Tire Recycling Downstream Products Market Outlook 2031
- The global tire recycling downstream products market was valued at US$ 5.30 Bn in 2021
- It is estimated to expand at a CAGR of 2.89% from 2022 to 2031
- The global tire recycling downstream products market is expected to reach US$ 7.04 Bn by the end of 2031
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Global Tire Recycling Downstream Products Market Introduction
Tire recycling downstream products are derived from all kinds of scrap tires. These include whole tires or tires processed into uniform, flow-able pieces that meet end-user specifications. Scrap tires are recycled using techniques such as pyrolysis and shredding. Shredding includes mechanical, cryogenics, and other methods. Recycling technologies improve the circular economy by maximizing the return of materials produced. Hence, tire recycling downstream has significant impact on the economy. Tire recycling downstream products companies are focusing on the production of innovative tire recycling products to gain potential revenue benefits.
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Increase in Demand for Automobiles to Drive Global Tire Recycling Downstream Products Market
The global automotive industry has been growing at a rapid pace, particularly in Asia Pacific, due to the exponential rise in population. The number of government, corporate, and personal vehicles has been increasing significantly. Abundant availability of raw materials and low-cost labor are the major factors contributing to the automotive industry market growth in Asia Pacific. Microeconomic development, effective vehicle manufacturing techniques, and rise in number of middle-class customers are driving the sales of vehicles.
Growth in popularity of electric vehicles in North America, Asia Pacific, and Europe to overcome environmental pollution is boosting the demand for newer electric vehicles. This is estimated to augment the presence of scrap tires in the next few years. Several governments across the globe are using the concept of âReduce, Reuse, and Recoverâ (3R) for scrap tire management. Demand for cheap alternatives such as tire-derived fuel is anticipated to rise owing to the increase in prices of fossil fuels. This is projected to offer lucrative opportunities to tire-derived fuel products mnufacturers, thus indirectly propelling the tire recycling downstream products market.
Rise in Demand for Tire Recycling Downstream Products in Construction and Infrastructure Industries
Road durability and quality have become a major concern for the public sector. Rise in demand for high-performance road construction materials to avoid cracks and holes has been increasing consistently. Raw material costs for asphalt and asphalt alteration have increased significantly. An alternative cost-effective substitute for asphalt is the rubber powder, which is derived from scrap tires to maximize the quality of asphalt. The recycled material is blended into asphalt used in road construction to increase the quality of the mixture and extend the service life of roads.
According to studies, rubber powder used in road surfaces can reduce tire noise up to one to two decibels. In the U.S., asphalt mixture containing rubber has been used in several road projects. The market for rubber-containing road surfaces has been growing in Europe since the last few years. Thus, rise in demand for tire recycling downstream products in the construction sector is likely to drive the tire recycling downstream products market in the near future.
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Growth in Adoption of Shredding Recycling Technique to Propel Tire Recycling Downstream Products Market
In terms of recycling technique, the global tire recycling downstream products market has been bifurcated into pyrolysis and shredding. The shredding recycling technique held major share of 78.35% of the global market in 2021. It is estimated to dominate the market during the forecast period. Whole tires are reduced to two-inch pieces using a series of shredders, screening equipment, and magnetic separation equipment to produce chips. Magnetic separators are essential to remove steel wires from rubber tires. A screen in the discharge of the shredder controls the chip size, where the two-inch sized material falls through the screen openings, while oversized material is recirculated back to the shredder.
Increase in Application of Reusable and Recyclable Rubber Powder in Tire Recycling Downstream Products
Based on product, the global tire recycling downstream products market has been classified into tire-derived fuel, tire-derived aggregate, rubber mulch, steel, rubber powder, and others (crumb rubber, etc.). The rubber powder segment dominated the global tire recycling downstream products market with 42.6% share in 2021. Rubber powder is one of the major byproducts of waste tire recycling. Rubber powder has a large number of uses in different industries. It is reused, reprocessed, or hand-crafted into new products. Hence, there is less waste and environmental degradation. Rubber powder is the final stage in the tire recycling process. Rubber powder is ground into clean powder after steel and fiber have been removed.
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