Tire Recycling Market Revenue, Top Companies, Report 2033

Published Date : 17 Jun 2024

Tire Recycling Market Revenue and Trends

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.

Tire Recycling Market Statistics

Market Overview

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.

The Tire Recycling Market Trends

  • The growing awareness about the need for sustainable waste management practices and the environmental impact of tire waste are expected to drive the market growth.
  • The increasingly strict government regulations to develop tire recycling are expected to drive the tire recycling industry.
  • The increasing adoption of circular economy principles in several industries is further expected to enhance market growth.

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.

Tire Recycling Market Highlights

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

 

Tire Recycling Market Top Companies

  • Champlin Tire Recycling Inc.
  • Re-Match Holdings A/S
  • Emanual Tire, LLC
  • Genan Holdings A/S
  • Contec S.A.
  • Wastefront AS
  • Tire Disposal and Recycling, Inc.
  • Apollo Tyres Ltd.
  • Bridgestone Corporation
  • Tire Recycling Solutions SA
  • Green Distillation Technologies Corporation LTD.
  • Liberty Tire Services LLC (Lakin Tire)
  • Michelin Group S.A.
  • Entech Inc.
  • ReRubber, LLC.
  • Continental AG

Recent Innovation in the Tire Recycling Market by Ecovera

  • In June 2024, Ecoverva launched a groundbreaking tire recycling initiative towards a sustainable future. This service underscores a fixed commitment to environmental protection while one-step persistent waste management challenges such as disposal of used tires.

Recent Innovation in Tire Recycling Market by InnoVent Renewables

  • In August 2023, in the USA, InnoVent Renewables announced its launch to accelerate the use of renewable energy sources by recycling waste tires. The company utilized its continuous pyrolysis technology to convert biomass, plastics, and end-of-life tires into reusable chemicals and fuels. In North America, an estimated 100 million tires are disposed of each year.

Regional Insights

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.

Market Potential and Growth Opportunity

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.

Tire Recycling Market News

  • In March 2024, in South Korea, Hankook Tire, Hyosung Advanced Materials, and SK Chemicals jointly launched an electric vehicle-exclusive tire, ‘ION,’ utilizing “circular recycled PET fiber tire cords.” This advanced tire incorporates 45% renewable materials such as circular PET-based tire cords, bio-based silica, and recycled polymers.
  • In September 2023, in Tokmak, Kyrgyzstan’s Kumtor Gold launched a state-of-the-art tire recycling plant for sustainable growth and environmental responsibility. This innovative recycling plant’s name was ‘Turning Waste into Money.’ The aim behind this launch was to harness advanced German technology to retread automotive tires of all sizes.

Market Segmentation

By Process

  • Shredding
  • Refurbishing
  • Pyrolysis

By Product

  • Refurbished Commercial Vehicle Tires
  • Crumbed Rubber
  • Tire Derived Fuel
  • Others

By Application

  • Automotive
  • Manufacturing
  • Construction
  • Rubber Products
  • Others

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