Report ID: SQMIG20I2064 | Region: Global | Published Date: April, 2024 Pages: 202 |Tables: 60 |Figures: 75
Global Tire Shredder Market size was valued at USD 4.95 Billion in 2022 and is poised to grow from USD 5.13 Billion in 2023 to USD 6.86 Billion by 2031, at a CAGR of 3.70% during the forecast period (2024-2031). car crushing and recycling
A tire shredder is a device that shreds used/shredded tires to achieve the desired result. The recycling process of repurposing tires into regular forms makes the recycling process easier. The huge quantity of tires produced makes them durable, but their environmental impact is also a problem. It makes them difficult to dispose of in a responsible way.
The tires' great durability and lack of biodegradability can mean that valuable landfill space is being wasted. Therefore, the increasing awareness of environmental conservation has made recycling a top priority. A significant waste source is worn-out tires.
Tire recycling is necessary to address this issue. A tire shredder is needed to do this operation. The tire shredder is an equipment that is used to break down tires into small pieces so that they can be recycled. It is used for extracting wire-free chips, steel, rubber, etc. from used tires. Recycled tires are used in various applications such as shoe manufacturing, civil engineering, noise barriers, landfill construction, bridge foundations, etc. in addition to the automotive industry.
US Tire Shredder Market is poised to grow at a sustainable CAGR for the next forecast year.
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Tire Shredder Market is segmented on the basis of product type, Operating drives, Application, and region. Whereas, by product type Tire Shredder Market is sub segmented into shredder, chippers, shear shredder, grinders, and granulators.By operating device Tire Shredder Market is sub segmented into the hydraulic tire shredder and electrical tire shredder. By application Tire Shredder Market is sub segmented into the Shredding of Rubber Tires, and Shredding of Radial Tires. The region is classified into North America, Europe, Asia Pacific, Latin America, and MEA.
Tire Shredder Market Analysis by product type
The Shredder and cheaper are estimated to witness a dominant share in the segment. Shredders use abrasion, often combined with compression to pulverize materials, usually to produce granular products. The various tools used in a manufacturing process can include wheels, drums, and plates. These machines can be used for a variety of purposes, depending on their speed.
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North America is expected to experience significant growth in environmental awareness in the coming years. The increasing population in the region is likely to create more opportunities that could help grow the regional market. The increasing demand for light commercial vehicles in the United States is leading to high demand for tire shredders. Manufacturers are focused on developing the range of their product and increasing customer base, which will boost the tire shredder market.
The European region is seeing a large increase in the market share for technology because of the increase in its use. Vehicle tire consumption in this region has skyrocketed, and is projected to continue growing at a strong rate in the near future. This makes this area a key platform for the tire shredder industry. The increasing adoption of tire shredders in Europe is also due to the required efforts of developed and developing nations in the area, like R3 model, REACH, and carbon footprint reduction mission.
The Asia Pacific region is expected to experience rapid growth in this market in the forecast period because of the increasing industrialization. As a result of the presence of many aftersales tire producers, China and India are the most opportunistic nations in the tire shredder industry, and are likely to become increasingly important markets in the future. In addition, Japan has been a pioneer in tire recycling, with a large number of tire shredders built around the country. Manufacturers are increasing their focus on developing more environmentally friendly shredders. Although recycling processes are increasing, the use of tire shredders is expected to increase in the near future.
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Initiatives to Safeguard Natural Resources is Bolstering Demand for Tire Shredder
Tire Shredding Rate to Hinder Market Growth
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The tire shredder market is highly fragmented, with a large number of local and international players. These players are fiercely competing for the top spot. Mergers, acquisitions, partnerships, joint ventures, and collaborations help to strengthen the positions of the players in the tire shredder market, which in turn leads to greater opportunities for growth.
Tire Shredder Market Top players company profiles
Tire Shredder Market Recent Developments
In Sep 2022, The rubberised surfacing was made from 1,647 recycled scrap tyres, according to a press release from TSBC. TSBC executive director Rosemary Sutton said the playground is wheelchair-friendly and accessible for all children throughout Abbotsford community.
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, Co-relates and analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, The market for tyre shredders may experience rapid expansion due to the growing awareness of the value of tyre recycling. Environmental protection is becoming more of a priority for international governments. They are boosting the number of environmental conservation projects as a result. One of them is a campaign to recycle tyres. As a result, this factor could prove to be a key driver of market expansion for tyre shredders.
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For the Tire Shredder Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tire Shredder Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tire Shredder Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tire Shredder Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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