Tire Recycling Market To See Huge Growth on Upcoming Trends 2032 | Size, Share, Analysis

A number of players in the tire recycling industry are expanding and aligning with other market players to strengthen their foothold in the global market.

PORTLAND, OR, UNITED STATES, July 3, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Tire Recycling Market by Process (Pyrolysis, Shredding, Refurbishing), by Product (Crumbed Rubber, Tire Derived Fuel, Refurbished commercial vehicle tires, Other), by End user industry (Manufacturing, Construction, Rubber Products, Automotive, Other): Global Opportunity Analysis and Industry Forecast, 2023-2032. The tire recycling market size was valued at $12.9 billion in 2022, and is estimated to reach $18.1 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.

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Commonly observed processes of tire recycling include pyrolysis, shredding and refurbishing. Among these, the refurbishing segment accounted for the highest market share in 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.

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 scrap tires constrain the tire recycling market growth.

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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.

Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging tire recycling market trends and dynamics.
• Depending on the process, the refurbishing segment dominated the tire recycling market, in terms of revenue in 2022 and the pyrolysis segment is
projected to grow at a significant CAGR during the forecast period.
• By Product type, the refurbished commercial vehicle tires segment is anticipated to grow at a higher CAGR during the forecast period.
• By end-user industry, automotive segment registered highest revenue in 2022.
• LAMEA is projected to register highest growth rate in the coming years.

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David Correa
Allied Analytics LLP
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