June 25, 2024

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

The global tire pyrolysis oil market size accounted for USD 340.10 million in 2023 and is predicted to grow 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

Tire pyrolysis oil (TPO) is a type of oil produced through the pyrolysis of waste tires. This process involves heating the tires in an oxygen-free environment to break them down into their basic components, including oil, char, and gases. TPO can be used as a substitute for conventional fuels such as diesel and furnace oil. It is a sustainable and eco-friendly solution to the growing problem of waste tire disposal and a potential source of renewable energy.

Get a Sample: https://www.precedenceresearch.com/sample/4119

Growth Factors

The tire pyrolysis oil market is growing due to several factors, including increasing environmental concerns and the need for sustainable waste management solutions. The rising cost of fossil fuels has also prompted industries to seek alternative sources of energy. Additionally, government regulations aimed at reducing carbon emissions and promoting the use of renewable energy sources are driving the adoption of TPO. The availability of advanced pyrolysis technologies and increased investment in research and development are further propelling market growth.

Region Insights

The Asia-Pacific region is expected to dominate the tire pyrolysis oil market due to its large population, rapid industrialization, and increasing awareness of environmental sustainability. Countries like China and India have significant tire waste generation and are actively promoting the use of TPO as an alternative fuel. In North America and Europe, stringent environmental regulations and initiatives to reduce carbon emissions are driving market growth. Emerging markets in Latin America and the Middle East are also expected to witness growth as they seek sustainable waste management solutions.

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

Key drivers of the tire pyrolysis oil market include the rising cost of conventional fuels, which encourages industries to seek cost-effective alternatives like TPO. The environmental benefits of reducing waste tire accumulation and greenhouse gas emissions are also significant drivers. Additionally, the versatility of TPO as a substitute for diesel in various applications, such as power generation and heating, makes it an attractive option for industries looking to reduce their carbon footprint.

Opportunities

Opportunities in the tire pyrolysis oil market include the potential for further technological advancements in pyrolysis processes, leading to higher yields and better quality oil. There is also an opportunity to expand the use of TPO in various industries beyond energy production, such as in the manufacturing of chemicals and lubricants. Strategic partnerships and collaborations between industry players and research institutions can drive innovation and create new market opportunities.

Challenges

The tire pyrolysis oil market faces challenges such as the initial high investment costs for setting up pyrolysis plants and the need for specialized equipment and technology. The variability in the quality of TPO depending on the type of tires used and the pyrolysis process can also pose challenges for its widespread adoption. Additionally, regulatory hurdles and the need for standardized quality and safety regulations for TPO can impact market growth. Despite these challenges, ongoing research and development efforts are expected to address these issues and contribute to the market’s expansion.

Read Also: Root Canal Files Market Size to Grow USD 390.40 Mn by 2033

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

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/

 


Prathamesh

Leave a Reply

Your email address will not be published. Required fields are marked *