Tire recycling market to reach US$ 18.87 bn by 2032

Market Summary

According to DataIntelo, the global tire recycling market size was US$ 14.09 bn in 2023 and is projected to reach US$ 18.87 bn by 2032, expanding at a CAGR of 3.30 % during 2024 to 2032. The market is fueled by stringent environmental regulations and the escalating demand for sustainable rubber products in various industries.

Increasing focus on sustainable practices propels the market. Governments and corporations alike are investing heavily in circular economy initiatives, aiming to reduce waste and promote the reuse of materials.

  © Manfred Richter by Pixabay

What are the market drivers and trends in tire recycling market?

Several factors are propelling the growth of the tire recycling market. The foremost among these is the increasing emphasis on sustainable development and strict government regulations regarding the disposal of scrap tires. Policies in many regions require the proper treatment of used tires to prevent fire hazards and the breeding of disease-carrying pests like mosquitoes.

Additionally, advancements in recycling technologies have opened up new avenues for the reuse of tire-derived materials. Crumb rubber, for instance, is now widely used in road construction, playgrounds, sports surfaces, and even as fuel in cement kilns. The emergence of pyrolysis – an innovative method of converting tires into oil, gas, and carbon black – is also gaining popularity due to its potential to generate energy while minimizing waste.

Challenges and opportunities in tire recycling market

Despite its promising growth, the tire recycling market is not without challenges. High initial setup costs, technological limitations, and the presence of unorganized sectors in developing regions can hinder market expansion. Moreover, the volatility of raw material prices and the limited awareness among consumers and industries pose additional barriers.

However, these challenges also bring opportunities. Investments in research and development, government incentives, and the development of public-private partnerships can significantly improve recycling efficiency and profitability. The growing demand for eco-friendly construction materials and sustainable industrial inputs further boosts the market potential.

Future outlook

Looking ahead, the tire recycling market is expected to experience steady growth, supported by innovation, stricter regulations, and global environmental goals. As the world moves toward a circular economy, the role of tire recycling in waste management and resource conservation will become increasingly vital. With ongoing efforts to enhance recycling technologies and integrate recycled materials into mainstream applications, the industry is poised to become a key player in the sustainable materials landscape.

Tire recycling market: Competitive landscape

Key players competing in the global tire recycling market are Apollo Tyres Ltd.; Bridgestone; Champlin Tire Recycling Inc.; Contec; Continental AG; Emanuel Tire, LLC; Entech Inc.; Genan Holding A/S; Green Distillation Technologies Corporation LTD.; LakinTire.com; Michelin Group S.A.; Re-Match Holding A/S; reRubber, LLC.; Tire Disposal and Recycling, Inc.; Tyre Recycling Solutions SA; and Wastefront.

https://dataintelo.com/report/global-tire-recycling-market