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I AgreeAnalysis of Europe Tire Shredder Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The Europe Tire Shredder Market size is set to reach US$ 454.9 million in 2023 and is projected to grow at a CAGR of 4.1% to reach US$ 680.9 million by the end of 2033.
One of the most popular developments in the automobile business is tire recycling, which is carried out by independent aftermarket vendors and tire manufacturers. For the convenience of chemical processing in the following step of tire recycling, it is necessary to shred the bulk tire into smaller fragments or a granular form.
Report Attributes |
Details |
Market Size (2022A) |
US$ 435.9 Million |
Estimated Market Value (2023E) |
US$ 454.9 Million |
Forecasted Market Value (2033F) |
US$ 680.9 Million |
Europe CAGR (2023-2033) |
4.1% |
Germany Market Size (2033) |
US$ 177.0 Million |
Germany Growth Rate (2023-2033) |
~4.5% |
UK Market Size by End of Forecast Period(2033) |
US$ 108.9 Million |
France Market Size (2033) |
US$ 122.5 Million |
Key Companies Profiled |
|
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Energy and conservation initiatives mandated by several local governments have led to tire recycling and are driving the market for tire recycling process equipment, including tire shredders. In addition to producing core rubber from tire shredding, there are by-products such as wire-free chips, steel, and rubber that can be used as fuel feedstocks or fuel additives. This lucrative opportunity has prompted waste recyclers to sell their waste tire by-products, driving market growth through the installation and operation of tire shredders.
Over the historical period of 2018-23, the Europe tire shredder market registered a CAGR of 3.5%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.1% CAGR between 2023 and 2033.
Market share analysis of tire shredders based on operating drive and countries is provided in a nutshell in the above image. Under the operating drive segment, electrical tire shredders are dominating the market with a market share of 53.0%.
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The market for tire recycling process equipment, including tire shredders, is being driven by the initiative of energy and nature conservation that is required by numerous regional governments. Other by-products from tire shredding, such as rubber, steel, wire-free chips, and others, can be used as fuel feedstock or fuel additives.
Due to the 4-5 year average lifespan of car tires and the high cost of new tire procurement, independent aftermarket companies now provide recycled tires at low prices. Tire shredders, which are essential pieces of recycling equipment, help to achieve this goal.
Additionally, tire producers themselves can buy used tires and recycle them, reducing their need for raw materials like rubber and significantly lowering their production overhead costs.
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With numerous growth opportunities on the horizon, many factors may hinder the growth of the tire shredder market. Today's tire manufacturers produce tires with excellent durability and long life. This aspect leads to low demand for tire shredders, which ultimately limits the growth opportunities of the tire shredder market.
Amongst the countries mentioned in the market scope, Germany is expected to be the flag bearer of market growth, owing to the presence of a large number of tire shredder users, and the market is expected to reach US$ 177.0 Mn by the forecast year 2033.
The region's industrialized and developing nations are implementing mandatory programs like REACH, the R3 Model, and the objective to reduce carbon footprints, which is another factor in Germany's high tire shredder uptake. A significant number of tire shredders have been erected in Japan, a pioneer in tire recycling.
France and UK are also having lucrative opportunities for tire shredders manufacturers as the market is dependent upon the consumption pattern of automotive tires. The UK is the most opportunistic market owing to the presence of most of the aftersales tire manufacturers and can be identified as an emerging market in years to come. These European countries may garner substantial traction due to various initiatives regarding carbon emission reductions.
Each tire shredder has a different internal mechanical design and process, as the rubber compound in the tire needs to go through several finishing processes before it can be used. Consider the following common types of tire shredders :
Tire recycling has gained importance as a result of expanding environmental protection requirements. Tire recycling is necessary to address this waste because tires are a significant source of garbage. It takes a tire shredder to complete this task. The device known as a tire shredder is used to shred tires into granular forms in order to facilitate recycling.
From worn tires, it is used to recover wire-free chips, steel, rubber, and others. In addition to the automotive industry, recycled tires are utilized in a variety of other fields, including the building of sound walls, landfills, bridge foundations, and shoes.
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Hydraulic tires account for US$ 289.9 million in the year 2022.
During 2018-2023, sales of tire shredders increased at 3.5% CAGR.
The market is expected to reach US$ 680.9 Mn by the end of 2033.
Germany will continue to be the most attractive market for tire shredders in terms of revenues.
Rising concerns regarding energy conservation are likely to influence market growth.