May 19, 2024

Tire Pyrolysis Oil Market Size to Rake USD 567.90 Mn by 2033

The global tire pyrolysis oil market size was estimated at USD 340.10 million in 2023 and is predicted to reach around USD 567.90 million by 2033, growing at a CAGR of 5.26% from 2024 to 2033.

Key Points

  • The North America tire pyrolysis oil market size surpassed USD 119.04 million in 2023 and is expected to be worth around USD 198.77 million by 2033.
  • North America held the dominant share of over 35% in 2023.
  • Asia Pacific is observed to expand at a rapid pace during the forecast period.
  • By Process, the fast pyrolysis segment held the largest share of 61% in 2023.
  • By Process, the flash pyrolysis segment is expected to grow at a robust growth rate during the forecast period.
  • By Raw Material, the waste plastic segment accounted for the dominating share of 41% in 2023.
  • By Raw Material, the waste rubber segment is expected to witness a significant share during the forecast period.
  • By End Use, the fuel segment held the dominating share of the market in 2023.

Tire Pyrolysis Oil Market Size 2024 to 2033

The Tire Pyrolysis Oil Market refers to the segment of the energy industry that deals with the conversion of waste tires into valuable products such as pyrolysis oil. Pyrolysis is a process that involves heating organic material in the absence of oxygen, resulting in the decomposition of the material into various byproducts, including oil. In the context of tire pyrolysis, this process is utilized to break down scrap tires into oil, carbon black, and steel wire. Tire pyrolysis oil, also known as TPO, has gained traction as an alternative fuel source due to its potential for reducing environmental pollution and its versatility in various industrial applications.

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Growth Factors:

The growth of the Tire Pyrolysis Oil Market is driven by several factors. Firstly, increasing environmental concerns and stringent regulations regarding tire disposal have propelled the adoption of sustainable waste management practices such as tire pyrolysis. Additionally, the rising demand for alternative fuels, coupled with the depletion of conventional energy sources, has spurred interest in tire-derived fuels like pyrolysis oil. Moreover, technological advancements in pyrolysis processes have enhanced the efficiency and scalability of tire-to-oil conversion, further boosting market growth.

Region Insights

The market for tire pyrolysis oil is witnessing significant growth across various regions globally. Regions with high vehicle density and stringent environmental regulations, such as North America and Europe, are experiencing robust demand for tire-derived products. Additionally, emerging economies in Asia Pacific, including China and India, are witnessing rapid industrialization and urbanization, leading to increased tire waste generation and subsequently driving the adoption of tire pyrolysis technologies.

Tire Pyrolysis Oil Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.26%
Global Market Size in 2023 USD 340.10 Million
Global Market Size in 2024 USD 357.99 Million
Global Market Size by 2033 USD 567.9 Million
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Raw Material, By Process, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Tire Pyrolysis Oil Market Dynamics

Drivers:

Several drivers are contributing to the growth of the Tire Pyrolysis Oil Market. These include the escalating need for sustainable waste management solutions, the rising demand for alternative energy sources, and the increasing focus on circular economy principles. Additionally, government incentives and subsidies for renewable energy projects and waste-to-energy initiatives are further propelling market growth.

Opportunities:

The Tire Pyrolysis Oil Market presents numerous opportunities for industry participants. These include technological innovations to improve the efficiency and scalability of pyrolysis processes, strategic partnerships and collaborations to expand market reach and infrastructure investments to support the widespread adoption of tire pyrolysis technologies. Furthermore, the development of value-added products derived from tire pyrolysis oil, such as specialty chemicals and lubricants, presents lucrative growth prospects for market players.

Challenges:

Despite the promising growth prospects, the Tire Pyrolysis Oil Market faces several challenges. These include high initial capital investments required for setting up pyrolysis plants, logistical challenges associated with tire collection and transportation, and concerns regarding the quality and consistency of pyrolysis oil. Additionally, regulatory uncertainties and fluctuating crude oil prices pose challenges to market growth and profitability. Addressing these challenges will be crucial for unlocking the full potential of the tire pyrolysis oil market.

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Tire Pyrolysis Oil Market Recent Developments

  • In February 2024, BASF unveiled plans to bring products made through its ChemCycling advanced recycling system to market in the United States, and the company will implement its advanced chemical recycling methods used to make recycled plastic feedstocks at its TotalEnergies petrochemicals facility in Port Arthur, Texas.
  • In April 2022, SK Energy, SK Networks, and Daeho Industries met at the Daeho Industries factory in Gwangju, South Korea, to sign an agreement for a pyrolysis business by recycling waste tires. SK Networks will be in charge of collecting waste tires and improving the supply system.  Daeho Industries will operate the facilities for waste tire pyrolysis and develop measures to utilize the carbon black.
  • In March 2023, Cabot Corporation introduced Vulcan 7H-C, its first ISCC PLUS-certified circular reinforcing carbon made from tire pyrolysis oil sourced from end-of-life tires and renewable materials to reduce greenhouse gas emissions.

Tire Pyrolysis Oil Market Companies

  • Alterra Energy, LLC
  • Bridgestone Corporation
  • Daeho Industries
  • Bioenergy Ae Cote-Nord
  • Ensyn
  • Green Fuel Nordic Oy
  • Pyro-Oil Nig.Ltd.
  • Mk Aromatics Limited
  • New Energy Kft.
  • New Hope Energy
  • Nexus Circular
  • Trident Fuels (Pty) Ltd
  • Plastic Advanced Recycling Corp.
  • PLASTIC ENERGY
  • Setra Group
  • Quantafuel ASA
  • Trident Fuels Pty Ltd.
  • Twence
  • Klean Industries Inc.
  • BTG Biomass Technology Group
  • Agile Process Chemicals LLP

Segments Covered in the Report

By Raw Material

  • Waste Plastic
  • Waste Rubber
  • Wood
  • Oil Sludge
  • Others

By Process

  • Fast Pyrolysis
  • Flash Pyrolysis
  • Slow Pyrolysis

By End-use

  • Fuel
  • Chemicals
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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