Report ID: UCMIG25B2018
Report ID:
UCMIG25B2018 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The global market size for natural reclaimed rubber reached USD 1.17 billion in 2022 and is poised for a compound annual growth rate (CAGR) of 11.6% from 2023 to 2030. The escalating demand for natural reclaimed rubber in various end-use sectors such as automotive and aircraft tires, footwear, belts and hoses, and retreading is a key driver for market expansion in the projected period. Natural reclaimed rubber sourced from full tire scrap, tread peelings, and natural rubber tubes finds diverse applications in tire manufacturing and other rubber goods. Additionally, the benefits of reclaimed rubber, including precise dosage, ease of application, and reduced risk of contamination, contribute to its market growth. The increasing per capita income is expected to further accelerate the growth of the reclaimed rubber industry. Moreover, the expanding automotive sector's interest in recycled rubber, fueled by its resistance to heat and strong light, is anticipated to enhance the market value. As of 2022, the United States dominated the natural reclaimed rubber market, securing more than 47% of the market share in terms of revenue.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Tires & Rubber by segment aggregation, the contribution of the Tires & Rubber in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG25B2018