Press release
eclaimed Rubber Market 2023: Fishfa Rubbers Ltd (Gujarat), GRP LTD (Mumbai), Rolex Reclaim Pvt. Ltd (Gujarat), Sun Exim (India), Swani Rubber Industries (India), HUXAR (India), Minar Reclamation Pvt. Ltd (India)
Reclaimed Rubber Market Research Report - Forecast to 2023
Reclaimed rubber is a cured rubber produced after passing through various thermo-chemical processes. Reclaimed rubber is soften by shortening the polymer chain. It is used in various applications such as automobiles, aircraft, retreading, belts & hoses, footwear, and adhesives.
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Growing automotive industry is fuelling the reclaimed rubber demand owing to resistance to heat and ultraviolet light. The product use is increasing in manufacturing of wheels, tires, and belt & hoses with surging demand for automobiles globally. The total automobile production in 2017 grew by approximately 2.5%. Rapidly expanding aerospace industry as a result of booming demand for aircrafts from the developing countries such as India, China, and Thailand is expected to bolster market growth. The product use in the manufacturing of extruded products such as drain tubes, pump discharge hoses is driving the market growth. Increasing use of reclaimed rubber in the manufacturing of footwear is stimulating the product demand coupled with changing trends and increased aspiration based purchasing.
Growing construction industry is driving the product demand for flat roof covering due to heat and weather resistance and better aesthetic appeal. Rising demand from the households and various industries for floor matting is further augmenting the market growth due to durability and safety. Increasing consumption for packaging, electronics and other industrial applications due to fast processing and good aging is positively influencing the product demand.
Reclaimed rubber is extensively used for industrial applications in place of synthetic rubber due to sustainability, less energy consumption, and cost-effectiveness. Stringent government regulations to promote recyclable material usage to reduce environmental pollution is driving the market growth.
Regional Analysis
Asia Pacific is the fastest growing region in the global reclaimed rubber market owing to the rising demand for automobiles coupled with increased spending on vehicles by the middle-income group. Growing interest of the leading automobile players such as Maruti Suzuki and Hyundai to explore the rural areas is stimulating the product demand. Increasing investment by the international players in India due to the availability of skilled labor, cost-effectiveness and low-cost steel production are propelling the market growth. The product demand is rising from the aviation industry as a result of booming tourism in India coupled with high per capita income of the consumers. Furthermore, Indian Government’s plan to increase the number of airports to 250 by 2030 is likely to fuel the product demand in this region.
The North American market is growing substantially owing to increasing use in the automobiles and aircraft tires. Increasing demand for the small wide body passenger airplanes and non-stop route due to more flexibility are driving the market growth. Moreover, increasing use of reclaimed rubber over synthetic rubber due to fluctuating oil prices is fuelling the product demand.
Europe is another prominent region in the reclaimed rubber market due to sustainability and less energy consumption in the manufacturing of automobile components. Targets set by the European Union (EU) to increase the energy efficiency level by 20% till 2030 is another driving factor for the growth of reclaimed rubber market.
Latin America and the Middle East & Africa region are likely to grow at moderate rate over the forecast period. However, the developing automotive industry especially in Mexico is likely to drive the market growth in the Latin America region.
Segmentation
The global reclaimed rubber market is segmented into type, applications, and region.
On the basis of the type, the reclaimed rubber market is divided into whole tire reclaim (WTR), butyl reclaim, ethylene propylene diene monomer (EPDM), drab &colored, and others.
Based on the application, the global reclaimed rubber market is segmented into tire and non-tire wherein,
The tire application is further segmented into inner liner, inner tubes, tire side walls, tire piles, and tire treads & retreads.
The non-tire application is sub-segmented into conveyor belts, molded goods, adhesives, footwear, matting, profiles, and roofing.
Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Key Players
Some of the key players in the global reclaimed rubber market are Fishfa Rubbers Ltd (Gujarat), GRP LTD (Mumbai), Rolex Reclaim Pvt. Ltd (Gujarat), Sun Exim (India), Swani Rubber Industries (India), HUXAR (India), Minar Reclamation Pvt. Ltd (India), Miracle Rubbers (India), Genan (Denmark), MICHELIN (France), Revlon Rubbers Private Limited (India), High Tech Reclaim Pvt. Ltd (India).
Intended Audience
Reclaimed rubber manufacturers
Traders and distributors of reclaimed rubber
Research and development institutes
Potential investors
Raw material suppliers
Nationalized laboratory
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