Global Reclaimed Rubber Market is Expected to Grow at a CAGR of 9.6% from 2021 to 2030

The global reclaimed rubber market size has been estimated at USD 2,931.5 million in 2021 and is projected to register a CAGR of 9.6% during forecast period.

Reclaimed rubber products are in high demand in major end use industries, such as automotive, consumer goods, aerospace, footwear, and others, due to a shift in the trend towards eco-friendly and recyclable materials. The growth of these industries in emerging countries has provided a major stimulus to market growth in the Asia Pacific countries. In developed countries, the ban on landfills in the EU, as well as other favorable regulatory frameworks provided by governments to encourage and support recycling, has increased product demand.

The market is also being driven by the use of reclaimed rubber in manufacturing extruded products, such as drain tubes and pump discharge hoses. The growing use of reclaimed rubber in manufacturing footwear as well as increased aspiration-based purchasing is enhancing product demand. Rising demand for whole tire reclaim (WTR) is a significant trend in the global market for reclaimed rubber, and it is expected to contribute greatly to market growth in the near future. High demand for the product stems from its high versatility and durability, as well as its low processing costs and low environmental impact.

Airlines are expanding and developing new routes, resulting in a demand for new aircraft. The purchase of new aircraft will create a demand for new tires at the same time. During the tire contact with the ground, the tire must also bear the entire weight of the aircraft, making them more prone to wear and tear. This necessitates the replacement of commercial aircraft tires after more than 200 landings to avoid accidents caused by tire wear and tear, bolstering the aftermarket of commercial aircraft tires. This in turn, is expected to increase the demand for reclaimed rubber during the forecast period.

Some Significant Market Developments Considered in the Report:

April 2021 – Bridgestone Corporation (Bridgestone) announced spending of USD 135.90 million to upgrade certain facilities at its Shimonoseki Plant, which produces tires for mining and construction vehicles. Installation is scheduled to begin in 2022 and end in 2025. Safety, disaster preparedness, environmental friendliness, quality, and productivity will benefit from the new equipment. It is expected to enhance the production of reclaimed rubber by Bridgestone Corporation in the coming years.
October 2017 – Michelin acquired Lehigh Technologies, a specialty materials company that uses proprietary cryogenic turbo mill technology to convert rubber from end-of-life tires and industrial goods into high-performance micronized rubber powder (MRP) for new tires and other products, thereby reducing the number of raw materials initially required, such as elastomers and fillers derived from oil and rubber. This acquisition illustrates Michelin’s strategic ambition to extend its material competence to sectors other than tires, with a focus on promoting the use of advanced rubber recycled materials in both tire and non-tire industries.

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