Tire Recycling Market Innovations and Dynamics Upsurge to Generate $18,137.8 Mn by 2032

Tire recycling encompasses several key processes, including pyrolysis, shredding, and refurbishing. Notably, the refurbishing sector emerged as the dominant market segment in 2022, boasting the highest revenue share.

Refurbished tires offer comparable performance to new ones at a fraction of the cost, making them a popular choice among consumers. Conversely, the pyrolysis segment is poised for substantial growth, driven by increasing demand for raw materials from the chemical sector, indicating a higher Compound Annual Growth Rate (CAGR).

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According to the report, the global tire recycling industry generated $11,980.9 million in 2018 and is anticipated to generate $18,137.8 million by 2032, witnessing a CAGR of 3.3% from 2023 to 2032.

The market's momentum primarily stems from the escalating demand for vehicles, which consequently leads to a rise in waste tire generation, necessitating effective waste tire disposal methods. Additionally, tire recycling yields products like pyrolysis oil and tire-derived fuel, prized by various manufacturing industries due to their impressive energy output.

Manufacturers are leveraging advanced rubber manufacturing and processing technologies to enhance the durability of recycled rubber, making it suitable for high-impact applications such as railway ties, vehicle impact barriers, and bumpers. However, challenges persist in the storage of old tires, posing a constraint on the growth of the tire recycling market.

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Key Segments:
Based on process, the refurbishing segment held the highest market share in 2018, accounting for nearly three-fifths of the global tire recycling market revenue, and is estimated to maintain its leadership status throughout the forecast period. A large number of commercial vehicles utilize refurbished tires including reconditioned and rethreaded tires, owing to their relatively lower price and their environmental friendliness. On the other hand, the pyrolysis segment is projected to manifest the highest CAGR of 3.9% from 2023 to 2032. This is due to the high demand for products such as pyrolysis fuel, and carbon black powder which is extracted from tires using the pyrolysis process.

The refurbished commercial vehicle tires segment to maintain its lead position throughout the forecast period-

Based on product, the refurbished commercial vehicle tires segment held the highest market in 2018, accounting for more than half of the global tire recycling market, and is estimated to maintain its lead position throughout the forecast period. The rise in awareness regarding the benefits of refurbished tires such as their low price, and relatively safer operations is driving the growth of the refurbished commercial vehicle tires segment. However, the crumbed rubber segment would showcase the highest CAGR of 3.9% from 2023 to 2032. Crumbed rubber is a major raw material used in the manufacturing of new tires, rubber mats and rugs, sealants, garden mulch, and various others.

The automotive segment to rule the roost by 2032-

Based on application, the automotive segment accounted for the largest share in 2018, contributing to nearly three-fifths of the global tire recycling market revenue, and is projected to rule the roost by 2032. The use of recycled tires in manufacturing rubber mats, collision bumpers, tires, and other objects is driving the growth of this segment. However, the construction segment would portray the highest CAGR of 4.5% from 2023 to 2032. Recycled tire products are used in manufacturing roof sealants, pipes, hoses, and various others; thus, a rise in the construction sector is expected to drive the growth of the construction segment.

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Top Players:

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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