May 21, 2024

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

The global tire pyrolysis oil market size reached 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 revolves around the production and commercialization of oil derived from the thermal decomposition of waste tires. Pyrolysis is a process where used tires are heated in the absence of oxygen, breaking them down into oil, gas, and char. Tire pyrolysis oil (TPO) is gaining attention as a potential alternative energy source due to its similarity to petroleum-based fuels and its lower environmental impact compared to traditional tire disposal methods.

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Growth Factors:

The growth of the tire pyrolysis oil market is driven by the increasing global focus on sustainable waste management and the demand for alternative energy sources. The need to reduce waste tire accumulation and the rising costs of conventional fuels have accelerated interest in TPO. Additionally, the potential for TPO to serve as a feedstock for various industrial applications further drives market growth.

Region Insights:

The tire pyrolysis oil market varies regionally based on the availability of waste tires and the regulatory landscape. Asia-Pacific is a major region for market growth due to its high population density and rapid industrialization, leading to substantial waste tire generation. Europe is also a key market due to its strict regulations on waste management and the adoption of circular economy practices. North America is emerging as a potential market due to increased awareness of environmental issues.

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 environmental benefits of reducing waste tire stockpiles, the opportunity to use TPO as a substitute for conventional fuels, and the potential for cost savings in industries that rely on fuel. Government regulations promoting waste management and recycling further contribute to the market’s expansion.

Opportunities

Opportunities in the tire pyrolysis oil market include the development of advanced pyrolysis technologies that enhance oil quality and yield. The diversification of applications for TPO, such as its use in power generation or as a chemical feedstock, presents additional growth avenues. Collaborations between industries and research institutions could lead to innovative uses for TPO.

Challenges:

Challenges facing the tire pyrolysis oil market include the need for efficient and scalable pyrolysis processes, which require significant investment. Ensuring the quality and consistency of TPO can be complex, and competition from other alternative energy sources poses a risk. Regulatory hurdles and concerns about emissions from the pyrolysis process also represent potential challenges.

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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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