What is the global market size of the Tire Shredder Market?

Global Tire Shredder Market size was valued at USD 4950.82 million in 2021 and is poised to grow from USD 4952.65 million in 2022 to USD 4967.33 million by 2030, at a CAGR of 3.70% during the forecast period (2023-2030).

Tire Shredder Market Size, Share, Growth Analysis, By Product(hydraulic tire shredder and electrical tire shredder), By Operating device(Shredding of Rubber Tires, and Shredding of Radial Tires), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2064 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 60 | Figures: 75

Tire Shredder Market Dynamics

Tire Shredder Market Drivers

Initiatives to Safeguard Natural Resources is Bolstering Demand for Tire Shredder

The growing initiatives by various countries to conserve natural resources and energy will increase the growth of the tire shredder market. One of the main reasons for the increase in recycled tires demand is the availability of inexpensive recycled tires from third-party agencies. This has led to an increase in demand for recycled tires in general.

Tire Shredder Market Restraints

Tire Shredding Rate to Hinder Market Growth

As tire manufacturers focus on making durable tires with long life, the tire shredding rate can be leveled, which acts as a constraint on the tire shredding industry.

Tire Shredder Market Report Snapshots

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Tire Shredder Market size was valued at USD 4.95 Billion in 2022 and is poised to grow from USD 5.13 Billion in 2023 to USD 6.86 Billion by 2031, at a CAGR of 3.70% during the forecast period (2024-2031).

The tire shredder market is highly fragmented, with a large number of local and international players. These players are fiercely competing for the top spot. Mergers, acquisitions, partnerships, joint ventures, and collaborations help to strengthen the positions of the players in the tire shredder market, which in turn leads to greater opportunities for growth. 'SMS Hydrotech', 'Fabtex Engineering Works', 'Granutech-Saturn Systems', 'Spadone-Hypex Inc.', 'CD Systems Inc.', 'Weima America Inc.', 'Tire Shredder Unlimited', 'SSI Shredding System', 'Shred-Tech', 'Northern California Compactors, Inc.', 'Idea Holding Limited', 'Recycling Equipment, Inc.', 'ACS Group', 'Lakin General Corp.', 'Molinari S.r.l.', 'Yuxi Machinery', 'Shred-Tech', 'Vecoplan, LLC', 'SSI Shredding Systems, Inc.', 'Granutech-Saturn Systems'

The growing initiatives by various countries to conserve natural resources and energy will increase the growth of the tire shredder market. One of the main reasons for the increase in recycled tires demand is the availability of inexpensive recycled tires from third-party agencies. This has led to an increase in demand for recycled tires in general.

The growing initiatives across different governments to conserve natural resources and energy may lead to enormous growth prospects for the tire shredder market. The U.S. Tire Manufacturers Association (USTMA) reports that by 2017, the end-use markets had taken up 81.4% of scrap tires, compared to just 11% in 1990. These statistics show the dramatic increase in tire shredding over the years.

North America is expected to experience significant growth in environmental awareness in the coming years. The increasing population in the region is likely to create more opportunities that could help grow the regional market. The increasing demand for light commercial vehicles in the United States is leading to high demand for tire shredders. Manufacturers are focused on developing the range of their product and increasing customer base, which will boost the tire shredder market.

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Tire Shredder Market Size, Share, Growth Analysis, By Product(hydraulic tire shredder and electrical tire shredder), By Operating device(Shredding of Rubber Tires, and Shredding of Radial Tires), By Region - Industry Forecast 2024-2031

Tire Shredder Market Dynamics

Tire Shredder Market Report Snapshots

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