The Recycled Elastomers Market was estimated at US$ 3.74 billion in 2022 and is expected to grow at a healthy CAGR of 12.6% during 2023-2028 to reach US$ 7.65 billion in 2028.
As the automotive industry accelerates towards sustainable practices, a significant player is gaining prominence – recycled elastomers. These versatile materials, derived from post-consumer and post-industrial rubber waste, are experiencing a surge in demand, fueled by automakers' commitment to eco-friendly solutions.
Automotive giants are actively integrating recycled elastomers into various components, with a focus on tire production. By incorporating these materials, automakers not only contribute to reducing the environmental impact of their products but also embrace the principles of a circular economy. Recycled elastomers offer a compelling blend of performance and sustainability, meeting the rigorous standards of the automotive sector.
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Key Players
Some of the key players in the recycled elastomers market are-
- American Recycling Center
- AMERICAN TIRE RECYCLING GROUP LLC.
- Emanuel Tire, LLC
- Entech Inc.
- GRP WEB
- J. Allcock & Sons Ltd
- Klean Industries
- LIBERTY TIRE RECYCLING
- Monmouth Rubber & Plastics Corp
- RubberGreen.
Regional Analysis
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Among these regions, Asia-Pacific is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the presence of a large number of various end-use application industries such as infrastructure, agriculture, medical, sports products, and home & gardens among others.
Conclusion
The market growth for recycled elastomers is a direct result of this sustainability push. It represents a transformative journey from scrap to sales, emphasizing the industry's responsibility to address environmental challenges. As automakers continue to prioritize sustainable solutions, the recycled elastomers market is set to thrive, propelling us toward a future where discarded rubber finds new life on the road. In the intersection of innovation and environmental stewardship, recycled elastomers are paving the way for a greener automotive landscape.
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