Good Prospects for the Tire Recycling Downstream Products Market
“Tire Recycling Downstream Product Market Report: Trends, Forecast and Competitive Analysis to 2030” is the title of the publication, which has been added to ResearchAndMarkets.com’s offering.
Based on the market research store, the global market is expected to reach an estimated 5.5 billion US-Dollar by 2030 with a CAGR (compound annual growth rate) of 3.2 percent from 2024 to 2030. “The future of the global tire recycling downstream product market looks promising with opportunities in the cement manufacturing, pulp and paper mill, utility boiler, construction and infrastructure, sports complex and playground, and tire and rubber markets,” the Irish company pointed out. “The major drivers for this market are increasing demand for high performance road construction materials, growing trend of scrap tires, and rising awareness towards the benefits of tire recycling.”
Companies in the market would compete on the basis of product quality offered. Major players in this market would focus on expanding their manufacturing facilities, R&D investments, infrastructural development and leverage integration opportunities across the value chain. “With these strategies, tire recycling downstream product companies cater to increasing demand, ensure competitive effectiveness, develop innovative products and technologies, reduce production costs, and expand their customer base,” the information said.
ResearchAndMarkets.com gave the following insights:
- Rubber powder is expected to witness the highest growth over the forecast period as it can be repurposed, reworked, or manually fashioned into new goods.
- Within this market, construction and infrastructure are expected to witness the highest growth due to rising demand for high-performance road construction materials so as to avoid cracks and holes.
- The Asia-Pacific region (APAC) is expected to witness the highest growth over the forecast period due to growing industrialization and urbanization in developing economies like China and India.
(Published in GLOBAL RECYCLING Magazine 1/2024, Page 4, Photo: BRV)
