Tire Recycling Downstream Products Market was valued at USD 4717.6 million in 2021 and is expected to reach USD 6014.3 million by the year 2028, at a CAGR of 3.53%.
The tire recycling market has grown largely in the past two decades as about 110 million tires get discarded each year creating a large stockpile of rubber that can be recycled and utilized in various applications. The majority of recycled rubber is procured from the reuse of rubber tires, which is a significant way to reduce discarded tires and benefit the environment. The tire recycling process involves the removal of fibers and metal wires generally hard steel which provides stiffness to the tire and later on clean rubber is shredded into crumb rubber. Such fine and granular rubber can be used in a variety of applications such as turf fields, synthetic track, hospital floors, roads, and raw material for other products such as shoes, sports equipment, and rubber-based applian