Growing Demand from End Use Industry Boost Recycled Elastomers Market Growth
According to our latest market study on "Recycled Elastomers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material, Application, and Geography" the market is expected to grow from US$ 4,680 million in 2022 to US$ 8,095 million by 2028, with an estimated CAGR of 9.5% from 2022 to 2028.
Recycled Elastomers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Raw Material (Styrene Butadiene Rubber, Nitrile Rubber, Propylene Rubber, Chloroprene Rubber, Natural Rubber, Polyurethane Rubber, and Others), Application (Medical, Agriculture, Sports Product, Playground Surfaces, Infrastructure, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Recycled Elastomers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Recycled elastomers are mostly thermoset and thermoplastic elastomers that undergo different processes, such as shredding, devulcanization, pyrolysis, etc., for recycling purposes. Recycled elastomers find its application in various end use industries such as infrastructure, medical, agriculture, and sports.
The infrastructure sector includes various transportation infrastructure, such as roads, bridges, railroads, and ports; energy infrastructures, including energy transmission lines and pipelines; and telecommunication infrastructures, which include cellular base stations. The rising population and the surge in government spending on construction activities are attributed to the growth of the infrastructure sector in developed and developing nations across the globe. Moreover, the development of expressway and other road infrastructure in various countries, especially in Asian countries, have boosted the demand for asphalt binder. Recycled elastomers are used as asphalt binders for road construction to increase the durability and skid resistance of the road surface. Thus, the infrastructure industry is primarily contributing to the growth of the overall recycled elastomer market.
Recycled elastomers find its application in medical industry for device manufacturing. Rise in the cases of chronic illnesses, such as cardiovascular diseases and diabetes, and an increase in the number of aesthetic surgeries are the major factors driving the demand for medical implants and improvements in active implanted medical devices. Recycled elastomers are highly preferred for medical implants. Hence, the rising demand for implantable medical devices is boosting the recycled elastomers market growth.
GRP LTD.; LIBERTY TIRE RECYCLING; Austin Rubber Company LLC.; J. Allcock & Sons Ltd; Klean Industries Inc.; Monmouth Rubber and Plastics Corp; Rubberform Recycled Products, LLC; Green Rubber Global Ltd; Emanuel Tire Co; and Genan Holding are a few of the key recycled elastomers market players profiled during the study. Several other major companies were analyzed during this research study to get a holistic view of the market and its ecosystem.
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