The global recycled elastomers market size is expected to hit US$ 6.8 bn by 2026 and is expected to grow at a CAGR of 11.9% from forecast period 2019 to 2026.
LOS ANGELES, Oct. 22, 2019 (GLOBE NEWSWIRE) — Acumen Research and Consulting, Recently Published Report On “Recycled Elastomers Market (Raw Material: Styrene butadiene rubber, Nitrile butadiene rubber, Propylene rubber, Chloroprene rubber, Natural rubber, Polyurethane rubber, and Others; Application: Medical, Agriculture, Sports product, Playground surfaces, Infrastructure, and Home & garden) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
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Elastomers are polymers that are very elastic and are classified into three groups such as diene, non-diene, and thermoplastic elastomers. Manufacturing of electromeric parts is carried out in three ways such as injection molding, transfer molding, or compression molding. Thermoplastic elastomers are an important part of the elastomers industry and have two major advantages as compared to old thermoset elastomers, such as ease and speed of processing.
The market in North America is expected to account for significant revenue share. This can be attributed to growing demand from medical, sports, and agriculture sector and presence of major players operating in the countries in this region. In addition, strategic business expansion activities such as merger and acquisition are expected to further support the growth of the target market in this region. In 2019, Genan Holding A/S and Portuguese provider of transport and construction equipment solutions, NORS, S.A. signed an agreement for Genan to acquire NORS subsidiary Biosafe – Indústria de Reciclagens, S.A., an operator of the largest tire recycling plant in Portugal. This agreement will help the company to strengthen its position in the Portugal market.
The market in Asia Pacific is expected to witness faster growth, owing to wide applicability of recycled elastomers in agriculture sector. In addition, increasing number of international and regional sports events conducted in developing countries is expected to increase demand for recycled elastomers further supporting the market growth.
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Genan supplied shock-absorbing rubber granulates for some of the pitches, in Peru where Pan-American Games 2019 are expected to be conducted. Increasing application of recycled elastomers in sports sector is expected to further support the market growth in South America.
Wide applicability of recycled electromers in various end use verticals such as agriculture, infrastructure, and sports products is major factor expected to drive the growth of the global recycled elastomers market. In addition, growing infrastructure development activities across the globe, coupled with wide applicability of recycled elastomers in construction and infrastructure sector is another factor expected to support the growth of the target market.
Moreover, increasing government expenditure on development of healthcare sector, wide applicability of eco-friendly products, coupled with increasing use of recycled elastomers for manufacturing of medical devices are some other factors expected to boost the growth of the target market.
However, price volatility in raw materials and availability of other alternate solutions are major factors expected to hamper the growth of the global recycled elastomers market.
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Technological advancements by major players, increasing R&D activities, coupled with introduction of novel products are factors expected to create new opportunities in terms of revenue for players operating in the global recycled elastomers market over the forecast period. In addition, increasing business expansion activities through strategic agreements and partnerships are among other factors expected to revenue support the market growth. In 2018, Genan GmbH signed an exclusive sales agreement with high-quality organic fiber manufacturer J. Rettenmaier & Söhne GmbH + Co KG. This agreement will help the company to strengthen its sale for elastomer modifier ROAD product for road construction.
The global recycled elastomers market is segmented on the basis of raw material and application. On the basis of raw material, the recycled elastomers market is segmented into styrene butadiene rubber, nitrile rubber, propylene rubber, chloroprene rubber, natural rubber, polyurethane rubber, and others. On the basis of application, the recycled elastomers market is segmented into medical, agriculture, sports product, playground surfaces, infrastructure, home & garden, and others.
Key Players & Strategies
Some of the major players operating in the target market are 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, Genan Holding, Rubbergreen, Entech Inc., Emanuel Tire Co, Tire Disposal & Recycling Inc., Global Tire Recycling Inc. The recycled elastomers have high degree of competition as there is large number of players operating. Major players are adoption new strategies in order to stay ahead in the competition inclination towards manufacturing eco-friendly products and introducing new innovative products is expected to increase the competition.
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