Pune, India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global Tire Shredder Market size is expected to rise during the forecast period due to the rising energy and nature conservation initiative, which several regional governments are mandating. Fortune Business Insights™ publishes this information in an upcoming report titled, "Tire Shredder Market, 2022-2029". A tire shredder is an equipment that shreds used tires to achieve the recycling process. These shredders are categorized into hydraulic and electrical shredders. Increasing demand for managing automotive trash is expected to drive the market during the projected period.
List of Key Players Profiled in the Report:
- Granutech-Saturn Systems (U.S.)
- SSI Shredding System (U.S.)
- Shred-Tech® (Canada)
- Northern California Compactors Inc. (U.S.)
- ABB AB (Switzerland)
- CM Shredder (U.S.)
- SMS Hydrotech (India)
- Tire Shredder Unlimited (U.S.)
- Fabtex Engineering Works (India)
- Idea Holding Limited (India)
- Recycling Equipment Inc. (U.S.)
- Spadone-Hypex Inc. (U.S.)
- Weima America Inc. (U.S.)
- ACS Group (Spain)
- Lakin General Corp. (U.S.)
- CD Systems Inc. (U.S.)
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COVID-19 Impact:
Restricted Transportation Services Amid Pandemic To Hamper Market Growth
The automotive and transportation industry has faced a huge impact from the COVID-19 pandemic. The transport services were restricted to avoid the spread of the virus and maintain social distancing norms imposed by the government. This negatively impacted the demand for the automotive parts and tire market. Thus, tire shredder market growth was restricted during the initial lockdown phase. Also, the manufacturing and production units were shut down to control the situation during the pandemic period.
Report Coverage:
The report sheds light on the recent trends and developments in the industry. Also, the impact of the COVID-19 pandemic on market growth is highlighted further along with strategic business development and expansion practices implemented by the key market players. Drivers and restraints affecting the market growth during the forecast period are discussed further in this report. Regional market information is given for the segmented areas to elaborate on the global market conditions. A list of key market players and their recent launches is given further. Complete factual data is provided in this report to analyze the current market state and potential growth opportunities in the coming years.
Segments:
By type, the market is bifurcated into the electrical tire shredder and hydraulic tire shredder.
Based on the application, the market is divided into the shredding of rubber tires and shredding of radial tires.
The market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/tire-shredder-market-106090
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Drivers & Restraints:
Beneficial Government Initiatives To Bolster Market Growth
The tire shredder market is expected to grow significantly during the forecast period owing to the initiatives introduced by the government to conserve energy and nature by adopting sustainable recycling procedures. Furthermore, increasing development in the automotive sector is anticipated to fuel the tire shredder market growth in the coming years.
However, the manufacturing of durable tires may hamper the market growth.
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Regional Insights:
North America Dominates Global Market Due To Rising Population
North America is expected to hold the highest tire shredder market share during the forecast period. The increasing population and demand for automotive services are expected to drive the market further during the forecast period.
Europe is anticipated to hold the second-highest global market share due to the industry's increasing adoption of technological advancements.
Competitive Landscape:
Key Players Launch New Products To Enhance Their Product Portfolio
The prominent players operating in this industry focus on adopting various strategies to expand their business reach. These strategies include forming strategic alliances, mergers, partnerships, collaborations, and acquisitions. Also, adopting the latest technologies to implement innovative product development ideas allow key players to enhance their product portfolio and attract global customers.
Key Industry Developments:
- February 2020: SSI Shredder Systems launched SSI's SmartFeed™. This technology is a patented method of controlling dual drive shredders to optimize the processing of the material feeding into the cutters. SmartFeed™ is available on a wide range of Dual-Shear®, Tri-Shear™, and Quad® shredders to efficiently shred previously "impossible to process" materials.
- July 2020: SHRED-TECH introduced The MDV-1; Mobile Digital Data Destruction Vehicle. This MDV-1 vehicle can shred up to 600 hard drives or up to 900 solid-state drives per hour and ensures the destruction of your customers' hard drives and sensitive information. The ST-5 shredder is electronically interlocked for safety and ease of operation.
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
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