The growth of the global tire recycling market is driven by the growth in the number of automobiles, initiatives for encouraging tire recycling, and problems associated with the disposal of scrap tires.
PORTLAND, Ore., Aug. 14, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Tire Recycling Market by Process (Pyrolysis, Shredding, Refurbishing), by Product (Crumbed Rubber, Tire Derived Fuel, Refurbished Commercial Vehicle Tires and Others), by Application (Manufacturing, Construction, Rubber Products, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global tire recycling industry generated $12.9 billion in 2022, and is anticipated to generate $18.1 billion by 2032, witnessing a CAGR of 3.4% from 2023 to 2032.
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Prime determinants of growth
The growth in the number of automobiles, initiatives for encouraging tire recycling, and problems associated with the disposal of scrap tires. However, strict government regulations regarding the storage of scrap tires restrict market growth. Moreover, an increase in the use of scrap tires and their recycled contents in new products across developed and developing economies presents new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$12.9 billion |
|
Market Size in 2032 |
$18.1 billion |
|
CAGR |
3.4 % |
|
No. of Pages in Report |
235 |
|
Segments covered |
Process, Product, End User Industry, And Region. |
|
Drivers |
Growth in the number of automobiles Initiatives for encouraging tire recycling Problems associated with disposal of scrap tires |
|
Opportunities |
Increase in use of scrap tires in new products |
|
Restraints |
Strict government regulations regarding the storage of scrap tires |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global tire recycling market, owing to the temporary closure of recycling firms during the lockdown.
- Not only the production but also the sale of recycled tire products was hampered due to the closure of end-users across the world, especially in the initial period of the pandemic.
- Although the tire recycling industry faced losses, various government initiatives aided in its recovery.
The refurbishing segment to maintain its leadership status throughout the forecast period
Based on process, the refurbishing segment held the highest market share in 2022, accounting for nearly three-fifths of the global tire recycling market revenue, and is estimated to maintain its leadership status throughout the forecast period. A large number of commercial vehicles utilize refurbished tires including reconditioned and rethreaded tires, owing to their relatively lower price and their environmental friendliness. On the other hand, the pyrolysis segment is projected to manifest the highest CAGR of 3.9% from 2023 to 2032, owing to the high demand for products such as pyrolysis fuel, and carbon black powder which is extracted from tires using the pyrolysis process.
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The refurbished commercial vehicle tires segment to maintain its leadership status throughout the forecast period
Based on product, the refurbished commercial vehicle tires segment held the highest market share in 2022, accounting for nearly three-fifths of the global tire recycling market, and is estimated to maintain its leadership status throughout the forecast period. The rise in awareness regarding the benefits of refurbished tires such as their low price, and relatively safer operations is driving the growth of the refurbished commercial vehicle tires segment. However, the crumbed rubber segment is projected to manifest the highest CAGR of 4.2% from 2023 to 2032. Crumbed rubber is a major raw material used in the manufacturing of new tires, rubber mats and rugs, sealants, garden mulch, and various others.
The automotive segment to maintain its lead position during the forecast period
Based on end user industry, the automotive segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global tire recycling market revenue, and is projected to maintain its lead position during the forecast period. Use of recycled tires in manufacturing of rubber mats, collision bumpers, tires, and other objects is driving the growth of this segment. However, the construction segment is expected to portray the largest CAGR of 4.6% from 2023 to 2032. Recycled tire products are used in manufacturing roof sealants, pipes, hoses, and various others; thus, a rise in the construction sector is expected to drive growth of the construction segment.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global tire recycling market revenue, and is likely to dominate the market during the forecast period. Large population having relatively higher disposable income in the region enables people to buy vehicles which eventually generates high volumes of tire waste, drives the tire recycling market in Asia-Pacific. However, the LAMEA region is expected to witness the fastest CAGR of 4.3% from 2023 to 2032. LAMEA is expected to become a major consumer of vehicles which is expected to have a positive influence on the tire recycling market.
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Leading Market Players: –
- Apollo Tyres Ltd
- Bridgestone Corporation (Bandag LLC)
- Champlin Tire Recycling, Inc
- Contec, Continental AG
- Emanuel Tire, LLC
- Entech Inc.
- Genan Holdings A/S
- Green Distillation Technologies Corporation LTD.
- Liberty Tire Services LLC (Lakin Tire)
- Michelin Group S.A.
- Re-Match Holding A/S
- reRubber, LLC.
- Tire Disposal & Recycling, Inc.
- Tyre Recycling Solutions SA
- Wastefront AS
The report provides a detailed analysis of these key players in the global tire recycling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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