Genan Releases 2024 Annual Report

Tire and rubber recycler posts record-breaking year. Calls for more raw material and circular product use

With an all-time high turnover and the best operating results ever, 2024 was a record-breaking year for the Genan Group.  Significant growth in sales of its main product, rubber granulate, indicates that circular products are gaining a firmer foothold. Yet in the light of the green agenda, the use of raw material from recycling is gaining ground too slowly, according to the group.

International environmental company Genan, with production facilities in Denmark, Portugal, Germany and the U.S. broke records both top and bottom line in 2024.

Group revenue reached EUR 63.7 million compared to EUR 58.6 million the year before—a 9 percent increase. Overall financial performance increased EUR 9.4 million in 2023 to EUR 12.2 million in 2024, which is the highest ever.

“Overall development has been positive in both 2023 and 2024. This is particularly due to increasing demand for our main product, rubber granulate, which adds a circular element to rubber mats, conveyor belts, safety surfacing at playgrounds, sports facilities, asphalt pavements and more. This is indeed positive, but in general, the reuse of end-of-life product materials from recycling—is picking up speed too slowly, Group CEO in Genan Holding A/S, Paul Steen Rasmussen said.

In 2023, about 11-12 percent of the raw material used in the European Union (EU) were from recycling.  According to the Circular Economy Action Plan presented to the EU in 2020, the objective is to double this percentage by 2030—to more than 23 percent.

“If these ambitions are to be fulfilled, we must start using far more raw materials from recycling—not only from tires, but from a wide range of end-of-life products. This will require both investment from industry and political action, Paul Steen Rasmussen said.

Genan is continuously working to develop new circular products in which rubber, steel and textile can form part. Today the recycling percentage of both rubber and steel from tires is high, however the sale of recycled textile from end-of-life tires (ELT) has been a challenge, the company said.

“When it comes to improving the recycling percentage of the tire-derived textile fraction, which is the most complicated component to separate, we have now partly cracked the code. Cleaning the textile sufficiently is what is complex, and we now have a solution to that,” Paul Steen Rasmussen said.

Genan’s forward-thinking recycling was recognized last month at the Recircle Awards ceremony in Bologna, Italy where Genan was named Tire Recycler of the Year.

© Scrap Tire News, June 2025