With the emergence and long-term Impact of COVID-19, Global Tire Recycling Market to reach USD 16.86 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Tire Recycling Market is poised to raise up to USD 16.86 Billion by 2030. Tire recycling is the process of reusing or repurposing old or discarded tires rather than disposing of them in landfills or incinerating them. The recycling of tires helps to minimize waste, conserve resources and reduce environmental pollution associated with tire disposal.
Tire recycling helps in reducing the environmental impact of tire waste, prevents illegal dumping, conserves natural resources and promotes the sustainable use of materials. It also contributes to the development of a circular economy by transforming waste into valuable resources. The Tire Recycling market is expanding because of factors such as growth in the number of automobiles and public and private initiatives for tire recycling.
Geographically, the global Tire Recycling market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share owing to presence of key market players, rising automotive industry, rising government initiatives for promoting tire recycling, rising technological advancement in recycling process and more. Whereas Asia Pacific region is projected to have fastest growth owing to factors such as rising automobiles production, rising initiatives for tire recycling activities in the region.
The global Tire Recycling market is highly competitive owing to the presence of several key manufacturers such as Bridgestone Corporation (Bandag LLC), Continental AG, Liberty Tire Services LLC, Genan Holdings A/S, Champlin Tire Recycling, Inc, Green Distillation Technologies Corporation LTD.
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Global Tire Recycling Market Size study & Forecast, by Process (Pyrolysis, Shredding, Refurbishing) by End User (Manufacturing, Construction, Rubber Products, Automotive, Other), by Product (Crumbed Rubber, Tire Derived Fuel, Refurbished commercial vehicle tires, Other) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Tire Recycling Market is anticipated to grow with a healthy growth rate of more than 3.4% over the forecast period 2023-2030.
- In the Process segment, Shredding emerged out as the leading market segment in 2022.
- In the End User segment, Automotive emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth presence of key market players, rising automotive industry, rising government initiatives for promoting tire recycling, rising technological advancement in recycling process and more.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2022-2030.
Bizwit Research & Consulting has considered following segments for the study:
- Rubber Products
- Crumbed Rubber
- Tire Derived Fuel
- Refurbished commercial vehicle tires
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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