Tire Pyrolysis Oil Market Size to Surpass USD 567.90 Mn by 2033

Prathamesh

4 weeks ago

The global tire pyrolysis oil market size surpassed USD 340.10 million in 2023 and is projected to attain around USD 567.90 million by 2033, growing at a CAGR of 5.26% from 2024 to 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.

Tire Pyrolysis Oil Market Size 2024 to 2033

The tire pyrolysis oil market involves the production and distribution of oil derived from the pyrolysis of scrap tires. Pyrolysis is a process that involves heating tires in the absence of oxygen to break them down into valuable byproducts such as pyrolysis oil, carbon black, and steel wire. Tire pyrolysis oil is gaining popularity as an alternative energy source due to its potential for use in power generation, heating, and as a feedstock for refining processes. The market is expected to grow as industries seek sustainable solutions for waste tire management and alternative energy sources.

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Growth Factors:

Several factors contribute to the growth of the tire pyrolysis oil market. Increasing environmental concerns and the need to reduce waste in landfills drive the demand for recycling methods such as tire pyrolysis. Additionally, the rising cost of traditional fossil fuels and the desire for alternative energy sources contribute to the growth of the market. Supportive government regulations and incentives for waste tire management and renewable energy projects also play a key role in boosting the tire pyrolysis oil market.

Region Insights:

The tire pyrolysis oil market is experiencing growth in various regions around the world, with some regions showing more significant potential. In Asia-Pacific, countries like China and India have large automotive industries, leading to a high generation of scrap tires and a strong demand for alternative energy sources. In North America and Europe, environmental regulations and waste tire management initiatives drive the market. Emerging markets in Latin America and Africa may also experience growth as they invest in sustainable waste management solutions.

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:

Key drivers of the tire pyrolysis oil market include the rising costs of fossil fuels, increasing environmental concerns, and the need for sustainable waste tire management. Government regulations and incentives for renewable energy projects encourage the adoption of tire pyrolysis oil. Additionally, the availability of advanced technologies for pyrolysis processes and the potential for tire pyrolysis oil to serve as an alternative energy source further drive market growth.

Opportunities:

Opportunities in the tire pyrolysis oil market include the potential for developing new applications for pyrolysis oil, such as its use in the production of chemicals and fuels. The expansion of renewable energy projects and the adoption of tire pyrolysis oil in power generation and heating applications present growth prospects. Companies that invest in research and development to improve the efficiency and quality of pyrolysis processes can also capitalize on the market’s growth.

Challenges:

Challenges in the tire pyrolysis oil market include the need for efficient and cost-effective pyrolysis technologies. Ensuring the quality and consistency of pyrolysis oil for different applications can also pose a challenge. Regulatory hurdles and concerns about emissions from pyrolysis processes may impact market growth. Additionally, competition from other renewable energy sources and alternative recycling methods for scrap tires can influence the market dynamics.

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.