Tire Recycling Downstream Products Market to Reach US$ 7.04 Bn by 2031: TMR Study

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Aug 04, 2022, 07:30 ET

Governments reinforcing the concept of reduce, reuse, recycle, and recover waste for scrap tire management, thereby invigorating growth of tire recycling downstream products market; cost-effectiveness of tire-derived fuels key value proposition
Advancements in shredding and recycling techniques and technologies expanding avenues especially in Asia Pacific; massive demand for rubber powder to spur revenue growth

Wilmington, Del., Aug. 4, 2022 /PRNewswire/ -- The global market study on tire recycling downstream products market is witnessing investments in end-of-tire shredding recycling and energy recovery processes. Advancements in shredding techniques have continually enriched the global market study on tire recycling downstream products market. The tire recycling downstream products market revenue is projected to reach US$ 7.04 Bn by the end of 2031.

Ongoing trends of tire recycling downstream products market suggest that business prospects of tire-derived fuel have grown steadily, particularly in Europe. End of life tires (ELTs) stridently formed a common alternative to fossil fuels. Rubber powder has emerged as a popular tire recycling downstream product, given the wide range of applications it can be put into, and thus will promote sustainable economy. The segment is likely to spur demand for tire recycling downstream products market.

Advances in shredding recycling techniques are expected to play a crucial in deciding the course of the evolution of the tire recycling downstream products market. The segment accounted for a major market share in 2021. Strides in the concept of reduce, reuse, recycle and recover waste for scrap tire management will expand revenue possibilities in the market.

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Key Findings of Tire Recycling Downstream Products Market Study

· Rise in Automotive Production to Spur Demand for Tire Recycling Downstream Products: Asian economies have recently emerged as manufacturing hubs, mainly China, on account of low cost of production and easy availability of raw materials. Favorable production environments, coupled with massive consumer demand for vehicles, have spurred automobile production in such regions. With circular economy likely to remain overarching sustainability initiative for all industries including for automobile production, the demand for tire recycling downstream products will get a robust fillip in the near future. These initiatives also promote environmental-friendly ways of disposing scrap tires.

· Sustainable Industry Practices for Circular Economy Catalyzing Tire Recycling Downstream Products Market: The study has observed rise in utilization of products in the road construction application, in addition to automotive industry. The products are meeting the criterion of cost-effective high-performance road construction materials. Indeed, developed nations have witnessed rise in demand for rubber powder used in road surfaces. In this regard, advanced tire shredding techniques will expand the avenue for players in the tire recycling downstream products.

Tire Recycling Downstream Products Market: Key Drivers

Advancements in recycling technology to support circular economy concepts, fueled by efforts of governments worldwide, are propelling the growth of the market. Strides made by businesses in the construction sector have expanded the revenue potential.
Rise in demand for tire-derived fuel products is generating a massive impetus to the expansion of the tire recycling downstream products market.

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Tire Recycling Downstream Products Market: Regional Growth Dynamics

Asia Pacific held a key share of the global market in 2021. Enormous demand for tire recycling downstream products underpins abundant lucrative avenues for players in the market to capitalize on, especially in China and India.
Europe has also emerged as remarkably lucrative market, with accounting for a share of 22.78% of the global market in 2021. Rise in demand for end-of-life tires management creates vast revenue prospects. A large percentage of all ELTs have been treated in the region for material recycling and energy recovery.

Tire Recycling Downstream Products Market: Key Players

Most players are geared toward adopting new shredding and recycling technologies to strengthen their positions. To this end, a number of companies are implementing the competitive strategy of mergers and acquisitions. Some of the key players in the market are ETR Group, Probio Energy International, West Coast Rubber Recycling Inc., West Coast Rubber Recycling Inc., L & S Tire Company, Lakin Tire West Inc., ResourceCo Pty Led, Ragn-Sells Group, and Liberty Tire Recycling.

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Tire Recycling Downstream Products Market Segmentation

Recycling Technique

Pyrolysis
Shredding

Product

Tire-Derived Fuel
Tire-Derived Aggregate
Rubber Mulch
Steel
Rubber Powder
Others

End-use

Cement Manufacturing
Pulp & Paper Mills
Utility Boilers
Construction & Infrastructure
Sports Complex & Play grounds
Tire and Rubber
Others

Regions

North Americas
Europe
Asia Pacific
Middle East and Africa
Latin America

Countries

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
China
India
Japan
ASEAN
Brazil
Mexico
GCC
South Africa

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