PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1572689
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1572689
The tire recycling market is expected to be USD 7.44 billion in 2024 and is estimated to be USD 8.92 billion by 2029 growing at a CAGR of 3.7% during the forecast period. This market for the tire recycling is driven by increased automobile usage worldwide. Increased vehicle ownership will require a greater number of new tires, leading to an increased volume of end-of-life tires, which, if not properly managed, then pollute the environment and also pose serious health hazards. Therefore, the perpetually increasing automobile industry generates a constant flow of tires; thus, there is an increasing need for good recycling technologies. Additionally, there is a global drive towards sustainability, which is creating higher growth opportunities for the tire recycling market. For this reason, governments across the world have placed strict regulations to reduce environmental impacts emanating from the disposal of tires. Laws and policies have been enacted that require responsible waste management practices that have banned the landfilling or incineration of tires while encouraging recycling initiatives to minimize the degradation of greenhouse gas emissions, prevent fire from tires, and further minimize all harmful leachates from the dumps of tires.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion / Million) and Volume (Kiloton) |
Segments | Product, Process, Type, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Tire recycling also supports sustainability in the form of the circular economy, where materials are reused instead of being disposed of. Indeed, recycled tyre products, such as rubberised asphalt and even tyre-derived fuel (TDF), among other byproducts are used in various extents in construction, energy and manufacturing enterprises. With the growing popularity of vehicles and regulatory pressure, there is a great increase in the necessity for tire recycling to ensure sustainable waste management.
"Tire-derived fuel, by product, accounts for the second-largest market share in 2023."
Tire-derived fuel (TDF) is the second most significant product area after rubber in the tires recycling market because of the high energy content and versatility in the use in industries. TDF is produced by shredding used tires, thus having small pieces that can be used as alternative fuel for energy-intensive procedures in cement manufacture, pulp and paper mills, or at power plants. These industries consume TDF, mainly because of its relatively high calorific value, thus being close to coal, which, as an energy source, can be employed to reduce the intake of traditional fossil fuels. Through the use of TDF, industries are also able to adhere to certain regulations on environmental practice. Compared to coal, TDF is considered a cleaner fuel, which thus results in lower emissions of greenhouse gases and also acts to reduce harmful emission of pollutants. Therefore, TDF becomes an attractive alternative for industries seeking to cut costs and reduce their harmful impact on the environment.
In addition to the above, the increasing global interest in waste-to-energy projects is an added support for the increasing demand for TDF. Governments and industries in general are promoting the application of alternative fuels by making certain that waste is properly used to generate energy. All these, combined with the economic and environmental benefits of TDF, place it as the second-largest product segment after rubber in the tire recycling market.
"Construction is expected to be the second largest end-use industry for tire recycling market during the forecast period, in terms of value."
The factors categorizing the construction industry, after packaging, as the second-largest end-use industry for sustainable adhesives includes several reasons. The construction sector grows considerably. The growth is driven by increasing urbanization, infrastructure development, and renovation projects throughout the world. This growth increases the demand for such adhesives, which promote eco-friendly building techniques and meet strict environmental regulations. Sustainably made and low in volatile organic compounds (VOCs), adhesives derived from renewable resources help minimize the environmental impact associated with these materials and construction processes. So the move toward green building certifications and standards-such as LEED, or Leadership in Energy and Environmental Design-begins to focus on the use of sustainable materials within adhesives with regard to healthy indoor air quality and overall environmental performance. Adhesives that are long-lasting, high performance in nature, and environmentally sustainable contribute to these green building goals by simultaneously providing better energy efficiency, less waste, and lower carbon footprints in construction projects. Furthermore, the construction industry is moving toward sustainable adhesives without compromising the need for long-lasting, high performance requirements of adhesive bonding solutions in which the structural integrity is not affected by best practices. Hence, the construction industry is looking forward to sustainability and regulatory compliance and is one of the leading segments for sustainable adhesives, after packaging.
"Pyrolysis is expected to be the second largest process segment for tire recycling market during the forecast period, in terms of value."
Pyrolysis stands as the second ranking process in size after mechanical shredding in the recycling market for used tires because of its valuable by-products from end-of-life tires such as fuel oil, carbon black, and synthetic gas. It is a thermal decomposition carried out without oxygen to break down the tires at a high temperature, as opposed to mechanical shredding. This process recovers a large amount of energy and material; thus, it is very effective for industries demanding both the retrieval of material and generation of energy. One of the most significant drivers fueling growth in pyrolysis is the need for alternative fuels and sustainable energy options. Fuel oil produced as a byproduct of pyrolysis can either directly be consumed in industrial furnaces or be refined to diesel, providing sources of renewable energy. Simultaneously, through pyrolysis, carbon black can also be recovered for use in the manufacture of brand-new tires, rubber accessories, and plastics, among others, thereby facilitating circular economy practice. Given the current worldwide emphasis on the reduction of landfill waste coupled with the need to minimize environmental impact, pyrolysis is garnering attention mainly as it could handle enormous scrap tire quantities and generate high economic value byproducts. The process is also scalable and adaptable, thereby making it perfectly suitable for countries that are all different in recycling infrastructure levels. Therefore, such advantages have shaped pyrolysis as a critically and rapidly growing process in the tire recycling market.
"Based on region, North America was the second largest market for tire recycling in 2023."
The regional market for North America ranks second after Asia-Pacific due to various key factors such as high volume in vehicle ownership and stricter environment-related regulations followed by a well-established recycling infrastructure. The region generates thousands of end-of-life tires every year, propelled by huge automotive industries and large vehicle population across countries like the US and Canada. Continuous generation of scrap tires raises the pressure on developing effective recycling techniques for tire waste management in order not to cause environmental destruction. Regulations from the governments in North America propel the market of tire recycling in that region. Governments across North America have regulatory measures which are in place, such as the U.S. Environmental Protection Agency (EPA) regulations and stewardship programs in Canada, that encourage responsible disposal and recycling of tires. The government policies discourage landfilling and incineration of tires and force industries to opt for better, greener tire recycling practices. This region, North America, is supported by advanced recycling technologies and facilities. The most adopted technologies of mechanical shredding and pyrolysis make value-added products from tires, such as crumb rubber, TDF, and recycled carbon black. The extensive use of these products by the construction, automotive, and manufacturing industries further increases the market in North America. Hence, all these factors put together contribute to making North America a significant player in the global market for tire recycling.
The key players in this market are Liberty Tire Recycling (US), GENAN HOLDING A/S (Denmark), ResourceCo (Australia), GRP LTD (India), Lehigh Technologies, Inc. (US), Entech Inc.(US), Emanuel Tire, LLC (US), BDS Tire Recycling (US), Contec (Poland), CRM (US) etc.
Research Coverage
This report segments the market for the tire recycling market on the basis of product, process, type, end-use industry and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for the tire recycling market.
Key benefits of buying this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the tire recycling market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
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