Global Tire Recycling Market is valued approximately at USD 12.9 billion in 2022 and is anticipated to grow with a growth rate of more than 3.4% over the forecast period 2023-2030. Tire recycling is the process of reusing or repurposing old or discarded tires rather than disposing of them in landfills or incinerating them. The recycling of tires helps to minimize waste, conserve resources and reduce environmental pollution associated with tire disposal. Tire recycling helps in reducing the environmental impact of tire waste, prevents illegal dumping, conserves natural resources and promotes the sustainable use of materials. It also contributes to the development of a circular economy by transforming waste into valuable resources. The Tire Recycling market is expanding because of factors such as growth in the number of automobiles and public and private initiatives for tire recycling.
The International Energy Agency estimates that as of 2020, India has about 25 vehicles per 1,000 inhabitants, and that figure is anticipated to rise to 150 by the year 2040. Additionally, according to data from the European Union’s Eurostat, there were 233,186,872 passenger automobiles overall in 2016; this figure rose to 253,305,631 in 2021. The annual increase in the amount of waste tires is exclusively due to the increase in the sales of private, commercial, and industrial automobiles in both developed and developing nations. According to the Federal Highway Administration Research and Technology, the U.S. alone creates around 280 million discarded tires annually., More than a billion trash tires, sometimes referred to as End-of-Life Tyres (ELTs), are produced globally, making up 2% of all waste produced. Thus, rising number of automobiles and tire waste is driving the market growth. In addition, the surge in environmental pollution and development of regulations and policies to promote tire recycling are some factors creating lucrative opportunities to the market. However, problems associated with the storage of scrap tires and environmental impact of improper tire disposal stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Tire Recycling Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to presence of key market players, rising automotive industry, rising government initiatives for promoting tire recycling, rising technological advancement in recycling process and more. Whereas Asia Pacific region is projected to have fastest growth owing to factors such as rising automobiles production, rising initiatives for tire recycling activities in the region.
Major market player included in this report are:
Bridgestone Corporation (Bandag LLC)
Liberty Tire Services LLC
Genan Holdings A/S
Champlin Tire Recycling, Inc
Green Distillation Technologies Corporation LTD.
Emanuel Tire LLC
Apollo Tyres Ltd
Recent Developments in the Market:
Ø In October 2022, in an effort to lessen the carbon footprint in the automotive supply chain, Bridgestone intends to complete developing a new technology for recycling tires as early as 2030. In order to identify the most effective technique of recycling, a demonstration facility that processes 20,000 to 30,000 tons of tires will start operations in 2024. By 2030, a complete recycling facility will be constructed.
Ø In March 2023, Scandinavian Enviro Systems and Antin Infrastructure today announced the creation of a joint venture backed by Michelin to construct a plant for recycling tires in Sweden. the capacity of plant will be 34,500 tonnes of recycled tyres, or 40% of the country’s yearly volume of end-of-life tyres
Global Tire Recycling Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Process, End User, Product, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End User:
Tire Derived Fuel
Refurbished commercial vehicle tires
Middle East & Africa
Rest of Middle East & Africa