Tire Recycling Downstream Products Market: Key Highlights
- The global tire recycling downstream products market was valued at ~US$ 4 Bn in 2018, and is anticipated to expand at a CAGR of ~3% during the forecast period.
- In terms of recycling technique, the shredding segment accounted for a major share of the global tire recycling downstream products market in 2018.
- Based on product, the rubber powder segment held a significant share of the global tire recycling downstream products market in 2018.
- In terms of end use, the cement manufacturing segment constituted a key share of the global tire recycling downstream products market in 2018. Currently, cement manufacturing companies use tire-derived fuel to supplement their primary fuel for firing cement kilns. The heating value of an average-sized passenger tire is approximately 13,000 to 15,000 British Thermal Units (BTUs) per pound, which is the same as that of coal. The primary aim of using tire fuel is to save on fuel costs.
- Asia Pacific is estimated to offer lucrative opportunities for the tire recycling downstream products market in the next few years, owing to large-scale scrap tire production in China, Japan, and India.
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Key Drivers of 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 construction materials has been increasing consistently. The cost of raw materials for asphalt and asphalt alteration has increased significantly, creating barriers for cost-effective road construction. This has boosted the need for alternative substitutes.
- Currently, rubber powder derived from scrap tires to maximize the quality of asphalt is an alternative cost-effective substitute for asphalt. The recycled material is blended into asphalt used in road construction to increase the quality of the mixture and extend the service life of the road.
- Asphalt mixture containing rubber has been used in several road projects in the U.S. and Europe. Rise in the demand for tire recycling downstream products in the construction sector is likely to drive the tire recycling downstream products market.
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Asia Pacific a Prominent Region of Tire Recycling Downstream Products Market
- Asia Pacific was the key region of the global tire recycling downstream products market in 2018. Increase in regulations regarding scrap tire landfilling is driving the tire recycling downstream products market in Asia Pacific.
- Around 11,010 million tons of new tires were produced in Asia Pacific in 2017; of this, China accounted for a 40% share, while Japan held a 6% share. Bridgestone Corp., Apollo Tyres Ltd, Toyo Tire & Rubber Co. Ltd, MRF Ltd, and Yokohama Rubber Company are the major tire manufacturers present in Asia Pacific. This creates an opportunity for the tire recycling downstream products market.
- North America is expected to contribute significantly to the global tire recycling downstream products market during the forecast period, due to the growth of paper and cement industries in the region. The U.S. utilized 106 million scrap tires as tire-derived fuel in 2017.
- Latin America held the least share of the global tire recycling downstream products market in 2018.
- Companies in Mexico such as Granutec, Trisol, and HM Energy Mexico are reusing scrap tires to produce waterproof coating, flooring, and a fuel alternative to diesel. This positively influences the tire recycling downstream products market.