The latest market report published by Credence Research, Inc. “Global Recycled Elastomers Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global recycled elastomers market is anticipated to grow at a substantial CAGR of 12.6% in the upcoming years. The global Recycled Elastomers industry was estimated to be worth USD 3.5 billion in 2022 and is expected to be USD 8.1 billion by 2028.
The report also reveals that the usage of recycled elastomers as asphalt binders will increase as more motorway and highway projects are approved in the US. This application, among others, is set to fuel the market’s growth in the coming years.
Key sectors including agriculture, infrastructure, medical, sports products, and playground surfaces are leveraging products made from recycled elastomers due to their superior qualities, including affordability, UV resistance, and durability. The agricultural sector alone represented about 10% of the worldwide market share in 2022, while chloroprene rubber accounted for 15% of the global market in the same period.
The competitive environment of the recycled elastomers market consists of a few regional and numerous international vendors. The report suggests that multinational competition will intensify, with many players expected to increase their global presence, particularly in the rapidly developing countries of the APAC region.
Some of the major players in the recycled elastomers market include GRP Ltd, Liberty Tire Recycling, American Tire Recycling, West Coast Rubber Recycling, Monmouth Rubber & Plastics Corp, J. Allcock & Sons Limited, RubberForm Recycled Products LLC, American Recycling Center, Green Rubber One Sdn. Bsd., Austin Rubber Company LLC, Klean Industries and Genan Holding.
The Asia Pacific region held the largest market share for recycled elastomers worldwide, driven by several infrastructure and building projects in developing countries. Most foreign direct investment in the industrial sectors is concentrated in the Asia Pacific area due to affordable labor and land availability.
Recycled Elastomers Market Major Challenges are not to be underestimated. One of the most significant obstacles faced by this market is the lack of awareness and education regarding recycled elastomers among consumers. Without proper information about their benefits, many potential customers may overlook these products in favor of traditional alternatives. Another challenge is the higher cost associated with recycled elastomers compared to virgin materials, which can discourage some manufacturers from using them. Additionally, maintaining consistent quality and performance standards for recycled elastomers presents a hurdle for suppliers as they strive to meet customer expectations.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Recycled Elastomers Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Recycled Elastomers Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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