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2022
Tire Recycling Market

Tire Recycling Market by Process (Pyrolysis, Shredding), by Product (Crumbed Rubber, Tire Derived Fuel, Others), by Application (Manufacturing, Construction, Rubber Products, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

A17016
Pages: 240
Jul 2022 | 101 Views
Author(s) : Saurabh Vijay Samel , Onkar Sumant
Tables: 172
Charts: 63
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COVID-19

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Tire Recycling Market Research, 2031

The global tire recycling market size was valued at $5.12 billion in 2021, and is projected to reach $7.32 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031. Tire recycling is a process of converting the scrap tires that can no longer be used, into other products, such as tire pyrolysis oil, tire derived fuel and other rubber products. Tire recycling gives the tire a new use; therefore, reducing its carbon footprint.

The tire recycling market was hampered during the outbreak of COVID-19 pandemic, owing to restrictions on manufacturing activities. In addition, decreased demand for automobiles also negatively impacted the tire recycling market during the lockdown period.

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Automobile industry is a major revenue and employment generating sector. Thus, automobile industry plays an essential role in the development of a country. However, production of more vehicles also leads to the production of more tires, which with time become scrap tires. This is a major factor driving the growth of the tire recycling market. Moreover, tires are non-biodegradable, thus discarding them in the landfills is not a viable solution, it can lead to more pollution of the land and water. Thus, in order to properly manage the scrap tires, recycling is an attractive method. Furthermore, countries across the world are moving towards a sustainable future by employing various eco-friendly industrial practices; thereby, driving tire recycling market growth. 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.   

Major players in the tire recycling industry have focused on various strategies to sustain the competition in the market. For instance, in November 2021, Big Atom Limited, a leading tire recycling firm has received grant of $459,288 from Innovate UK. This grant will be used for the further development of its patented chemical reactor technology. This innovative technology will convert old waste tires into new materials. Moreover, Bridgestone a tire manufacturer and recycler has announced a joint venture with ENEOS Holdings, Inc., a business in the energy and nonferrous metals segments. This joint venture is aimed to perform research and develop project and implementation of chemical recycling technologies to enable pyrolysis of used tires. Along with this, both the companies are aiming to develop recycling business that will convert used tires to raw materials.

Tire Recycling Market
By Process

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Shredding is expected to hold a majority share of the market throughout the study period.

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COVID-19 had rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic had halted the business of many tires recycling firms due to lockdown. The economic slowdown initially resulted in reduced demand in automobile sector, and also resulted in reduced demand for recycled tire products. However, owing to the introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022 the number of COVID-19 cases have diminished significantly. This has led to the full-fledged reopening of tire recycling companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.

Furthermore, various countries such as India and U.S. have established regulations for using recycled tire products, especially in the road development projects. Moreover, development of new products derived from tires, such as railway ties, security products, and others are anticipated to provide lucrative opportunities for the market growth during the tire recycling market forecast period.

Tire Recycling Market
By Application

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Manufacturing segment held a majority share of the market throughout the study period.

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The tire recycling market report is segmented into Process, Product and Application. By process, the market is bifurcated into pyrolysis and Shredding. On the basis of product, it is categorized into crumb rubber, tire-derived fuel, and others. And on the basis of application, the market is categorized into manufacturing, construction, rubber products, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the major tire recycling market share in 2021, accounting for the highest revenue share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to high number of on-road vehicles in the region.

Tire Recycling Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is the largest market throughout the study period.

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Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tire recycling market analysis from 2021 to 2031 to identify the prevailing tire recycling market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the tire recycling market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global tire recycling market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

  • Process
    • Pyrolysis
    • Shredding

  • Product
    • Tire Derived Fuel
    • Others
    • Crumbed Rubber

  • Application
    • Manufacturing
    • Construction
    • Rubber Products
    • Others

  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • Italy
      • U.K.
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Key Market Players

  • APChemi
  • Big Atom Limited
  • Bridgestone Corporation
  • Champlin Tire Recycling
  • Continental AG
  • Emanuel Tire Co.
  • Entech Inc.
  • Genan Holding A/S
  • Green buddies
  • Green Distillation Technologies Corporation LTD
  • L&S Tire Co.
  • Lakin General
  • Liberty Tire Services LLC
  • Michelin
  • Pyrum Innovations AG
  • Tire Disposal & Recycling Inc.
  • Wastefront
 

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The tire recycling market has witnessed significant growth in past few years, owing to surge in demand for automotive. The rise in disposable income of people across the world has fueled the demand for personal and commercial vehicles, which has eventually resulted in production of more tires. This is anticipated to drive the demand for tire recycling. Furthermore, improper disposing of tires such as landfills and burning leads to major environment concerns. Thus, to properly dispose-off the tires, services of tire recycling businesses are required. The tire derived fuel and pyrolysis oil are demand by manufacturing industry, owing to their high energy yields. In addition, owing to COVID-19 induced components shortage, the automobile market has witnessed a slow growth rate. However, various automotive associations have anticipated that in the coming two years the component shortage is expected to subside, and automotive market can reach levels above that of the pre-COVID-19. Moreover, the rise in awareness regarding tire recycling positively influences the tire recycling market.

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FREQUENTLY ASKED QUESTIONS?

A. Growth of automotive industry and government policies are major factors affecting the tire recycling market.

A. Recycled tire products are extensively used in manufacturing and construction industry.

A. Asia-Pacific is the largest regional market for Tire Recycling.

A. $5,119.5 Million is the estimated industry size of Tire Recycling Market in 2021.

A. ApChemi, Big Atom Limited, Bridgestone Corporation, Champlin Tire Recycling, Continental AG, Emanuel Tire Co., Entech Inc. and Genan Holding A/S are some of the top companies to hold the market share in Tire Recycling.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. Tire Recycling Market is expected to reach $7,317.6 Million in 2031

A. Shredding segment holds the maximum market share of the Tire Recycling Market.

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