Tyre recycling is the process of turning used and trash tyres into fuel obtained from tyres, pyrolysis oil, and other rubber products. Additionally, a number of small-scale entrepreneurs recycle used tyres to create other beneficial items like planters for planting trees in parks and drinking water tanks for animals. Retreading and repairing worn tyres for future usage is also included. The tire's carbon impact is decreased through recycling, which provides the tyre a new purpose.
According to SPER market research, ‘Tire Recycling Market Size- By Product, By Application, By Process- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Tire Recycling Market is predicted to reach USD 18.78 billion by 2033 with a CAGR of 3.52%.
One of the primary drivers of market expansion is anticipated to be the growing demand from the industrial sector. Innovation in technology to create economical solutions ought to have a favourable effect on growth as well. Because of these benefits, expanding the tyre recycling industry is also anticipated to increase demand for the tyre recycling market. Furthermore, the tyre recycling market is expanding as a result of nations all over the world implementing eco-friendly industrial practises in an effort to move towards a sustainable future. Furthermore, because of their high energy yield, products created from tyre recycling—such as pyrolysis oils and tire-derived fuels—are in demand in a variety of manufacturing facilities. The industrial sector's rising demand is anticipated to fuel market expansion. Innovation in technology to create economical solutions ought to have a favourable effect on growth as well. Due to its benefits, expanding the tyre recycling industry is also anticipated to increase demand for the market.
However, problems storing scrap tyres, expensive equipment, and strict government rules limit the market's growth. For example, because discarded tyres are seen to pose a fire hazard, many regulatory organisations have established laws and regulations for their collection, storage, and transportation. Getting all tyres collected and recycled as well as preventing them from ending up in illegal landfills, abandoned buildings, and sensitive ecosystems are the key challenges. Furthermore, the very difficult shredding procedure needed to extract steel wire from rubber reduces the profit margin for tyre recyclers. The lack of regulations for products manufactured from recycled tyres and the challenges associated with recovering and recycling car tyres further impede the market's growth for tyre recycling.
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Impact of COVID-19 on Tire Recycling Market
Furthermore, like many other industries, the global tyre recycling market was impacted by the Covid-19 pandemic. There was a brief decrease in the output of tyre waste due to manufacturing and sales disruptions in the automobile sector. But the epidemic also brought attention to the significance of environmentally friendly waste management techniques, promoting a stronger focus on the ideas of the circular economy and hastening the uptake of tyre recycling technologies.
Geographically, Africa is anticipated to develop at a faster CAGR over the course of the forecast period, while Asia-Pacific held the largest market share. China is a significant manufacturer and consumer of tyres. To meet the demand for tyres worldwide, major Chinese tyre producers are growing their companies. Furthermore, the industry is expanding thanks to the contributions of other nations including South Korea, Japan, and India.
Tire Recycling Market key players
Additionally, some of the market key players are Apollo Tyres Ltd, Champlin Tire Recycling, Inc, Contec, Continental AG, Emanuel Tire, LLC, Re-Match Holding A/S, Tyre Recycling Solutions SA, Wastefront AS, Others.
Tire Recycling Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product: Based on the Product, Global Tire Recycling Market is segmented as; Crumbed Rubber, Refurbished Commercial Vehicle Tires, Tire Derived Fuel, Others.
By Application: Based on the Application, Global Tire Recycling Market is segmented as; Agriculture, Automotive (New tire manufacturing, Refurbished tires), Construction (Asphalt, Road construction, Roofing solutions), Manufacturing (Cement manufacturing, Industrial boilers, Paper and pulp industry), Mining, Rubber Products (Automotive parts manufacturing, Gardening products, Gym equipment, Sound barrier systems, Tuffs), Others.
By Process: Based on the Process, Global Tire Recycling Market is segmented as; Pyrolysis, Refurbishing, Reconditioning, Retreading, Shredding.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Tire Recycling Market Business Opportunities
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