Tire Replacement Market Size, Share, Growth, Trends 2022 – 2028
Global tire replacement market landscaping is changing and green initiatives are innovative fields with continuous advancements. Many companies are looking forward to upgrading their environmental practices for smart, sustainable products that can be made from recycled materials. Statistics shows that about 1/3 of the nation’s scrap tires are saving more than 150 million tires from the waste stream. 2.2 Billion pounds of rubber reclaimed annually and 150 Million tires are collected annually to be processed into beneficial end-use products. The latest figures by the association in 2017 indicate that 4.189 million tons of scrap tires were generated of which 3.411 million tons went to the market or were destined for a sale-a a utilization rate of 81.4 percent. Adding on to this, baled and landfill material (646,000 tonnes) the manages tire scrap reached a rate of 96.9 percent, 1736,340 tons respectively, 43 percent were used as tire-derived fuel in cement kiln, pulp and paper facilities, and industrial boilers. 1.013 million tons respectively, 25 percent got granulated for ground rubber solutions, 315,000 tons respectively 8% fulfilled civil engineering purposes and 109,000 tons, 3% exported. Scrap Tires Market size valued at over USD 435 billion in 2018 and is estimated to exhibit around 7% CAGR from 2019 to 2025. Growing sales of replacement tires through the online medium, rising tire radicalization, and burgeoning demand for Tire Pressure Monitoring System (TPMS) are some of the other factors that would positively influence the market during the forecast period.
Scrap Tire Material volume declined
Between 2009 and 2017, the percentage of scrap tire material dedicated to the market to total generated material declined from 85.3 – with an all-time height of 95.9 in 2013 – to 81.4 percent. The tire-derived fuel usage diminished from 2.085 to 1.736 million tons: The share of fuels used in cement kilns has increased from 2009 to 2017 from 604,000 to 806,000 tons and the use in utility boilers from 326,000 to 427,000 tons. But the utilization in pulp and paper mills sank from 716,000 to 503,000 tons, while the share of fuel burned in industrial boilers or dedicated to energy recovery declined to zero. And even the ground rubber market lost volume: The market distribution declined from 1.354 to 1.013 million tons. In spite of the fact, that ground rubber applications accounted for 25 percent of scrap tire usage in 2017. The number of stockpiled scrap tires that had reached one billion tons in 1990 was cleaned up by 94 percent in 2017, leaving 60 million stockpiled tires to go – mostly in Colorado and Texas.
The Federal States enacting schemes
Even if, as the Coalition underlines, “no government agency has concluded artificial turf is safe”, the federal states in Northern America started to enact schemes for supporting scrap tire treatment. 44 of 50 states have storage and disposal regulations, 36 require financial assurances for processors, and 17 demand financial assurances for haulers. 38 states allow the landfilling of cut or shredded tires, 24 allow their mono-filling, and ten allow the landfilling of whole tires. 30 states display a stockpile clean-up program, while in 23 states a stockpile clean-up program is operating. Several tire recycling grants are offered, for example in Kansas by the Bureau of Waste Management, in Nebraska backed by the Department of Environmental Quality, in Ohio by the Environmental Protection Agency and the Lorain County Community Development Department, and in California for the funding of road repair programs using recycled tires.
Geographical Market (Dominate Market/Target Opportunities)
Geographically, the European market is the leading revenue source for the global replacement tires and rubber market, accounting for revenues of $9.3 billion in 2005. This is equivalent to 33.5 percent of the overall market value. In comparison, the AsiaPacific sector is on a fast rise, generating as much as $8.6 billion or 30.9 percent of the overall market value. The Chinese market is forecasted to grow strongly as income levels rise and make car ownership and maintenance accessible to more consumers there. This is likely to increase the Asia-Pacific contribution to the global market. The market is also segmented by tire category. The market consists of 75 percent replacement tires (RE) and 25 percent original equipment (OE). Passenger cars and light trucks account for 63.30 percent of the total market segment, and trucks account for 25 percent market share of the replacement tires.
Growth Drivers
The rubber material provides a layer to reduce the passage of impact transmission noise- The rubber underlay can be placed under ceramic tile, stone, solid hardwood, etc. Unlike natural cork, recycled rubber remains durable and will not become brittle even on exposure to air. The rubber also acts as a crack suspension membrane, preventing cracks from damaging the flooring. It can cushion ceramic and laminate floors.
The Crumb from used tires has been used to drain excess moisture, reduce dust and mud and minimize freezing- Crumb rubber adds impact-absorbing cushion on a variety of playing and sports surfaces including football fields, running tracks, and playgrounds. Crumb from used tires has been used in artificial fields and now being used in tracks for athletics.
Rubber Recyclers are working to find out new and innovative consumer applications and markets for their products- Hundreds of US companies are making a variety of consumer products from recycled crumb rubber including automobiles floor mats, spacers, and washers, weightlifting plates, vehicles mudguards, rubber products and dock dumpers.
Tire–derived fuel produces less moisture, sulphur, nitrogen and results in less carbon emissions for the environment- Tire –derived fuel is made by reducing scrap tires into shreds, typically to burn as a fuel source. It is used in cement kilns, steel mills and power plants etc. The tire–derived fuel is the best alternative to fossil fuels producing the same amount of energy as oil and 25% more than energy than coal.
Industrial feedstock is made by reducing scrap tires into fine size granules for manufacturing and industrial processes- Recycled tire rubber is being used into an increasing number of products used during building construction both indoor and outdoor. Products include accessibility ramps that have no load weight limitations, flooring products and rubber flooring.
Key Players
Market Segmentation
By Rubber Type
By End User
By Distribution Channel
By Geography
The tire Replacement market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
The global tire Replacement market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of tire Replacement market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global tire Replacement market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the tire Replacement market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted tire Replacement market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
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- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
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- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
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Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
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Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers