SEATTLE (Recycling Monster): The new research report published by Custom Market Insights states that the global tire recycling market share and size would be worth $8.32 billion by 2032, registering a compounded annual growth rate (CAGR) of 3.7% during the ten-year period from 2023 to 2032.

The market share and size, which was valued at nearly $6.22 billion in 2022, would reach approximately $8.32 billion by the end of the current year.

The innovative recycling technologies coupled with increasing collaborations among industry players are cited as the major market drivers. The pursuit by governments to promote tire recycling, especially due to the fact that it aligns with the UN Sustainable Development Goals (SDGs) has also contributed to the rapid development of tire recycling market across the globe.

The rising awareness about the environmental impacts caused by improper tire disposal has been driving demand for tire recycling. The governments across the world are seen implementing strict regulations to promote tire recycling. Also, there has been an increasing demand for recycled tire products, as they are cost-effective and durable. The recycled tires are widely used in manufacture of consumer goods such as footwear and also by road construction sector.