Tire-Derived Fuel Market to increase by USD 72.57 million during 2022-2027, Growing automotive fleets to drive the growth - Technavio

NEW YORK, Nov. 30, 2023 /PRNewswire/ -- The tire-derived fuel market size is expected to grow by USD 72.57 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 3.34% during the forecast period. The market is segmented by Type (Shredded tire and Whole tire ), End-user (Cement kilns, Pulp and paper mills, and Utility and industrial boilers ), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

The growing automotive fleets drives the tire-derived fuel market. The rapid urbanization and the rising standards of living and consumer spending across the world leads to an increase in demand for automobiles over the years. The population in countries like China, India, and Nigeria is significantly increasing and thus, the rapid rise in industrialization and urbanization has led to an increasing demand for transportation. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the tire-derived fuel market: Babcock and Wilcox Enterprises Inc., Beta Analytic Inc., CH2E, Emanuel Tire LLC, Front Range Tire Recycle Inc., George K. Moss Co. Inc., Lakin Tire, Liberty Tire Recycling LLC, MS Tire Recycling LLC, Ragn-Sells Group, Reliable Tire Disposal, Renelux Cyprus Ltd., ResourceCo Pty Ltd., Scandinavian Enviro Systems AB, Tire Disposal and Recycling Inc., Tire Stewardship Manitoba, Tyrec Ltd., Weibold, and West Coast Rubber Recycling Inc.
• Tire-Derived Fuel Market is fragmented in nature.
• Market to observe 2.78% YOY growth in 2023.

Market Dynamics:

Trend

• The increase in demand for EVs and HEVs is an emerging tire-derives fuel market trend.
• The adoption of REVs and HEVs in the automotive industry is growing.
• This helps in reducing GHG emissions and shifts toward a sustainable ecosystem.
• Furthermore, manufacturers have to comply with stringent regulations under the Paris Agreement. 

Challenge

• The economic constraints related to tire recycling challenge the tire-derives fuel market.
• The inadequate supply of scrap tires is a significant challenge for the market.
• The transportation distance of tires or tire-derived fuel is limited owing to certain economic constraints of the scrap tire markets.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

By type, the shredded tire segment is significant during the forecast period. The National Institutes of Health performed a survey in 2017, which concluded that 43% of scrap tires were being converted into tyre-derived fuel. Furthermore, countries like the US, Canada, and China contribute to the preservation of the environment by using tire-derived fuel from shredded and scrap tires. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The bunker fuel market size is estimated to grow at a CAGR of 4.23% between 2022 and 2027. The market size is forecast to increase by USD 29.32 billion.

The Defense Aircraft Aviation Fuel Market size is estimated to grow at a CAGR of 5.81% between 2022 and 2027 and the size of the market is forecast to increase by USD 17,077.63 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio