The global tire pyrolysis oil market size is expected to increase USD 567.90 million by 2033 from USD 340.10 million in 2023 with a CAGR of 5.26% between 2024 and 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.
The tire pyrolysis oil market involves the production, distribution, and use of oil derived from the pyrolysis process of end-of-life tires. Tire pyrolysis oil, also known as TPO, is a renewable and sustainable fuel source that offers a potential solution to the disposal of waste tires while providing a usable alternative to traditional fossil fuels. The oil produced can be used in various applications such as power generation, industrial heating, and as a feedstock for the chemical industry.
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Growth Factors
Several factors contribute to the growth of the tire pyrolysis oil market. First, the increasing demand for sustainable and renewable energy sources drives interest in TPO as a viable alternative to conventional fossil fuels. Additionally, the growing awareness of environmental issues related to tire waste management has led to the adoption of pyrolysis as an eco-friendly disposal method. Government regulations and incentives supporting the recycling of waste tires and the use of alternative fuels also play a significant role in market expansion.
Region Insights
The tire pyrolysis oil market has a global presence, with major regions such as North America, Europe, and Asia-Pacific driving growth. In North America and Europe, stringent environmental regulations and high awareness of sustainable practices have led to the adoption of TPO for power generation and industrial use. The Asia-Pacific region, particularly countries like China and India, is seeing substantial growth due to the increasing number of vehicles and the corresponding rise in tire waste. Additionally, the region’s focus on reducing carbon emissions and embracing green technologies further fuels market growth.
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
The primary drivers of the tire pyrolysis oil market include:
- Environmental Concerns: Increased awareness of the environmental impact of waste tires and the benefits of recycling them through pyrolysis.
- Regulatory Support: Governments worldwide are implementing regulations to encourage waste tire recycling and the use of alternative fuels.
- Demand for Alternative Energy: The growing need for renewable and sustainable energy sources is propelling the adoption of TPO as a fuel option.
Opportunities
The tire pyrolysis oil market presents numerous opportunities for growth and innovation:
- Technological Advancements: Continued research and development in pyrolysis technology can lead to more efficient and cost-effective production of TPO.
- Market Expansion: Exploring new applications and markets for TPO, such as in the transportation sector, could open up new avenues for growth.
- Circular Economy: The integration of TPO production into the circular economy model can enhance sustainability and reduce waste.
Challenges
Despite its potential, the tire pyrolysis oil market faces certain challenges:
- Quality Control: Ensuring consistent quality and composition of TPO across different production facilities is a key challenge.
- Cost: The initial investment in pyrolysis plants and technology can be high, posing a barrier to entry for some businesses.
- Regulatory Compliance: Navigating different regional regulations and standards related to waste tire recycling and fuel emissions can be complex.
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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
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