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

The global tire pyrolysis oil market size is predicted to grow 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.

The tire pyrolysis oil market is emerging as a significant area of growth within the broader renewable energy and recycling sectors. Tire pyrolysis oil (TPO) is a byproduct obtained from the pyrolysis of waste tires—a process that breaks down tires into valuable resources such as oil, char, and gas under high temperatures and in the absence of oxygen. This oil can be refined and utilized as an alternative energy source, offering a sustainable way to manage tire waste while also providing an option to decrease reliance on conventional fossil fuels.

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Growth Factors:

Several factors contribute to the growth of the tire pyrolysis oil market. One of the key drivers is the increasing environmental concerns surrounding waste management, particularly the disposal of used tires. As regulations tighten around the world to limit the dumping and burning of tires, the demand for sustainable disposal methods such as pyrolysis is rising. Additionally, the potential use of tire pyrolysis oil as an alternative fuel source aligns with the global shift towards renewable and sustainable energy, further boosting market growth.

Region Insights:

The tire pyrolysis oil market varies significantly by region, reflecting local regulations, infrastructure, and market conditions. Asia-Pacific is anticipated to dominate the market due to its large population, rapid industrialization, and growing awareness of environmental sustainability. North America and Europe also present substantial market opportunities, given their stringent environmental regulations and established recycling industries. These regions are likely to see continued investment and innovation in the pyrolysis sector.

Tire Pyrolysis Oil Market Scope

Tire Pyrolysis Oil Market Dynamics

Drivers:

Key drivers for the tire pyrolysis oil market include the growing awareness of environmental issues, particularly those related to waste management and the need to transition to renewable energy sources. Economic incentives for recycling and reducing reliance on fossil fuels also play a role. Additionally, advances in pyrolysis technology, such as improvements in efficiency and output, contribute to market growth by making the process more commercially viable.

Opportunities:

Opportunities in the tire pyrolysis oil market include expanding applications for TPO, such as blending it with conventional fuels for transportation or using it as feedstock in the chemical industry. Research and development in refining and upgrading processes could lead to higher-quality oils with broader applications. There is also potential for partnerships between waste management companies and energy providers to create integrated systems for waste-to-energy conversion.

Challenges:

Despite its potential, the tire pyrolysis oil market faces certain challenges. These include the initial investment and operational costs associated with establishing pyrolysis plants. Additionally, the variability in oil quality based on feedstock composition can impact its widespread adoption. Regulatory hurdles and market acceptance may also pose challenges as the industry navigates existing standards and seeks to demonstrate the safety and efficiency of TPO use.

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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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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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