The global recycled elastomers market size is expected to advance at a CAGR of 10.5% during 2022–2030, to reach USD 19,781.2 million by 2030. This can be ascribed to their increasing need in several industries, due to their high strength, durability, high-temperature tolerance, elasticity, and flexibility. Moreover, the surging population and the increasing sales of automobiles and consumer goods in developing countries are propelling the growth in demand for recycled elastomers.
The high usage of elastomers created several environmental and health problems because these are non-biodegradable. Elastomers are taking many years to decompose and create harmful gases when dumped in landfills. Thus, companies are increasingly involved in recycling elastomers and reusing them to meet customers’ needs and protect the environment and human life.
The thermoplastic category is expected to grow at a significant growth rate during the forecast period. This can be because thermoplastics are easy to sterilize, flexible, and table, which makes them a good choice for high-performance applications in food & beverages, healthcare, and other industries. Also, due to its electrical resistance, it is used for making mobile phone components such as plugs, sockets, and cables.
Moreover, the increasing demand for lightweight materials in the automotive industry is forcing operators to recycle them to meet the surging need for thermoplastic elastomers. These are used in the industry because of their advantages such as their lightweight, design, and strength, and help reduce greenhouse gas emissions.
The consumer goods category is expected to grow at a steady growth rate in the coming years. This can be because recycled elastomers are widely adopted in the consumer goods industries for making products such as football, coolant, air conditioning hoses, shoes, raincoats, pencil erasers, and sponges. These are also used for various food storage and delivery systems such as liquid delivery tubes, bottle cap liners, and baby bottle nipples.
The European region accounted for around 25% market share in 2022, and it is also expected to maintain its position throughout the forecast period. This is due to the presence of well-established automotive, medical, and consumer goods industries in the region. Also, it hosts a large number of regional and international sports events. In Europe, recycled elastomers are used to make sports grounds, horse arenas, and athletics surfaces.
In addition, the adoption of elastomers is rising, due to their increasing need in the wind energy turbine and aerospace industries and the surging demand for lightweight materials, such as wires, hoses, gaskets, cables, tubes, seals, and interior & exterior products, from several sectors, because of their flexibility, durability, elasticity, and durability in tough climate conditions.
Moreover, for instance, in the U.K., every year, 500,000 tons of used tires require a trash management solution for recycling, due to the presence of strict regulations that do not allow dumping of tires on the land with other waste. Also, EU countries are required to recycle 55% of municipal waste by 2025, 60% by 2030, and 65% by 2035. Thus, the need for recycling rubber products is increasing in the region.
Some of the major players operating in the recycled elastomers market are Genan Holding Ltd., GRP LTD., Green Rubber Global Ltd., Avient Corporation, Vanden Global Ltd., Liberty Tire Recycling, American Recycling Center Inc., Monmouth Rubber & Plastics Corp., J. Allcock & Sons Limited, and Entech Inc.