Delray Beach, FL, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The Global Tire Recycling Market is USD 7.44 billion in 2024 and is projected to reach USD 8.92 billion by 2029, at a CAGR of 3.7%, as per the recent study by MarketsandMarkets™. Other than focus on sustainability and stringent governmental regulations, the growing volume of end-of-life tires and push for lower energy consumption are some of the major drivers. According to a report by the World Business Council for Sustainable Development, one passenger tire per person is discarded annually in the developed world, contributing to the generation of 1 billion end-of-life tires (ELTs) globally each year.
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Browse in-depth TOC on “Tire Recycling Market”.
276 - Market Data Tables
54- Figures
252 - Pages
List of Key Players in Tire Recycling Market:
- Liberty Tire Recycling (US),
- Genan Holding A/S (Denmark)
- ResourceCo (Australia)
- GRP LTD (India)
- Lehigh Technologies, Inc. (US)
- Entech Inc. (US)
- Emanuel Tire
- LLC (US)
- BDS Tire Recycling (US)
- Contec (Poland), CRM (US)
Drivers, Restraints, and Opportunities in Tire Recycling Market:
- Driver: Growing volume of end-of-life tires, focus on sustainability along with stringent government regulations.
- Restrain: Difficulty in maintaining quality and consistency of recycled materials along with contaminated used tires can reduce the quality of recycled materials.
- Opportunity: Rising demand for sustainable products along with Government Support and Incentives along with rise in green construction materials.
- Challenge: High Initial Investment Costs.
Key Findings of the Study:
- Rubber by product segment is projected to grow at the fastest CAGR during the forecast period.
- Service by type segment is expected to grow at the fastest CAGR during the forecast period.
- Mechanical Shredding by process segment is expected to grow at the fastest CAGR during the forecast period.
- Construction by end-use industry segment is expected to grow at the fastest CAGR during the forecast period.
- Asia Pacific is expected to be the largest consumer of the tire recycling market during the forecast period.
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Based on product segment, the tire recycling market has been segmented into rubber, tire derived fuel, tire derived aggregate, carbon black, steel wire, among other products. Rubber accounted for the largest share, in terms of value, of the global market in 2024. Rubber accounts for the largest by-product segment in the tire recycling market because of its high usage and demand across most sectors. Most of the material extracted during ELTs processing is rubber, which upon molding, can be composed into valuable products such as crumb rubber, rubberized asphalt, and molded rubber goods. That includes in particular durability and shock-absorbing properties as well as sustainability of crumb rubber in road construction, playground surfaces, and sports fields. Besides, recycling will offer a significantly more environmentally friendly solution hence in demand by many industries that are trying to minimize their ecological footprint in consonance with the increasing regulatory force and sustainability targets further swelling the need for rubber by-products. Recycled rubber is the most dominant and valuable segment in the tire recycling market, due to its versatility, availability, and cost-effectiveness, hence the critical contribution it makes to the circular economy.
Based on process, the tire recycling market has been segmented into Mechanical Shredding, Ambient Grinding, Pyrolysis, Devulcanization among other processes. Mechanical Shredding accounted for the largest share, in terms of value, of the global market in 2024. Mechanical shredding is the most extensive process in the tire recycling market since it is efficient, scalable, and cost-effective. It breaks down ELTs into smaller pieces that can later be processed into commercially valuable by-products like crumb rubber, TDF, and recycled steel. This method is widely practiced because it is simple, particularly for high volumes of tires, making it an ideal process for large-scale recycling activities. The shredded products produced in this process find wide application across the construction, energy, and automotive industries. Moreover, mechanical shredding is a recycling technique that requires relatively minimal capital input compared to more sophisticated recycling techniques like pyrolysis; it, thus, becomes accessible to most recycling facilities. Its consistency in producing rubber particles-sized makes it highly favourable for the surface of playgrounds, rubberized asphalt, and sports fields applications. In general, mechanical shredding is based on ease, diversity, and cost advantages; hence it remains the leading process of the tire recycling market.
Based on end-use industry, the tire recycling market has been segmented into automotive, construction, manufacturing, rubber and plastic among other end-use industries. Of all the sectors of end-use, construction is the most dominating in the tire recycling market due to the huge demand for sustainable products and cost-effective material solutions related to the wide applicability of recycled tire by-products in construction. Of the major products obtained from recycled tires, crumb rubber is widely used in road construction as an additive in rubberized asphalt. This material increases road stability, lowers the cost of upkeep, and promotes skid resistance, making it a very attractive material for mega-infrastructure projects. Tire-derived materials like rubber shreds and bales are also used as a light fill material in civil engineering and include embankments, retaining walls, and drainage layers. Other factors include good insulation and stability plus drainage property of water to strengthen the use of these materials in construction. With the enforcement of strict environmental rules, the construction industry finds ways to shift to more environmentally friendly materials to be used instead of their traditional counterparts. The recycled tire products use thus helps to reduce the virgin materials needed by the industry, reduces the carbon footprint, and supports the circular economy. The growth of green building reflects the increased usage of recycled content in construction activities. With the sector of construction always on expansion, especially in the developing regions, there will be an increase in demand for recycled tire products. Hence, it is going to hold a dominant position as an end-use industry in the market for tire recycling.
Based on type, the tire recycling market has been segmented into service and material. Service accounted for the largest share, in terms of value, of the global market in 2024.
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Asia Pacific is the largest region in the tire recycling market. Multiples reasons make it likely that Asia Pacific will be the leading area within the tire recycling market. It is the biggest type in the market because it has played a very critical role in ELT collection, transport, and proper disposal. Most companies in the industry provide full recycling services for tires, ignoring their ability to produce end-use products. These companies specialize in managing the logistics of waste tires by collecting tires from dealers, municipalities, and industrial sites, and safe transport of the tires for further processing at the recycling facilities. As the legal aspects for environmental restrictions gain more prominence and the requirement for sustainable waste management increases, it has highly increased the need for professional services on tire recycling. This ensures that waste tires are processed in accordance with both local and international environmental laws to avoid illegal dumping or stockpiling, which have higher risks of fire hazards and environmental issues.
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