Tire Recycling Market Current Status, Trends, Types, Major Companies 2032

The Tire Recycling Market size was valued at $11.9 billion in 2018, and is estimated to reach $18.1 billion by 2032, growing at a CAGR of 3.3% from 2023 to 2032.

Commonly observed processes of tire recycling include pyrolysis, shredding and refurbishing. Among these, the refurbishing segment accounted for the highest market share in base year which is 2022, in terms of revenue. Refurbished tires have similar performance as that of a new tire and are much cheaper than the new one. On the other hand, the pyrolysis segment is expected to grow with a higher CAGR due to the surge in demand for raw materials from the chemical industry.

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Reports Coverage:

Forecast Period: 2023-2032
Market Size in 2018: $11980.9 Million
Market Size in 2032: $18,137.8 Million
CAGR: 3.3 %

Segments covered: Process, Product, Application, and Region

Drivers:
Growth in the number of automobiles
Initiatives for encouraging tire recycling
Problems associated with disposal of old tires

Opportunities:
Increase in use of old tires in new products

Restraints:
Strict government regulations regarding the storage of oldtires

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The market is mainly driven by a rise in demand for vehicles, which generate waste tires and therefore require a proper way to dispose of waste tires. Moreover, the products produced by tire recycling such as pyrolysis oil and tire-derived fuel are in demand by various manufacturing facilities owing to the high energy yield of these fuels.

Manufacturers employ 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, and vehicle bumpers. However, problems with the storage of old tires constrain the tire recycling market growth.

In 2022, Asia Pacific dominated the tire recycling market, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA has grown with a high CAGR throughout the forecast period. Growth in the automotive sector in countries, such as China, India, Malaysia, and Indonesia has been an instrumental factor for the high market growth in Asia-Pacific. Furthermore, countries across the globe have moved toward a sustainable future by employing various eco-friendly industrial practices; thereby, driving demand in the tire recycling market.

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Competition Analysis
Competitive analysis and profiles of the major players in the tire recycling market are provided in the report. Major companies in the report includes, 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, and Wastefront AS.

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