Tire Recycling Downstream Products Market to Witness an Outstanding Growth by 2021-2031
U.S. Tire Recycling Downstream Products Market: Introduction
Transparency Market Research delivers key insights on the tire recycling downstream products market in the U.S. In terms of revenue, the tire recycling downstream products market in the U.S. is estimated to expand at a CAGR of 2.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the tire recycling downstream products market in the U.S.
The tire recycling downstream products market in the U.S. has been positively impacted by the rise in the demand for tire recycling downstream products in cement manufacturing, pulp and paper mills, and sports complexes & playgrounds in the U.S. Thus, increase in the demand for tire recycling downstream products in various end-use industries is propelling the tire recycling downstream products market in the U.S. Furthermore, government bodies and environmental groups are promoting and advancing sustainable and circular markets for scrap tire derived products. Recently, the U.S. has re-entered the Paris Agreement, which is expected to focus on increasing the awareness about recycling of scrap tires and in turn their recycling rates. These initiatives are likely to boost the tire recycling downstream products market in the U.S. during the forecast period.
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U.S. Tire Recycling Downstream Products Market: Dynamics
The automotive industry in the U.S. has been expanding at a healthy pace since the past few years. The number of government, corporate, and personal vehicles has been increasing significantly due to large population, high purchasing power, and disposable income of the people in the country. Furthermore, abundant availability of raw materials and skilled labor is boosting the automobile production industry.
Macroeconomic development, effective and efficient vehicle manufacturing techniques, and rise in the number of middle-class consumers are key factors driving vehicle sales. Additionally, increase in popularity of electric vehicles in the U.S. to overcome environmental pollution is fueling the demand for newer electric vehicles. This is estimated to augment the volume of scrap tires in the country over the next few years.
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Rise in Construction & Infrastructure Activities to Drive U.S. Tire Recycling Downstream Products Market
Investments in construction of commercial, residential, and industrial infrastructure has been rising in the U.S. since the past few years. Construction volumes in the U.S increased by 3% y/y in 2018 and 2.1% y/y in 2019. Rise in construction spending in 2018 was driven by non-residential and residential sectors.
Around 25% of scrap tires in the U.S. are used as fuel in cement kilns. Furthermore, road durability and quality have become major concern for the public sector. Rise in the demand for high-performance road construction materials to avoid cracks and holes has been increasing consistently. Raw material costs for asphalt and asphalt alteration have increased significantly, creating barriers in cost-effective road construction. This has increased the need for alternative substitutes in the U.S. In turn, this is expected to drive the tire recycling downstream products market in the U.S.
Currently, rubber powder derived from scrap tires to maximize the quality of asphalt is an alternative cost-effective substitute for asphalt. The recycled material is blended into asphalt used in road construction to increase the quality of the mixture and extend the service life of roads.
Thus, increase in the demand for tire recycling downstream products in the construction sector is likely to drive the tire recycling downstream products market in the U.S. in the near future.
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Low Awareness Regarding Scrap Tire-derived Products to Restrain U.S. Tire Recycling Downstream Products Market
Scrap tire generation has been rising in the U.S. However, the recycling of scrap tires is declining, owing to low awareness and negative media reports related to safety concerns. According to the U.S. Tire Manufacturers Association, the scrap tire utilization rate dropped to 75.6% in 2019 from 95.9% in 2013.
The misinformation about the use of scrap tire-derived products for various applications is often circulated among people. This is restraining the tire recycling downstream products market in the U.S. About 56 million scrap tires remain in stockpiles, mostly in Arizona, Colorado, Michigan, New Jersey, New Mexico, Texas, Virginia, and Washington. This can be ascribed to lack of awareness and dearth of active stockpile cleanup programs. In turn, this is anticipated to hamper the tire recycling downstream products market in the U.S.
U.S. Tire Recycling Downstream Products Market: Key Players
Major players operating in the tire recycling downstream products market in the U.S. are LIBERTY TIRE RECYCLING, L & S Tire Company, Renelux Group, Emanuel Tire, LLC, Tire Disposal & Recycling, Globarket, Lehigh Technologies, Inc., GENAN Inc., Georgia Tire Recovery, and Bridgestone Americas, Inc.
U.S. Tire Recycling Downstream Products Market: Segmentation
U.S. Tire Recycling Downstream Products Market, by Recycling Technique
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