InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Recycled Elastomers Market (By Material Type (Synthetic and Natural), Synthetic Type (Thermoset and Thermoplastic), Thermoset (Recycled Rubber, Recycled Polyurethane, and Other Thermosets), Thermoplastic (Styrenic Block Copolymers (SBC), Thermoplastic Polyurethane (TPU), Thermoplastic Vulcanizate (TPV), and Other Thermoplastics), Application (Automotive, Industrial Facilities, Healthcare, Packaging, Construction, Consumer Goods, and Other Application)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
Recycling elastomers is to lessen the amount of trash that ends up in landfills and the damage that trash can do to the environment. They describe a class of elastic polymers made from materials that consumers once used. A growing number of items in the automotive, construction, and sports equipment industries are made with recycled elastomers. This includes tyres, insulating materials, flooring, and athletic surfaces. Demand for recycled elastomers is driven up by expansion in these industries.
In addition, the market for recycled elastomers is expected to grow because eco-friendly elastomers are seeing increased demand across a range of industries, driving up their demand in particular. Companies are getting elastomer products recycled because people are becoming more aware of the benefits of recycling and because it's the greatest alternative to save money and time. Elastomeric scraps, including gaskets and tyres, are the building blocks of recycled elastomers.
There are a number of environmental benefits to recycling, including a decrease in the need for raw resources and less trash deposited on land. Also, recycled elastomers are now more viable and high-quality than ever before, which opens up a world of possibilities in industries like construction, sports equipment, and automobiles, thereby boosting market growth.
List of Prominent Players in the Recycled Elastomers Market:
The growing demand for recycled elastomers because of sustainable materials is being increasingly adopted by industry in response to rising environmental consciousness regarding concerns like pollution and landfill trash. For environmental reasons, governments throughout the world are getting tougher with waste management and recycling laws in an effort to boost demand for recovered elastomers, which help lessen the environmental impact of new rubber production. Because of the regulatory climate, more and more enterprises and municipalities are adopting it in their pursuit of sustainability, and the reduction of carbon footprints and advancements in technology, recycled elastomer manufacture has become more efficient and of higher quality, which is driving the market growth.
Challenges:
The current state of elastomer recycling technology needs to be able to recover enough materials to satisfy the demanding requirements of specific applications. Recycled elastomers are not up to par for usage in high-end applications due to process limitations that compromise their purity and other desirable qualities. In addition, manufacturers feel uncertain due to the absence of clear norms on the use and quality of recycled elastomers. Moreover, installation and maintenance of recycled elastomer systems can be trickier compared to other options, which hinders the market's growth.
Regional Trends:
The Asia Pacific recycled elastomers market is anticipated to record a large market share in revenue. It is estimated to grow at a high CAGR in the near future because there is a significant push towards sustainability, strict environmental legislation, and regional technology breakthroughs that have made elastomer recycling more efficient and practical, which are factors expected to increase the growth of the recycled elastomers market in the region. Besides, North America had a remarkable share in the market due to the building industry using recycled elastomers, businesses embracing sustainable methods, and a well-established system for collecting and processing recycled materials, and the constant technical advances to grow the global recycled elastomers market.
In April 2023, KRAIBURG TPE introduced its environmentally friendly THERMOLASTฎ R TPE for the Asia Pacific region. The TPE series incorporated a maximum of 35% post-consumer recycled (PCR) material, with the amount varying depending on the hardness. The latest environmentally-friendly thermoplastic elastomers (TPEs) have been introduced to the consumer market and adopted by The First Thai Brush Co. Ltd, Thailand's prominent toothbrush producer, for their innovative Victory toothbrush.
In July 2023, Avient Corporation introduced two new reSound REC Recycled Content Thermoplastic Elastomers (TPEs). The latest grades for car interior applications were developed using post-consumer recycled (PCR) content, offering a more environmentally friendly thermoplastic elastomer (TPE) alternative that performs similarly to conventional TPEs.
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