Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) -- The "Tire Recycling Market by Product (Rubber, TDF, TDA, Carbon Black), Process (Mechanical Shredding, Ambient Grinding, Pyrolysis), Type (Service, Material), End-use Industry (Automotive, Construction, Manufacturing) and Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The tire recycling market is forecast 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 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.
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, accounted 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.
The key players in the tire recycling market include Liberty Tire Recycling, GENAN, ResourceCo, GRP, Lehigh Technologies, Entech, Emanuel Tire, BDS Tire Recycling, Contec and CRM.
The report provides insights on the following:
- Analysis of key drivers: Significant rise in use of automobiles, focus on sustainability coupled with stringent government regulations, the growing volume of end-of-life tires and the push for lower energy consumption
- Market Penetration: Comprehensive information on the tire recycling market offered by top players in the global tire recycling market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the tire recycling market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for the tire recycling across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global tire recycling market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the tire recycling market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 253 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $7.44 Billion |
| Forecasted Market Value (USD) by 2029 | $8.92 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Tire Recycling Market
- Tire Recycling Market, by Product
- Tire Recycling Market, by Process
- Tire Recycling Market, by End-use Industry
- Tire Recycling Market, by Type
- Tire Recycling Market, by Country
Market Dynamics
Drivers
- Expanding Automotive Industry
- Stringent Environmental Regulations and Increased Focus on Sustainability
- Growing Volume of End-Of-Life Tires
Restraints
- Difficulty in Maintaining Quality and Consistency of Recycled Materials
Opportunities
- Government-Led Incentives Supporting Adoption of Sustainable Products
- Rising Demand for Green Construction Materials
Challenges
- High Investments in Establishing Tire Recycling Facility
Case Study Analysis
- Showcasing Sustainable Carbon Black Manufacturing Processes for Tire & Rubber Industry
- Commercializing Continuous Tyre Pyrolysis Technology in European Union
- Proof That Integrated Tire Recycling Delivers Highest Returns Both Environmentally and Financially
Tire Recycling Market, by Type
- Service - Increasing Environmental Regulations and Landfill Restrictions to Drive Demand for Efficient Tire Disposal and Waste Management Services
- Material - Growing Demand for Eco-Friendly, Cost-Effective Raw Materials in Construction and Automotive Industries to Fuel Market Growth
Tire Recycling Market, by Process
- Mechanical Shredding - Growing Use to Reduce Tire Size into Manageable Pieces for Further Processing to Drive Market
- Ambient Grinding - Rising Adoption to Produce Versatile Crumb Rubber for Various Applications Without Need for Expensive Cooling Systems to Propel Market
- Pyrolysis - Increasing Adoption to Convert Waste Tires into Valuable Energy and Materials Through Thermal Decomposition in Oxygen-Free Environment to Fuel Market Growth
- Devulcanization - Capability to Enable Reuse of Rubber in High-Quality Applications by Reversing Vulcanization Process to Drive Demand
Tire Recycling Market, by Product
- Rubber - High Durability and Shock-Absorption Capabilities To Drive Demand
- Tire-Derived Fuel - Rising Use as Alternative Energy Source Offering High Energy Output and Reduced Waste to Fuel Market Growth
- Tire-Derived Aggregate -Increasing Adoption in Construction and Landscaping Applications to Propel Market
- Carbon Black - Rising Use as High-Performance Pigment in Inks, Paints, and Coatings and Manufacturing of New Tires, Industrial Rubber Goods, and Conveyor Belts to Drive Market
- Steel Wires - Increasing Applications in Metal Recycling Industry To Drive Market
Tire Recycling Market, by End-use Industry
- Automotive - Rising Use of Recycled Tire Materials in New Tires and Vehicle Parts to Drive Market
- Construction - Increasing Adoption of Recycled Tire Materials in Rubberized Asphalt and Insulation Applications to Propel Market
- Manufacturing - Rising Use of Recycled Tire Materials to Achieve Cost Reduction and Sustainability Goals to Boost Market Growth
- Rubber & Plastics - Growing Use of Recycled Tire Materials in Mats and Composites to Drive Market
Company Profiles
Key Players
- GRP
- Genan Holding
- Lehigh Technologies
- Entech
- Emanuel Tire
- Resourceco
- Liberty Tire Recycling
- BDS Tire Recycling
- Contec
- CRM
Other Players
- LDC
- Pyrum Innovations
- Tinna Rubber & Infrastructure
- Circtec
- Scandinavian Enviro Systems
- Big Atom
- Murfitts Industries
- GDT
- Front Range Tire Recycle
- West Coast Rubber Recycling
- Wastefront
- Reliable Tire Recycling
- Valley Tire Recycling
- Lagedo
- TRS
For more information about this report visit https://www.researchandmarkets.com/r/gh6ujm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
