February 2024
19 Jul 2024
The global tire recycling market revenue was valued at USD 5.67 billion in 2023 and is poised to grow from USD 5.83 billion in 2024 to USD 7.71 billion by 2033, at a CAGR of 3.16% during the forecast period 2024 - 2033. The increasing number of private, public, and automobile initiatives for tire recycling and problems related to the disposal of old tires are expected to drive the growth of the tire recycling market.
The tire recycling market deals with the process of converting scrap and old tires that can no longer be utilized into other products, such as tire-derived fuel, pyrolysis oil, and other rubber products. Many small-scale manufacturers also reuse old tires for other useful products, such as planters for planting trees in parks, drinking water tanks for cattle, and other products. It also evolves the retreading and repair of tires for reuse.
The increasing sales of industrial, commercial, and private automobiles in developing and developed countries and increasing growth in awareness about the industrial applications, new recycled products, and benefits of tire recycling are anticipated to drive the market growth. In addition, the rising demand for tire recycling products in infrastructure and construction industries is further attributed to enhancing the growth of the tire recycling market during the forecast period.
Increasing demand for recycled tire products, growing demand for sustainable construction, and growing emerging market to fuel market growth.
The market provides various advantages for the expansion and development of recycled tire product applications such as sports fields, playground surfaces, and rubberized asphalt. The demand for cost-effective and sustainable alternatives to conventional materials accelerates the growth of these applications. In addition, the construction industry is actively focusing on materials and sustainable practices. Recycled tire products, including rubberized asphalt, can offer improved performance and durability, reducing the consumption of virgin materials and use in road construction.
This presents a benefit for tire recycling companies to serve the construction sector’s sustainability demands. Moreover, the demand for subsequent tire waste and tires increases due to the developing countries experiencing urbanization and economic growth. This creates advantages for tire recycling companies in developing recycling facilities to address the increasing demand for sustainable waste management services. These are the major factors expected to accelerate the growth of the tire recycling market.
However, lack of infrastructure, high initial investment, and technological restrictions may restrain market growth. The lack of infrastructure for tire recycling, transportation, and collecting is the major challenge to the expansion of the market. In addition, the acquisition of equipment necessitates the establishment of tire recycling facilities, a substantial initial investment, which restrains the development of new companies in the market. Moreover, due to issues such as several tire recycling technologies, restricted scalability, high energy consumption, and low efficiency are still in the development stage. These are the major factors that may restrain the growth of the tire recycling market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 5.83 Billion |
| Market Revenue by 2033 | USD 7.71 Billion |
| Market CAGR | 3.16% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in the Tire Recycling Market by Ecovera
Recent Innovation in Tire Recycling Market by InnoVent Renewables
Asia Pacific dominated the tire recycling market in 2023. Asia Pacific has experienced significant economic and industrial growth due to tire consumption and higher vehicle ownership rates. The growth results in a greater demand for responsible recycling and tire disposal. China, India, Japan, and South Korea are the major leading countries in Asia Pacific. These countries have implemented government initiatives and regulations to develop responsible tire recycling. India is one of the largest consumers and producers of automobiles. In India, tires are an important component of automobiles used on a high amount.
The Indian tire waste recycling plant setup assisted environmental goals by contributing to dangerous waste management in an environmentally sound and safe manner. Indian tire recycling plants have various benefits, such as creating a business opportunity from the problem of waste generation, preventing the collection of waste tires in stockpiles and landfills, and encouraging bulk users and users to sell their tires to a recycling facility instead of dumping them in junkyards, and it prevents soil and air pollution caused by the degradation of tires in open areas. These are the major factors expected to drive the growth of the tire recycling market in Asia Pacific.
Europe is expected to observe the fastest expansion during the forecast period. Europe has some of the most precise standards for waste management and environmental regulations in the world. This regulatory environment motivates recycling practices and responsible tire disposable. European countries like Germany have the ability to achieve sustainability goals such as conserving resources and reducing waste.
Germany is the largest country in this market and has the largest share. Scrap tires are disposed of in Germany. Bender Reifen Recycling GmBH is the largest disposal company in Germany. The company consists of an experienced team that recycles scrap tires and disposes of them professionally. On the basis of a well-tired logistical network, scrap tires are disposed of in Germany. These factors are expected to accelerate the growth of the tire recycling market in Europe.
Increasing market demand, innovations in technology, and business opportunities
Recycled tire products such as rubberized asphalt, rubber mulch, and crumb rubber have several applications in industries including sports, automotive, and construction. There is a growing demand for eco-friendly and sustainable products, which can be addressed through tire recycling. In addition, technological advancements in tire recycling technologies have made the procedure cost-effective and more efficient.
New methods such as cryogenic grinding, devulcanization, and pyrolysis are being adopted to secure valuable materials from waste tires. Moreover, starting a tire recycling business can provide lucrative opportunities for entrepreneurs to tap into contributing to environmental sustainability, creating employment, and growing market segments. These major opportunities are expected to accelerate the growth of the tire recycling market in the coming years.
Market Segmentation
By Process
By Product
By Application
Buy this Research Report@ https://www.precedenceresearch.com/checkout/3602
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
February 2024
October 2023
July 2023
July 2022