The process of recycling used tyres involves turning them into other products including pyrolysis oil, fuel obtained from tyres, and other rubber goods. Numerous small-scale traders also recycle used tyres to create other practical items like planters for planting plants in parks and drinking water containers for cattle, among other things. It also involves repairing and retreading used tyres so they can be used again. By giving the tyre a new use, tyre recycling lowers the tire's carbon impact.
Global Tire Recycling Market Driving Factors and Challenges
The market for tyre recycling is mostly driven by reasons including the rise in the number of cars on the road, government and private tyre recycling initiatives, and issues with disposing of used tyres. Growing consumer demand, government policies, and industry stakeholder support for sustainable waste management practises will drive substantial expansion in the global tyre recycling market in the next years. The industry is anticipated to grow as a result of the creation of cutting-edge recycling technology, creative uses for recovered tyre materials, and higher infrastructure expenditures. Tyre recycling solutions will become more in demand as a result of the increased emphasis on circular economy concepts and the requirement to minimise carbon emissions. The growing demand for appropriate disposal of used tyres is fueling the tyre recycling industry.
However, problems storing scrap tyres, expensive equipment, and strict government rules limit the market's growth. For example, because discarded tyres are seen to pose a fire hazard, many regulatory organisations have established laws and regulations for their collection, storage, and transportation. Getting all tyres collected and recycled as well as preventing them from ending up in illegal landfills, abandoned buildings, and sensitive ecosystems are the key challenges. Furthermore, the very difficult shredding procedure needed to extract steel wire from rubber reduces the profit margin for tyre recyclers. The lack of regulations for products manufactured from recycled tyres and the challenges associated with recovering and recycling car tyres further impede the market's growth for tyre recycling.
Impact of COVID-19 on Global Tire Recycling Market
The COVID-19 pandemic affected numerous businesses, including the global tyre recycling market. Tyre trash generation temporarily decreased as a result of production and sales disruptions in the automobile sector. The epidemic did, however, also emphasise the significance of sustainable waste management techniques, which increased the focus on the ideas of the circular economy and sped up the implementation of tyre recycling methods.
One of the main causes was the disruption in the supply chain, which prevented the manufacturing industries from obtaining the right raw materials. Final goods could not be delivered to particular stores. Speciality stores were closed to customers, and internet access to their websites was unavailable.
Tire Recycling Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apollo Tyres Ltd, 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, Wastefront AS, Others.
Global Tire Recycling Market Segmentation:
By Product: Based on the Product, Global Tire Recycling Market is segmented as; Crumbed Rubber, Refurbished Commercial Vehicle Tires, Tire Derived Fuel, Others.
By Application: Based on the Application, Global Tire Recycling Market is segmented as; Agriculture, Automotive (New tire manufacturing, Refurbished tires), Construction (Asphalt, Road construction, Roofing solutions), Manufacturing (Cement manufacturing, Industrial boilers, Paper and pulp industry), Mining, Rubber Products (Automotive parts manufacturing, Gardening products, Gym equipment, Sound barrier systems, Tuffs), Others.
By Process: Based on the Process, Global Tire Recycling Market is segmented as; Pyrolysis, Refurbishing, Reconditioning, Retreading, Shredding.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.