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Tire Recycling Market Expected to Reach $18.1 Billion by 2032—Allied Market Research

 
2022
Tire Recycling Market

Report Code : A17016

quote The tire recycling market has witnessed significant growth in the past decade, owing to the increasing number of automobiles across the world. In addition, a gradual shift towards sustainability in all industrial sector including waste management is also positively affecting the tire recycling market growth. A number of players in the tire recycling industry are expanding and aligning with other market players to strengthen their foothold in the global market. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Tire Recycling Market," The Tire Recycling Market size was valued at $11.9 billion in 2018, and is estimated to reach $18.1 billion by 2032, growing at a CAGR of 3.3% from 2023 to 2032. 

Commonly observed processes of tire recycling include pyrolysis, shredding and refurbishing. Among these, the refurbishing segment accounted for the highest market share in base year which is 2022, in terms of revenue. Refurbished tires have similar performance as that of a new tire and are much cheaper than the new one. On the other hand, the pyrolysis segment is expected to grow with a higher CAGR due to the surge in demand for raw materials from the chemical industry.

Moreover, the market is segmented on the basis of products derived from tire recycling, which include crumbed rubber, tire derived fuels, refurbished commercial vehicle tires, and others. Among these, refurbished commercial vehicle tires registered a major tire recycling market share in the base year which is 2022, in terms of revenue. Refurbished commercial vehicle tires are widely used by medium and heavy commercial vehicles. However, the crumbed rubber segment is expected to grow with the highest CAGR in the coming years owing to a highly versatile use of crumbed rubber in industries such as automotive, construction, chemicals, railways, gardening, and others.

Furthermore, the market is analyzed with respect to different applications of recycled tires in industry verticals such as manufacturing, construction, rubber products, automotive, and others. Among these, the automotive segment accounted for a higher market share in terms of revenue in base year which is 2022, mainly due to the higher sales of retread and reconditioned tires. On the other hand, the construction segment is expected to dominate the tire recycling market forecast by growing with the highest CAGR during the forecast period.

The market is mainly driven by a rise in demand for vehicles, which generate waste tires and therefore require a proper way to dispose of waste tires. Moreover, the products produced by tire recycling such as pyrolysis oil and tire-derived fuel are in demand by various manufacturing facilities owing to the high energy yield of these fuels. Manufacturers employ new rubber manufacturing and processing technology to strengthen the rubber, to make it usable in high-impact objects such as railway ties, vehicle impact barriers, and vehicle bumpers.  However, problems with the storage of scrap tires constrain the tire recycling market growth.

In 2022, Asia Pacific dominated the tire recycling market, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA has grown with a high CAGR throughout the forecast period. Growth in the automotive sector in countries, such as China, India, Malaysia, and Indonesia has been an instrumental factor for the high market growth in Asia-Pacific. Furthermore, countries across the globe have moved toward a sustainable future by employing various eco-friendly industrial practices; thereby, driving demand in the tire recycling market.

Various key players in the tire recycling market have adopted many development strategies. For instance, in March 2020, Liberty Tires acquired Lakin Tires involved in tire recycling in the U.S. This acquisition is expected to help Liberty to enhance its market presence in the U.S.  Moreover, in March 2020, Green Distillation Technologies, an Australia-based tire recycler, unveiled its plans to expand into Europe. Such development strategies are expected to enhance the market positions of the key players in the market.

However, various businesses in the tire recycling market are expected to witness slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of materials in various industrial sectors, which are the end-user industry of recycled tire products.

Key Findings Of The Study

  • The report provides an extensive analysis of the current and emerging tire recycling market trends and dynamics. 
  • Depending on the process, the refurbishing segment dominated the tire recycling market, in terms of revenue in 2022 which is considerd the base year and the pyrolysis segment is projected to grow at a significant CAGR during the forecast period.
  • By Product type, the refurbished commercial vehicle tires segment is anticipated to grow at a higher CAGR during the forecast period.
  • By application, the automotive segment registered highest revenue in 2022.
  • Africa is projected to register highest growth rate in the coming years.
  • The key players within the tire recycling market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the tire recycling industry.
  • The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
  • In-depth tire recycling market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.

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quote Tire Recycling Market by Process (Pyrolysis, Shredding, Refurbishing), by Product (Crumbed Rubber, Tire Derived Fuel, Refurbished Commercial Vehicle Tires, Others), by Application (Manufacturing, Construction, Rubber Products, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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