Tire Recycling Market Industry Size, Challenges, Drivers, Countries, and Technology Forecast to 2031

The tire recycling market size was valued at $5.12 billion in 2021, and is estimated to reach $7.32 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.

Tire recycling is a process of converting old tires in to useful products, such as fuel, rubber mulch, floorings and others. Commonly observed processes of tire recycling include pyrolysis and shredding. Among these, the shredding segment accounted for the largest tire recycling market share in 2021, owing to the high demand for fuel from manufacturing industry. The market is further segmented on the basis of products derived from tire recycling, which include crumb rubber, tire derived fuels, and others. Among which, tire-derived fuel registered a high market share in 2021, in terms of revenue. The market is mainly driven by rise in demand for automobiles by commercial and non-commercial users. However, problems with storage of old tires constraints the tire recycling market growth.

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The pyrolysis technology has significantly increased the energy yield from the tire recycling process. Moreover, manufacturers are employing new rubber manufacturing and processing technology to strengthen the rubber, to make it usable in high impact objects such as railway ties, vehicle impact barriers, vehicle bumpers and others.

Furthermore, market is analyzed with respect to different applications in industrial verticals such as manufacturing, construction, rubber products and others. Among these, rubber products segment is anticipated to register high CAGR during the forecast period. This is owing to high demand for rubber products.

Various key players in tire recycling market have adopted many development strategies. For instance, in March 2020, Liberty Tires acquired Lakin Tires involved in tire recycling in the U.S. This acquisition will help Liberty to enhance its market presence in the U.S. Moreover, in March 2020, Green Distillation Technologies, an Australia based tire recycler, unveiled its plans to expand into Europe. Such development strategies are expected to enhance the market positions of the key players in the market.

However, during the pandemic lockdown, various companies in the tire recycling market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the revenue generation of the tire recycling companies. In addition, lack of manpower and raw materials constricted supply of raw materials for recycling process; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

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Top Players:
Key companies profiled in the tire recycling market forecast report include ApChemi, Big Atom Limited, Bridgestone Corporation, Champlin Tire Recycling, Continental AG, Emanuel Tire Co., Entech Inc., Genan Holding A/S, Green buddies, Green Distillation Technologies Corporation LTD, L&S Tire Co., Liberty Tire Services LLC, Pyrum Innovations AG, Recycled Rubber Products LLC, Tire Disposal & Recycling Inc., Tire Recycling Solutions AS and Wastefront.

KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging tire recycling market trends and dynamics.
• Depending on process, the shredding segment dominated the tire recycling market, in terms of revenue in 2021 and the same is projected to grow at a significant CAGR during the forecast period.
• By Product type, the others segment, is anticipated to grow at a higher CAGR during the forecast period.
• By application, rubber products registered highest revenue in 2021.
• LAMEA is projected to register highest growth rate in the coming years.
• The key players within the tire recycling market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the tire recycling industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
• In-depth tire recycling market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.

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