Global Tire Shredder Market Size To Worth USD 3.65 Billion By 2033 | CAGR of 5.68%
Category: Machinery & EquipmentGlobal Tire Shredder Market Size To Worth USD 3.65 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Tire Shredder Market Size is Expected to Grow from USD 2.10 Billion in 2023 to USD 3.65 Billion by 2033, at a CAGR of 5.68% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the "Global Tire Shredder Market Size, Share, and COVID-19 Impact Analysis, By Type (Electrical Tire Shredder and Hydraulic Tire Shredder), By Application (Shredding of Rubber Tires and Shredding of Radial Tires), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/tire-shredder-market
Waste tires are broken down and reduced in size into tiny pieces or chips using a specialized machine called a tire shredder. It lessens the pollution that tire disposal causes to the environment by recycling and reusing the materials found in tires. Tires can be readily processed for additional recycling or repurposing after being shredded into smaller pieces, which promotes the circular economy. The demand for tire shredding machines has increased as a result of the usage of tires as raw materials in the production of these products. Growing concerns about tire waste management and environmental sustainability are driving the demand for tire shredders. The need for tire shredders is being driven by the growing environmental issues surrounding the disposal of tire trash. Tire shredder adoption is being aided by the rising demand for recycled tire materials like crumb rubber and rubberized asphalt. Growing environmental sustainability and tire waste management issues are expected to drive the tire shredder market's notable expansion. However, the tire shredder market's expansion is restricted by high initial investment and ongoing maintenance expenses.
The hydraulic tire shredder segment is predicted to hold the largest market share through the forecast period.
Based on the type, the tire shredder market is classified into electrical tire shredder, hydraulic tire shredder. Among these, the hydraulic tire shredder segment is predicted to hold the largest market share through the forecast period. Hydraulic tire shredders are perfect for large-scale operations that need reliable and continuous shredding since they can produce more force with less electricity.
The rubber tires segment is anticipated to hold the largest market share during the projected timeframe.
Based on the application, the tire shredder market is divided into shredding of rubber tires and shredding of radial tires. Among these, the rubber tires segment is anticipated to hold the largest market share during the projected timeframe. Equipment for tire shredding that can handle rubber tires on a big scale is in higher demand, driving the market expansion in the rubber tires segment.
North America is estimated to hold the largest share of the tire shredder market over the forecast period.
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North America is estimated to hold the largest share of the tire shredder market over the forecast period. The expansion of the regional market is being driven by the region's growing awareness of environmental conservation. The region’s growing population and need for light commercial vehicles (LCV) in the US lead to drive the market demand. The focus of manufacturers on developing their product lines, clients, and business development initiatives is promoting the market.
Asia Pacific is predicted to have the highest CAGR growth in the tire shredder market over the forecast period. With the numerous tire shredders constructed all around the nation, Japan has also been a leader in tire recycling. Additionally, manufacturers are putting more effort into creating shredders that are more environmentally friendly. These factors lead to drive the market growth in the region.
Major key players in the tire shredder market include Fornnax, Vecoplan, SSI Shredding Systems, Eriez, Genesis Attachments, Tire Recycling Solutions, Lindner Recyclingtech, Arjes, Metso Outotec, ShredTech, Terex Ecotec, Eldan Recycling, Komptech, Untha Recycling, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In October 2023, the R4000-HD shredder model was announced by Fornnax Technology at IFAT India 2023 in Mumbai. "With formidable performance efficacy criteria, the new model is a trump card in aspects of making the tire recycling business profitable," according to Fornnax.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the tire shredder market based on the below-mentioned segments:
Global Tire Shredder Market, By Type
- Electrical Tire Shredder
- Hydraulic Tire Shredder
Global Tire Shredder Market, By Application
- Shredding of Rubber Tires
- Shredding of Radial Tires
Global Tire Shredder Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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