Wilmington, Delaware, United States, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR predicts the tire-derived fuel market will reach US$ 510.91 million by 2031. Tire derived fuel market sales are expected to expand at a CAGR of 2.9% through 2031. The advantages of tire-derived fuels over conventional fuels make them attractive options for various industries.
After analyzing the use of tire-derived fuels at more than 80 facilities over the past 15 years, EPA has concluded that they are a viable substitute for fossil fuels. As a result of EPA testing, it has been determined that TDF contains more BTUs than coal. Environmental concerns and regulatory mandates drive industries to seek clean, renewable alternatives to fossil fuels, causing the market to grow even faster.
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With growing public awareness about the environment and sustainability, recycling and repurposing waste materials have become more popular.
Circular economies emphasize reusing and recycling resources. TDF fits into this framework by reusing waste tires and reducing virgin resource consumption, promoting resource efficiency and sustainability.
Key Findings of the Market Report
- Based on type, the market for shredded tires is expected to drive the market.
- The cement manufacturing industry is expected to increase demand for tire derived fuels.
- Globally, tire derived fuel is expected to dominate the market in Asia Pacific.
- Regulatory and policy developments by the government are expected to drive the market for tire-derived fuels.
Global Tire Derived Fuel Market: Growth Drivers
- Tire recycling technology is advancing rapidly, leading to a significant growth of the tire-derived fuel market. Used tire disposal has been a major driving force in the TDF market.
- Discarded tires can fill landfills quickly, posing an environmental and health risk. As a result, TDF reduces the need for landfills by using tires as a source of energy. TDF and other alternative fuels will be in greater demand as consumers and businesses prioritize sustainability.
- Industrial processes and power generation can use TDF instead of fossil fuels. In addition to providing electricity and heat, it reduces the dependency on coal and other fossil fuels.
- Carbon footprint reduction and renewable energy targets can be particularly attractive to industries. Using TDF instead of coal or oil can reduce the pollution caused by greenhouse gas emissions. In addition to combating climate change and reducing air pollution, this benefit is also environmental in nature.
- Waste materials, including tires, can be recycled into energy through policies and incentives. These initiatives encourage the development of an infrastructure for producing tire-derived fuel, creating a favorable market environment for TDF.
- As automotive batteries are manufactured at an increasing rate, tire disposal rates could rise with the rapid increase in electric and hybrid vehicles, as well as hybrid electric vehicles.
Global Tire Derived Fuel Market: Regional Landscape
- North America is expected to lead the market for tire derived fuel. The United States and Canada will likely have a high market demand for these fuels due to the growing number of automotive sales. The United States is a major consumer of tire-derived fuels.
- The number of scrap tires produced in the United States in 2017 exceeded 250 million. There were 81.4% of recycling and repurposing scrap tires for various purposes. The use of tires as fuel has been documented in several industries, including paper and pulp factories, cement factories, and power plants.
- With the greater quantity of new tires produced in Asia Pacific, the region is projected to hold a significant share of the market. Among Asia Pacific countries, China holds a significant market share for tire-derived fuels. Tire-derived fuels are predicted to be in high demand in India during the forecast period.
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Global Tire Derived Fuel Market: Key Players
Tire-derived fuel is a highly consolidated market dominated by a few large companies. Most companies are carrying out research and development activities in an effort to create environmentally friendly products. Companies have been acquired, and several prominent players have expanded their product portfolios.
- Liberty Tire Recycling
- Ragn-Sells Group
- Lakin Tire West Inc.
- ResourceCo Pty Ltd.
- Emanuel Tire
- Renelux Cyprus Ltd.
Key Developments
- In February 2023, Holcim Alpena Plant, formerly Lafarge, celebrated the opening of its new tire co-processing plant. An initiative supported by the state aims to convert 22,000 tons of tires into energy per year using this $7.4 million project. According to Holcim, the move is intended to reduce emissions and reliance on traditional fuels.
- In October 2023, Fornnax Technology, an Indian company based in Bakrol Bujrang, will debut its new R4000-HD shredder model in Mumbai at the IFAT India 2023 trade show. Its performance efficacy criteria make the new model "a great option to make tire recycling profitable. R4000-HD is intended to help the company expand its international footprint. It sees global markets with tire-derived fuel (TDF) plants commonly found in cement plants and global recyclers with established TDF markets.
Global Tire Derived Fuel Market: Segmentation
Type
- Shredded Tire
- Whole Tire
End-user
- Pulp and Paper Mills
- Cement Manufacturing
- Utility Boiler
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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