What is Global Tire Recycling Market?
The Global Tire Recycling Market is a vast and dynamic sector that focuses on the recycling of used and waste tires. This market is driven by the increasing awareness about environmental conservation and the need to manage the massive amounts of waste tires generated globally. The process involves converting waste tires into valuable and usable products, thereby reducing the environmental impact of tire disposal. The market encompasses various methods of tire recycling, including mechanical, pyrolysis, and chemical recycling. The end products of tire recycling include tire-derived fuel, crumb rubber, steel, and other materials that can be used in a variety of applications. However, the market faces several challenges, such as high recycling costs and the lack of standardized regulations across different regions. Despite these challenges, the Global Tire Recycling Market is expected to grow significantly in the coming years due to the increasing demand for recycled tire products and the implementation of stringent environmental regulations.
Tire-Derived Fuel, Crumb Rubber, Others in the Global Tire Recycling Market:
The Global Tire Recycling Market is segmented based on the type of recycled product produced, namely Tire-Derived Fuel, Crumb Rubber, and Others. Tire-Derived Fuel (TDF) is a high-energy fuel derived from shredded waste tires. It is widely used in industrial boilers, cement kilns, and power plants due to its high heating value and low cost. Crumb Rubber, on the other hand, is a granulated material obtained from the grinding of scrap tires. It is used in various applications such as asphalt modification, sports surfaces, and molded products. The 'Others' segment includes products like steel and textile fibers recovered from waste tires. Each of these segments has its unique market dynamics, driven by factors such as demand and supply conditions, technological advancements, and regulatory policies.
Alternative Fuel for Manufacturing, Construction and Civil Engineering, Consmuer Goods, Sport and Leisure, Others in the Global Tire Recycling Market:
The Global Tire Recycling Market finds its applications in several areas including Alternative Fuel for Manufacturing, Construction and Civil Engineering, Consumer Goods, Sport and Leisure, and Others. In the manufacturing sector, recycled tire products like TDF are used as an alternative fuel source due to their high energy content and cost-effectiveness. In the construction and civil engineering sector, crumb rubber is used in the production of rubberized asphalt and other construction materials. Consumer goods like footwear, mats, and playground surfaces are also made from recycled tire materials. In the sports and leisure sector, crumb rubber is used in the production of sports surfaces, playgrounds, and artificial turfs. The 'Others' segment includes applications in sectors like agriculture, where recycled tire products are used in various ways.
Global Tire Recycling Market Outlook:
The Global Tire Recycling Market, as per the latest reports, was valued at US$ 4700.3 million in 2022. It is projected to reach a valuation of US$ 4989.5 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 1.0% during the forecast period of 2023-2029. The largest segment of this market, in terms of product, is crumb rubber, which holds a share of over 60%. When it comes to application, the largest segment is construction and civil engineering, accounting for about 35% of the market share. These figures indicate the significant potential and growth prospects of the Global Tire Recycling Market.
| Report Metric | Details |
| Report Name | Tire Recycling Market |
| Accounted market size in 2023 | US$ 4700.3 million |
| Forecasted market size in 2029 | US$ 4989.5 million |
| CAGR | 1.0 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Liberty Tire Services, Genan, CRM Rubber, Lakin General, Emanuel Tire, Tire Disposal & Recycling, Entech, Champlin Tire Recycling, L&S Tire, Manhantango Enterprises, Murfitts |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
