that is all eco-friendly.
Tires are recycled and used in various applications such as cement plants, tire-derived products, tire pyrolysis, and repurposing. Cement industries are increasingly using tires to heat up the kiln, which is saving a lot of money when compared to the use of fossil fuel. Recycled tires are used to make various household items-flower pots are one of them, which are aesthetically good looking when decorated or painted. Tire pyrolysis is a process where the rubber is softened and made into tiny particles that can be burned as fuel or condensed as liquid fuel. Used tires or rubber products can be repurposed as indoor/outdoor furniture, landscape uses, planters, flower pots, and many others.
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Global Tire recycling market is growing, and its potential can be best understood when the market is regionalized into North America, South America, Europe, Middle East and Africa (MEA) and Asia Pacific Countries (APAC).
Used tires, when not recycled takes up a lot of space as garbage, growing concern on its overall effect on nature is playing a pivotal role in the market growth. Europe is taking up active initiatives in recycling tires. Developing various technologies to dispose of or reuse the material is the prime concern. In many cases, they are incentivizing to attract people to contribute to the cause. North America is not far behind. Growing automobile industry is playing a crucial role in boosting the market. APAC and MEA countries are adopting various technologies to recycle tire and rubber products.
Major players in global tire recycling market are Miami Tire Recycling Company, reRubber, Rethink Tires, GENAN, Lakin Tire, New River Tire Recycling, and many others.
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