How Tire Derived Fuel Market will Grow at Highest CAGR

The rapid Industrialization and urbanization witnessed worldwide is depleting the fossil fuel, says Fortune Business Insights in a report titled “Tire Derived Fuel Market Size, Share and Global Trend By Tire Source (Light Motor Vehicles, Heavy-Duty Vehicles, Motorcycles, Aircraft, Bicycles), By Type (Cement Industry, Power Plants, Pulp & paper mills, Utility Boilers), By Application and By Geography Forecast till 2026”. Tire-derived fuel acts as an alternative for fossil fuel which is produced using the waste from scrapped tires.

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The leading companies in tire derived fuel are Ragn-Sells Group, Liberty Tire Recycling, ResourceCo Pty, Lakin Tire West Inc., L&S Tire Company, Probio Energy International, Renelux Cyprus Ltd., Globarket Tire Recycling LLC, ETR Group and Emanuel Tire LLC.

“Tire Derived Fuel(TDF) to Emerge as a Significant Resource of Energy for Industries”

The depletion of fossil fuel has become a serious concern for every industry worldwide. This has fueled the demand for energy derived from alternative resources. Tire-derived fuel acts as an alternative for fossil fuel and is obtained from scrap tires which are then converted into shredded chips to work as fuel in cement kilns, paper pulp industry, and power generation and utility boiler. Tire-derived fuel can be used effectively by cement plants as it is available at a competitive cost lower than that of fossil fuels. Tire-derived fuel possesses greater thermal power than any form of coal, alongside containing 15% iron content in the form of tire wire.

“Government Initiatives to Reduce Tire Waste Stockpiled in Their Jurisdictions to Aid Expansion”

Million and billion tons of tire waste were stockpiled and landfilled in various jurisdictions until the late 60s and 70s. This triggered serious environmental concerns worldwide. Also, incidents such as the Hagersville tire fire made the government and tire industries realize the potential risk associated with scrap tire piles. Initiatives were then taken to utilize the waste and deal effectively to promote recycling of the scrap tire parts. According to a study conducted by the Environmental Protection Agency, tire waste not only produce valuable energy sources for industrial usage but also reduces severe and potential risks to the environment. The eco-friendly fuel also produces the same amount of energy as any other oil, moreover, it produces 25% extra energy than coal. The residue extracted from TDF contains less metal content which results in lower NOx and sulfur emission.

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This ingenuity will provide a temporary solution thus alternative to a conventional energy source. This is likely to promote the growth of tire-derived fuel in the global market. The expansion of the automobile industry has subsequently increased the production of vehicles, generating tons of tire waste, which is driving the market for tire-derived fuel. TDF not only preserves major sources of hydrocarbon reserves but also alleviates serious dumping problems of tires, which contaminate and destroy water bodies and pose a threat to human health. International environmental activists and agencies have opposed tire burning with a claim of emitting dioxins and furans that poses a serious threat to the environment which is likely to hinder the growth of tire-derived fuels

“North America to Exhibit Growth Due to Huge Accumulation of Enormous Tire Waste In The Region”

North America is likely to lead the global tire-derived fuel market due to the accumulation of enormous waste dumped by economies and henceforth taken by North America to utilize it as a resource. The development and advancement in the automobile industry have given rise to the consumption of tire waste which is also predicted to increase the growth of the TDF in North America.

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Europe also has emerged as an attractive market among other regions due to the presence of several established automakers in the region and the high adoption of advanced technologies in automobiles Is attracting the consumers which are contributing to the growth of tire derived fuels. The Asia Pacific is anticipating growth due to major automobile companies are establishing their manufacturing plants, the labor cost in the countries of the Asia pacific is less. These factors are likely to drive the market for TDF in Asia pacific. The vast availability of raw materials is likely to inflate the tire derived fuel market for Middle East & Africa.

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This release was published on openPR.