First, the application field analysis
All-Tire Recycled Rubber (WTR) dominates this market. In 2018, the North American market accounted for the vast majority of the global recycled rubber market.
The rising price of natural rubber has forced automakers to switch to lower-cost products, recyclable products or rubber blends.
The demand for the tire industry is the main driver of the development of the recycled rubber industry.
Since the roof covering requires weather resistance and heat resistance, the consumption of recycled rubber in the building is also large. The growing demand for floor mats in residential and various industries will further boost demand for recycled rubber.
Due to aging resistance and fast processing, the application of recycled rubber in electronics and packaging industries has increased year by year, which has a positive impact on its demand.
Not only that, but regulations on recycling, sustainability and alternatives to synthetic and natural rubber have also spurred an increase in demand.
Consumers' preference for materials with low environmental impact and low processing costs is increasing, or will further promote the development of the recycled rubber industry.
Manufacturers of footwear, automotive and aerospace tires and other rubber moldings manufacturers have been using recycled rubber blends extensively.
WTR is expected to be the fastest growing reclaimed rubber grade due to its low processing costs, low environmental impact, high durability and versatility.
However, the report also expects that the growth of recycled rubber will be limited by the emergence of new elastomer products. In the molding of consumer goods and car tires, the category of recycled rubber such as EPDM has gradually replaced traditional natural rubber.
Second, regional analysis
The Asia Pacific region is the largest regional market for the recycled rubber industry. The growth in the region is mainly due to the booming industrial manufacturing in developing countries such as China, India and Southeast Asia.
Compared with other parts of the world, the growth rate of developed countries is below average. Given the use of recycled rubber in the rapidly growing automotive industry, Europe and North America are also expected to see significant growth during the forecast period.
It is reported that the global recycled rubber market is highly competitive, characterized by a relatively fragmented market and many small-scale production enterprises.