Tire Recycling Downstream Product Market: Key Highlights
- Global Tire Recycling Downstream Products Market was valued at ~US$4 billion in 2018and is expected to grow at a CAGR of ~3% during the forecast period.
- In terms of recycling technology, the shredding segment accounted for a significant share of the global tire recycling downstream product market in 2018.
- On the basis of product, the rubber powder segment held a major share of the global tire recycling downstream product market in 2018.
- In terms of end-use, the cement manufacturing segment was a key share of the global tire recycling downstream product market in 2018. Currently, cement manufacturing companies use tire-derived fuel to supplement their primary fuel for firing cement kilns. The calorific value of an average size passenger tire is approximately 13,000 to 15,000 British Thermal Units (BTU) per pound, which is the same as coal. The main purpose of using tire fuel is to save on fuel costs.
- Asia-Pacific is estimated to provide lucrative opportunities for the tire recycling downstream product market in the coming years, driven by large-scale production of scrap tires in China, Japan, and India.
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Key Drivers of the Tire Recycling Downstream Products Market
- The poor quality of roads has become a major concern for the public sector. The demand for high-performance road building materials has steadily increased. The cost of raw materials for asphalt and asphalt modification has increased dramatically, creating barriers to profitable road construction. This has increased the need for alternative substitutes.
- Currently, rubber powder derived from scrap tires to maximize asphalt quality is a cost-effective alternative to replace asphalt. The recycled material is mixed into the asphalt used in road construction to increase the quality of the mix and extend the life of the road.
- A rubber-containing asphalt mixture has been used in several highway projects in the United States and Europe. Rising demand for tire recycling downstream products in the construction industry is likely to drive the tire recycling downstream product market.
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Asia-Pacific, an important region of the tire recycling downstream products market
- Asia-Pacific was the key region for the global tire recycling downstream products market in 2018. Increasing regulations regarding waste tire landfill are driving the tire recycling downstream products market in Asia- Peaceful.
- Around 11,010 million tonnes of new tires were produced in Asia-Pacific in 2017; of this, China represented a 40% share, while Japan held a 6% to share. Bridgestone Corp., Apollo Tires Ltd, Toyo Tire & Rubber Co. Ltd, MRF Ltd, and Yokohama Rubber Company are the main tire manufacturers present in Asia-Pacific. This creates an opportunity for the product market downstream of tire recycling.
- North America is expected to contribute significantly to the global tire recycling downstream products market over the forecast period, owing to the growth of paper and cement industries in the region. The United States used 106 million waste tires as tire-derived fuel in 2017.
- Latin America held the smallest global market share of tire recycling downstream products in 2018.
- Mexican companies such as Granutec, Trisol and HM Energy Mexico reuse used tires to produce waterproof coatings, flooring and an alternative fuel to diesel. This positively influences the product market downstream of tire recycling.
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Global Tire Recycling Downstream Products Market: Key Developments
- In April 2019, GENAN HOLDING A/S has acquired Biosafe, a subsidiary of NORS, operator of the largest tire recycling plant in Portugal. After this acquisition, GENAN HOLDING A/S has six tire recycling plants around the world.
- In July 2018, Australia’s largest resource recovery and processed engineered fuel (PEF) plant was opened at Wetherill Park in Sydney. Operated as a joint venture between ResourceCo and Cleanaway, the plant is licensed to receive up to 250,000 tonnes of dry commercial and industrial and mixed construction and demolition waste per year, to recover metal, clean wood and inert materials. The rest of the waste is transformed into PEF.
- In July 2018Scandinavian Enviro Systems AB and Industrial Development and Renovation Organization of Iran (IDRO) have signed a HoA (Heads of Agreement) with DHF Development, a Germany-based company, to facilitate the establishment of more recycling plants in the Middle -East.
- In May 2017, The Clean Energy Finance Corporation (CEFC) has loaned $30 million to ResourceCo to establish an innovative alternative fuels production facility in New South Wales (NSW), Australia. These funds would be used to build two new plants to transform certain non-recyclable waste streams into solid fuel, known as Processed Engineered Fuel (PEF).
- In May 2017Renelux Cyprus Ltd has submitted its first full corporate offer for an alternative fuel, i.e. tire-derived fuel, to a major cement manufacturer in India.
Tire Recycling Downstream Product Market: Competition Landscape
- The global market for downstream tire recycling products is highly fragmented with the presence of a large number of players.
- Decreasing capital investment and low R&D expenditure in the tire recycling downstream product market is expected to increase the threat of new players entering the market in the near future.
- Major players operating in the tire recycling downstream products market include Liberty Tire Recycling, Genan Holding A/S, Lakin Tires West Inc, Ragn-Sells Group, L & S Tire Company, Scandinavian Enviro Systems AB, ETR Group, ResourceCo Pty Ltd., Probio Energy International, Renelux Cyprus Ltd, Emanuel Tire LLC , Reliable Tire Disposal, Globarket Tire Recycling LLC, Tire Disposal & Recycling, Inc., West Coast Rubber Recycling Inc., Lehigh Technologies, Inc. and Front Range Tire Recycle, Inc..
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