South Korea Tire Recycling Downstream Product Market was valued at USD 0.4 Billion in 2022 and is projected to reach USD 0.6 Billion by 2030, growing at a CAGR of 5.0% from 2024 to 2030.
The South Korea Tire Recycling Downstream Product Market has seen rapid growth in recent years due to increasing environmental awareness, regulatory measures, and a growing demand for sustainable products. As the country strives to reduce waste and enhance sustainability, the recycling of tires has become a significant part of the green economy. The downstream products derived from tire recycling, such as rubber crumb, tire-derived fuel, and various rubber-based materials, are being increasingly used across a wide range of industries.
The demand for these recycled tire products has grown, driven by industries such as construction, automotive, and energy. For instance, rubber crumb, which is a byproduct of tire recycling, is widely used in the construction sector for manufacturing roads, playgrounds, and other infrastructure. It provides superior durability, resistance to weathering, and cost-efficiency compared to traditional materials. In addition, tire-derived fuel is an alternative energy source used in cement kilns and other industrial processes, reducing the dependency on fossil fuels.
Another key area of demand is in the automotive industry, where recycled rubber is used for making new tires and various automotive components. With South Korea's automotive sector focusing on sustainability, the use of tire recycling downstream products is expected to grow substantially. The automotive sector requires high-quality recycled materials that meet stringent safety standards, and as a result, there is a continuous improvement in recycling processes and product quality.
The growing importance of environmental regulations has also driven industrial players to seek sustainable solutions. South Korea has implemented stricter recycling laws, pushing industries to adopt eco-friendly practices. The government has also provided incentives and subsidies to businesses that engage in tire recycling, further encouraging the market's growth. The demand for green technologies and the increasing awareness of environmental issues are expected to continue driving the growth of the South Korea Tire Recycling Downstream Product Market.
As businesses and industries seek sustainable alternatives, tire recycling has proven to be a crucial part of South Korea's circular economy, offering economic, environmental, and social benefits. With advancements in technology and a focus on enhancing the efficiency of tire recycling processes, the future of the Tire Recycling Downstream Product Market looks promising.
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Liberty Tire Recycling
Genan Holding A/S
Lakin Tires West
Ragn-Sells Group
L & S Tire Company
Scandinavian Enviro Systems
ETR Group
ResourceCo
Probio Energy International
Renelux Cyprus
Emanuel Tire
Reliable Tire Disposal
Globarket Tire Recycling
Tire Disposal & Recycling
West Coast Rubber Recycling
Lehigh Technologies
Front Range Tire Recycle
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Tire Recycling Downstream Product Market
Tire-derived fuel (TDF)
Reclaimed rubber
Granulated rubber
Steel wire
Carbon black
Construction materials
Automotive parts
Sports surfaces
Landscaping and erosion control
Playground mulch
Agriculture
Manufacturing
Construction
Recreation and sports
Energy production
Mechanical processing
Chemical processing
Pyrolysis
Gasification
Cryogenic processing
Pellets
Granules
Powders
Fibers
Blocks or molded shapes
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Tire Recycling Downstream Product Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Tire Recycling Downstream Product Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Tire Recycling Downstream Product Market, By Type
6. South Korea Tire Recycling Downstream Product Market, By Application
7. South Korea Tire Recycling Downstream Product Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Tire Recycling Downstream Product Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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