Tire Shredder Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
Tire Shredder Market: Introduction
Due to growing regulations regarding environmental protection, tire recycling has become significant. Tire is a major source of waste due to which tire recycling is required to tackle this waste. A tire shredder is required to carry out this operation. Tire shredder is an equipment which is used to shred tires into granular forms to enable the recycling process. It is used to for extracting wire-free chips, steel, rubber, etc. from used tires. Recycled tires are used in various applications apart from automotive industry such as shoe manufacturing, civil engineering, sound walls, landfill construction, bridge foundations, and so on.
Tire Shredder Market: Dynamics
The growing initiatives by various countries regarding natural and energy conservation will boost the growth of tire shredder market. Another major driver is the opportunity for the independent aftermarket agencies to offer recycled tires at a nominal rates of the vehicles which in turn have boosted the demand. Manufacturing tires with high durability and longer life is expected to lower the tire demand and thus restrain the market growth.
The major opportunity for tire shredder companies is that the manufacturers can themselves procure used tires and recycle it thus reducing the consumption of rubber of raw materials and saving overhead manufacturing costs. Applications such as sound walls, landfill construction, and bridge foundations also provides significant growth opportunities for the tire shredder market.
Tire recycling is one of the major developments in the automotive industry that is being carried out by individual tire manufacturers and aftermarket suppliers. The increasing popularity of recycled tires in order to minimize the use of scarce natural resources and to reduce CO2 emissions has led to find creative ways to overcome this challenge. Recycling of scrap tires has turned out as a perfect solution for reducing environmental emissions as well as strengthening the economic condition of the country. Recycled scrap tires are also used for road construction using rubberized asphalt.
Tire Shredder Market: COVID-19 Impact
The Covid-19 pandemic has shaken down the worldwide economy manufacturing sector of both emerging an advanced economies alike. Due to the lockdown guidelines by many countries these has been significant decrease in traffic volume. These is a decrease in the demand of tires and tire products. The fall in wholesale market is largely attributed to the decline in customers buying from local tire stores. This has also has its toll on the tire recycling business. However, the decline in demand for tire and tire products is temporary and full fledge recovery is anticipated to be seen by mid-2022 as the governments across the world will enforce strong policies to minimize the impact of the pandemic on the economy.
Tire Shredder Market: Segmentation
The global Tire Shredder market can be segmented on the basis of product type, operating drive and end-use industry.
On the basis of product type, the global Tire Shredder market is segmented as:
On the basis of operating drive, the global Tire Shredder market is segmented as:
On the basis of end-use industry, the global Tire Shredder market is segmented as:
Tire Shredder Market: Regional Outlook
South Asia & Pacific, East Asia and Europe is expected to bring significant growth for the tire shredder market. Tis is due to the rising consumption of tires across densely populated countries like China, India and ASEAN countries. Europe is also expected to create significant demand of tire shredder due to various initiatives regarding carbon emission reductions such as REACH and R3 model. The consumption of tires is also increasing in regions with high population. All these factors are anticipated to accelerate tire shredder market growth in these regions. North America is also expected to create significant demand for tire shredder due to increasing demand for low commercial vehicles (LCV) from the region.
Tire Shredder Market: Key Participants
Some of the market participants in the global Tire Shredder market, identified across the value chain include:
The research report on the Tire Shredder market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Tire Shredder market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as product type, operating drive and end-use industry.
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