Global Recycled Elastomers Market: Brief Account
The global recycled elastomers market has been witnessing a strong demand during the forecast period 2018 – 2025, owing to the recent advancements in the infrastructural development all across the world. Significant rise in the rate of recycling industrial products due to stringent government rules and regulation to reduce emission of pollution has boosted the demand for recycled elastomers. Elastomers find its application in various end-use commodities which starts from rubber bands and ends with industrial products. This is likely to help market grow exponentially. Extensive usage of elastomers in aerospace, automotive, medical, industrial sectors, and sports utilities is predicted to aid market grow stupendously. Apart from government bodies, other regulatory bodies are understanding the benefits associated with recycled elastomers, they are compelling manufacturers to utilize recycled elastomers to produce various end-use products.
Global Recycled Elastomers Market: Trends and Opportunities
Incessant growth in population all across the world along with rise in government spending has provided a significant push to the infrastructure sector in various developing countries which is helping the market to thrive. Government’s initiative to develop the infrastructural outlook of nation by building highways, bridges, hospitals, and other tourist sites have fostered the uptake of recycled elastomers. Aggressive growth in the automotive industry due to rise in per capita income and change in lifestyle have led to high demand for tires. Considerable rise in tire scraps has compelled leading tire manufactures to utilize renewable and recycled materials in tires. This foreseen to aid market grow.
Apart from these, significant rise in the income of farmers all over the world has increased their productivity, thus serving as a boosting factor for the global recycled elastomers market. It has been noticed that several companies have taken various sustainability policies which makes them rely on renewable materials. Few companies have been investing on various recycling technologies in order to increase their productivity, thus fueling the demand.
However, it has been noticed that extensive use of recycled elastomers for producing fuel is likely to hinder market growth. Furthermore, absence of expertise along with less manpower is likely to make process of elastomers in remote areas to be costly.
Global Recycled Elastomers Market: Regional Outlook
On the basis of region, Asia Pacific held a whooping share in terms of volume in recent past owing to the presence of Construction Company and various ongoing construction projects in the region. However, on the basis of revenue, Europe is likely to hold the major share. Rise in gardening and home decoration activities in the region to boost the market growth.
Global Recycled Elastomers Market: Companies Mentioned
Some of the major players in the market are America Tire Recycling, Monmouth Rubber & Plastics Corp., RubberForm Recycled Products LLC., and j. Allock & Sons Limited.
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