WELLESLEY, Mass., July 10, 2018 (GLOBE NEWSWIRE) -- Stricter government regulations for environmental protection is contributing to a global rise in scrap tire recovery and recycling initiatives. According to the BCC Research report Global Market for the Tire and Rubber Remediation and Recycling Industry, this market is anticipated to grow from $7.6 billion in 2017 to nearly $9.5 billion by 2022 at a compound annual growth rate (CAGR) of 4.5%.
An estimated 1 billion tires reach the end of their useful lives every year globally, with almost 300 million generated by the U.S. alone. The tire industry and individual manufacturers are currently working to address the issue, and progress is being made, as they are increasingly being viewed as a resource instead of a waste.
The report notes an interesting observation is an expected shift in market growth for material recovery and a small reduction for energy recovery. Within material recovery, recycling of scrap tires as tire rubber granulate and powder in various applications is expected to be the main recovery route in most of the developed and developing markets.
Research Highlights
- The future for tire recycling is strong. Applications for scrap tire rubber such as rubberized asphalt and molded and extruded products have become recognized for their preferable properties.
- Of the four major markets—fuel, civil engineering applications, ground rubber markets and others—the use of tires as a fuel is by far the largest segment of the global market.
- The Asia-Pacific region and North America are the global leaders in scrap tire, tire-derived fules (TDF) and ground rubber production, based mainly on large fleet of cars and fast GDP growth rate.
“Environmentally sound disposal of scrap tires and the sustainable use of natural resources continue to be top priorities for tire manufacturers, distributors and retailers,” said BCC Research analyst Nikos Thomopoulos. “Scrap tires offer a significant opportunity for achieving sustainable development objectives. Widespread use in energy and material recovery applications is well-established as an alternative to virgin raw materials, and the positive environmental impacts of using scrap tires as a resource are significant, mostly derived from the accompanying reduction in virgin resource exploitation.”
About BCC Research
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