ALBANY, N.Y., April 11, 2022 (GLOBE NEWSWIRE) -- Increasing emphasis by governments on making beneficial use of scrap tires by using it as a fuel is a key pivot for the expansion of avenues in the tire derived fuel market. Massive generation of scrap tires and the presence of dedicated tire-to-energy facilities in end-use industries has enriched the entire value chain. The global valuation of tire derived fuel market is projected to reach US$ 510.91 Mn by 2031, expanding at CAGR of 2.9% during the forecast period of 2021–2031.
Several industrial facilities in multiple end-use industries are adopting tire-derived fuel supplemental fuel with benefits of reduced air emissions and fuel costs as well as for boosting increase boiler efficiency. In developed countries, revenues from sales are growing on back of favorable regulatory outlook where tire-derived fuel (TDF) is considered as a high BTU-value fuel with lower emissions. In the U.S., number of industrial facilities using TDF as supplemental fuel has been rising.
Rising adoption of TDF as a supplemental fuel to primary source in utility boilers, cement kilns, and pulp & paper mills has expanded profitable avenues, found analysts in an in-depth TMR study on the dynamics of the tire derived fuel market. The preference of TDF over coal is increasing in electric utilities can be ascribed to the advantage of fewer nitrate emissions and higher BTU value than coal.
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Key Findings of Tire Derived Fuel Market Study
- Need for Cleaner Alternative to Traditional Fuels Spurred Market Prospects: Globally, governments are emphasizing on the use of environmentally friendly fuels made using scrap tire waste. Thus, tire derived fuel is gathering popularity as cost-competitive alternative source fuel. The demand for products has thus been growing in industrial facilities, notes the analysts at TMR while analyzing the dynamics of the time derived fuel market. Thus, initiatives by industry stakeholders on reducing the huge number of scrap tires that are disposed in landfills every year will propel the revenue potential. Furthermore, the cost is comparable to several traditional fuels.
- Use as Supplemental Fuel in Several Applications Fueling Revenue Generation: There is an extensive demand for TDF in cement manufacturing facilities. Cement kilns will continue to use TDF as a supplemental fuel. The revenue has also grown from the growing uptake of products in paper and pulp companies. Paper & pulp mills have been able to reduce their fuel costs and reduce certain type of emission, and thus, has attracted attention of regulatory agencies such as the U.S. EPA. Governments are leaning on infrastructure development for making responsible use of scrap tires disposal.
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Tire Derived Fuel Market: Key Drivers
- Rise in production of vehicles in developing and developed countries has spurred the generation of scrap tire waste. This has been expanding the avenues in the tire derived fuel market.
- Worldwide, the focus of economies on adopting or promoting reduce, reuse, and recycle (3R) practice has bolstered waste management infrastructure, thus driving the tire derived fuel market. This has helped removal of tires from landfills or prevent the rate of inappropriate disposal of scrap tires and helped preserve natural resources.
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Tire Derived Fuel Market: Regional Growth Dynamics
- Asia Pacific is projected to hold a leading share of the global tire derived fuel during the forecast period. Rise in production of passenger and personal vehicles has underpinned lucrative opportunities for industry stakeholders. On the back of this trend, millions of scrap tires have been generated, thus bolstering the prospects of the regional market.
- Japan has been lucrative market in Asia Pacific over the past few years. Meanwhile, in recent years, India is emerging as a potentially profitable market, mainly on the back of rising demand for low-cost and energy-intensive fuel in the country.
Tire Derived Fuel Market: Key Players
Some of the key players in the tire derived fuel market are Renelux Cyprus Ltd., Emanuel Tire, ResourceCo Pty Ltd., Lakin Tire West Inc., Ragn-Sells Group, and Liberty Tire Recycling.
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Global Tire Derived Fuel Market: Segmentation
Tire Derived Fuel Market by Type
- Shredded Tire
- Whole Tire
Tire Derived Fuel Market by End-user
- Pulp and Paper Mills
- Cement Manufacturing
- Utility Boiler
- Others
Tire Derived Fuel Market by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Poland
- Rest of Europe
- Asia Pacific
- India
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Morocco
- Others
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