As per Inkwood Research, the Global End-of-Life Tire (ELT) Management Market is evaluated to rise with a CAGR of 4.87% in terms of revenue during the forecasted years of 2023-2032.
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As per estimations, about one billion tires are discarded annually. The tire industry continues to place a high premium on seeking ecologically friendly and effective solutions for the purpose of disposing of end-of-life tires (ELTs). This concern is currently being addressed by various domestic initiatives by governmental bodies, the tire industry, and individual manufacturers.
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Rubber’s Prominence Across Axillary Sectors to Augment Market Growth
Various industries, as well as auxiliary sectors, depend heavily on rubber as a key ingredient. Moreover, the material has exclusive qualities that synthetic rubber cannot match. Moreover, it is anticipated that the rubber industry will augment over the upcoming years due to the growing demand from these sectors. Hence, the prominence of rubber as a key ingredient across axillary sectors, in turn, is set to play an essential role in propelling the global end-of-life tire (ELT) management market growth during the forecast period.
Ground Rubber Applications: Fastest-Growing Rubber Remediation Application
Ground rubber is manufactured by grinding scrap tires into different-sized pieces. The material is used in landscaping mulch, new rubber products, rubber mats, as well as rubber-modified asphalt, resulting in a more durable road.
Europe to Lead & Dominate the Global Market by 2032
The significant market growth in Europe is promoted by the rising economic growth in the region, coupled with the high rates of waste generation. End-of-life tires, in this regard, constitute nearly 0.2% of this waste.
The industry rivalry within the global end-of-life tire (ELT) management market is projected to be high over the estimated years. In addition, some of the top companies operating in the global market include Scandinavian Enviro Systems AB, Geotech International BV, Genan A/S, etc.
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