Tire Recycling Market worth $8.92 billion by 2029 - Exclusive Report by MarketsandMarkets™

Browse in-depth TOC on "Tire Recycling Market"

276 – Tables
54 – Figures
252 – Pages

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Technological advancements in the area of recycling tires have also facilitated market growth. Better cryogenic processing and pyrolysis nowadays enable recycling tyres more effectively with less expense, leading to material recoveries that are, in general, high-value products such as rubber, steel, and carbon black. It makes tire recycling a more profitable activity and, consequently, a more attractive one for investment. More than that, the expansion of the world automotive industry, especially in developing countries, brings an enormous number of tires to their maximum length cycle, thus constantly supplying raw materials for recycling. Additionally, economic incentives in terms of subsidies and tax breaks given by governments to promote recycling activities also foster growth in the market. Therefore, the tyre recycling market is expected to grow steadily in the next few years.

Rubber by product segment is projected to grow at the fastest CAGR during the forecast period.

The rubber segment in the market is expanding rapidly in the tire recycling market with increased versatility in applications and rising demand in other sectors. Crumb rubber and rubber powder are often recycled for road construction, sports surfaces, playgrounds, and as asphalt additives- commonly known as rubberized asphalt. Usage of rubber in such applications makes it stronger and quieter, thus safer, for infrastructure projects. The by-product is increasingly being used in flooring, roofing materials, and insulation, besides being used as an alternative for virgin rubber in the manufacturing of new tires. In this regard, recycling rubber is welcomed in construction and auto industries because it saves them money while conserving the environment and performing superiorly. Besides, industries are compelled to achieve environmental benefits, and recycled rubber is one input through which they reduce their carbon footprint and encourage a circular economy. Advances in the technology used in tire recycling processes improved the quality and consistency of cryogenic grinding and made the recycled rubber more acceptable to producers. Awareness about environmental sustainability has increased demand for eco-friendly materials, making rubber one of the fastest-growing segments in the world market for tire recycling.

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Service by type segment is expected to grow at the fastest CAGR during the forecast period.

Emerging circular economy initiatives and increasing demand for specialized recycling solutions are some of the factors that have driven the fastest service segment growth in the tire recycling market during the forecast period. Environmental regulation will increasingly force businesses and the government to seek professional tire recycling services to ensure compliance with waste management laws. It has influenced the growth in services that cover collection, transportation, and processing of end-of-life tires. The companies will just outsource these tasks to specialized recyclers who have the ability and infrastructure to carry out such tires in an environmentally friendly way.

Other value-added solutions provided by tire recycling service companies include consultancy, tailored recycling packages, and waste management systems that can assist in saving waste and meeting the sustainability requirements of organizations. This awareness among industrial parties regarding the increasing demand for sustainability has put a great deal on companies involved in dealing with tire disposal not as waste but as material conversion to consumable byproducts like rubberized asphalt, tire-derived fuel, or playground floors.

Apart from that, service providers are embracing the adoption of new technologies in the tire recycling industry. These include automation and more complex processing methods for increased efficiency in operations, and also better recoveries of resources. Responsible waste management lies at the forefront, while the complexity in recycling processes is on the increase. The service segment is an important part of the tire recycling market's growth path.

Mechanical Shredding by process segment is expected to grow at the fastest CAGR during the forecast period.

Mechanical shredding represents the fastest growing market in the tire recycling area as it is fast, inexpensive and, at the end yields quality recycling material. When put into a shredder, tires are shredded into small pieces allowing for easy separation of materials with the rubber, steel, and textile component parts. The mechanical shredding-shredded rubber found a wide area of application in various branches of construction, sports, and road infrastructure, since the material is highly reused for rubberized asphalt, a surface on playing areas, and thermal insulations. One of the factors that make the mechanical shredding industry increase its output is that this process has relatively lower capital and operational costs as compared to the others, like pyrolysis and devulcanization. The process itself is also not very complex, hence more amenable to a much broader range of recyclers who work in countries whose recycling infrastructures are still immature. Additionally, mechanical shredding produces steady output of high-quality crumb rubber, the market for which continues to grow because of the almost limitless versatility of applications for using rubber crumb.

Moreover, the mechanical shredding process is environmental-friendly as it does not incorporate chemical processes and uses very little energy, as is the case with pyrolysis. This also aligns with global sustainability aspirations as well as regulatory demand, thereby making it increasingly popular. Due to its scalability, cost-effectiveness, and environment-friendliness, the mechanical shredding process is the fastest-growing process in the tire recycling market.

Construction by end-use industry segment is expected to grow at the fastest CAGR during the forecast period.

Construction is the fast-growing end-use industry segment in the market for recycling tires; the demand is partly driven by the growing use of recycled tire products in infrastructure and building projects. Rubber is among the highly priced materials used in construction, as it is strong, flexible, and relatively inexpensive. The usage of rubberized asphalt, which contains crumb rubber obtained from recycled tires, gains prominence in road construction. Increased road life, less maintenance, and safety through the decrease in noises and enhancement of skid resistance make it an attractive choice for governments and construction companies who want to secure sustainable infrastructure options. These tire-derived products are also used as building foundations, insulation, and roofing materials with effective and environmentally friendly alternative forms for traditional materials. This trend is also quickly emerging due to the strain exerted by demand for shock-absorbent, low-maintenance, and durable materials in public space and recreational facilities like the play surface and sports fields and landscaping. Growth in demand for tire-derived products for construction activity has increased in light of global awareness of sustainable construction practices and stricter rules focusing more on reducing waste and increasing use of recycled materials. This growth of such products in the construction industry is creating the construction sector as a significant source of growth for the tire recycling market.

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Asia Pacific is expected to be the largest consumer of the tire recycling market during the forecast period.

Rapid industrialization, urbanization, and economic growth in the region characterize Asia Pacific as the fastest growing market for tire recycling. Countries such as China, India, and Japan gradually becoming leading producers of automotive products, while sales remain highly positive. Tires will hence be consumed in large amounts, with increased rates of end-of-life tires, which subsequently causes high supplies of scrap tires. Such a factor ensures the demand for an efficient recycling process.

Government regulations in the Asia Pacific region are also getting stricter in terms of implementation, with many countries promoting legislation that reduces the pollution from the careless disposal of tires. Laws and regulations regarding these practices promote further the use of recycling tires and practicable waste management. Customers and companies alike are paying more and more attention to environmental issues, but this means they will continue to embrace products made from recycled goods, like construction, manufacturing, or automotive products. The main driving factor behind this growth is low labor costs in this area coupled with advancements of technologies used to recycle tires, progressing improvements such as pyrolysis, mechanical shredding, and innovations aimed at accelerating the efficiency of recycling. There are more Asia Pacific areas infrastructural development projects, especially road construction, which contributes to market growth in the recycled product rubberized asphalt. Such factors cumulatively make Asia Pacific the fastest-growing tire recycling market in the world.

Key Players

The key players in this market are Liberty Tire Recycling (US), GENAN HOLDING A/S (Denmark), ResourceCo (Australia), GRP LTD (India), Lehigh Technologies, Inc. (US), Entech Inc. (US), Emanuel Tire, LLC (US), BDS Tire Recycling (US), Contec (Poland), CRM (US) etc

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