Shift towards Eco-Friendly Alternatives Accelerates Tire Pyrolysis Oil Market Growth
Category: Chemicals & Materials Published Date : Oct-23 ID: CVC0186 Format: PDF Pages: 300
Tire Pyrolysis Oil Industry Outlook
As per rigorous research by ChemView Consulting, our analysts forecast that the global tire pyrolysis oil market is anticipated to exceed USD 902.2 million and will grow at a 6.5% CAGR during the forecasted period from 2023 to 2033.
Key Findings on the Tire Pyrolysis Oil Industry
The biggest market for tire pyrolysis oil is North America. As per our analysis, North America holds nearly 31.2% share of the tire pyrolysis oil market.
As per ChemView Consulting, the largest segment by feedstock is plastic. As per our analysis, this segment accounts for nearly 41.8% of total revenues.
The tire pyrolysis oil business is expected to grow at a CAGR of 6.5% during 2023–2033.
The key companies in the tire pyrolysis oil industry are Bridgestone Corporation, Daeho Industries, Michelin, Quantafuel ASA, OMV Aktiengesellschaft, New Hope Energy, Plastic Advanced Recycling Corp., Niutech, Agilyx, Ensyn, Green Fuel Nordic Oy, Alterra Energy, Bioenergy AE Cote-Nord, Twence, Pyrocell, Plastic2Oil Inc., Nexus Fuels, Brightmark LLC., Klean Industries Inc., BTG Biomass Technology Group, Agile Process Chemicals LLP, Trident Fuels (Pty) Ltd, Pyro-Oil Nig.Ltd., and Setra.
Key Drivers for Tire Pyrolysis Oil Demand
Key Challenges Inhibiting Need for Tire Pyrolysis Oil
Key Challenges and Opportunities for Tire Pyrolysis Oil Manufacturers
US Tire Pyrolysis Oil Market Forecast
Europe Tire Pyrolysis Oil Industry Outlook
Japan Tire Pyrolysis Oil Business Forecast
China and India Tire Pyrolysis Oil Market Overview
Tire Pyrolysis Oil Industry Outlook and Forecast by Segmentation
Based on feedstock, the plastic segment is set to account for 41.8% of the tire pyrolysis oil market share over the assessment period. The growth is because plastic is one of the most abundant forms of feedstock for tire pyrolysis. As worldwide plastic production and consumption expand, there is a steady and adequate supply of plastic trash accessible for recycling via pyrolysis methods. This assures a consistent supply of raw materials for the manufacture of tire pyrolysis oil.
Furthermore, plastic materials have a high energy content, making them an appealing feedstock for pyrolysis. This means that the oil produced by plastic pyrolysis has a higher energy density than traditional feedstocks, making it a useful source of fuel and chemicals.
Based on the process, the slow pyrolysis segment is expected to remain at the forefront of tire pyrolysis oil market size over 2023-2033. The development is mainly because slow pyrolysis often yields more pyrolysis oil than other processes, such as fast pyrolysis. Additionally, the slower heating rate provides for better process control, resulting in a higher-quality end product with fewer contaminants and a more uniform composition.
Moreover, slow pyrolysis produces fewer pollutants and is sometimes regarded as an environmentally beneficial alternative to other processes. In areas with strict environmental rules, this can be a significant factor.
Based on end-use, the heat and power segment is expected to remain at the forefront of tire pyrolysis oil industry share through 2033. This is mainly because many governments and regulatory organisations throughout the world are supporting the use of alternative fuels in order to decrease greenhouse gas emissions and fight climate change. In some areas, enterprises that use tire pyrolysis oil as a cleaner energy source may be entitled to incentives, tax credits, or subsidies. This regulatory support promotes the use of tire pyrolysis oil in heat and power applications.
However, tire pyrolysis oil can be a cost-effective choice for heat and power generation. When compared to other waste-to-energy processes, such as incineration, tire pyrolysis is very energy-efficient and may provide a consistent source of power and heat.
Which Company Owns the Largest Share in the Tire Pyrolysis Oil Market?
The key companies in the market scenario for tire pyrolysis oil include Bridgestone Corporation, Daeho Industries, Michelin, Quantafuel ASA, New Hope Energy, OMV Aktiengesellschaft, Plastic Advanced Recycling Corp., Niutech, Agilyx, Ensyn, Green Fuel Nordic Oy, Alterra Energy, Bioenergy AE Cote-Nord, Twence, Pyrocell, Plastic2Oil Inc., Nexus Fuels, Brightmark LLC., Klean Industries Inc., BTG Biomass Technology Group, Agile Process Chemicals LLP, Trident Fuels (Pty) Ltd, Pyro-Oil Nig.Ltd., and Setra.
As per our analysis, the companies that hold the largest share of the tire pyrolysis oil market are
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Founded in 2015 and with headquarters in Norway, it is a technology-based energy company that transforms waste plastics into low-carbon synthetic oil products that replace virgin oil.
Founded in 1956 and headquartered in Vienna, Austria, it is a multinational oil, gas, and petrochemical corporation.
New Hope Energy
Established in 2018 and located in Tyler, Texas, United States, it is a leader in chemical recycling.
Founded in 2006 and headquartered in China, it is a manufacturer, researcher, and developer of pyrolysis technologies for recycling scrap tires and waste plastic.
Founded in 1967 and with headquarters in the United States, it is an electronics firm.
What Makes this Report More Insightful than Others?
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The tire pyrolysis oil market is projected to reach a significant value of US $902.2 million by 2033, driven by a robust 6.5% CAGR during the period 2023–2033. Key industry players actively contributing to its growth are Bridgestone Corporation, Daeho Industries, Michelin, Quantafuel ASA, OMV Aktiengesellschaft, New Hope Energy, Plastic Advanced Recycling Corp., Niutech, Agilyx, Ensyn, Green Fuel Nordic Oy, Alterra Energy, Bioenergy AE Cote-Nord, Twence, Pyrocell, Plastic2Oil Inc., Nexus Fuels, Brightmark LLC., Klean Industries Inc., BTG Biomass Technology Group, Agile Process Chemicals LLP, Trident Fuels (Pty) Ltd, Pyro-Oil Nig.Ltd., and Setra. The largest market segment by feedstock is plastic, while North America emerges as the dominant region in this market.
1.1. Global Market Outlook
1.2. Technology Roadmap
1.3. Supply and Demand Side Trends
1.4. Strategic Success Factors
1.5. Analysis and Recommendations
2.1. Market Taxonomy
2.2. Market Definitions
2.3. Inclusions and Limitations
3.1. Supply Side Overview
3.2. Demand Side Overview
4.1. Macroeconomic Factors
4.2. Forecast Factors
4.3. PEST Analysis
4.4. Porter’s Five Forces
4.5. Value Chain Analysis
4.6. Market Dynamics
4.7. Patent Analysis
4.8. Trade Analysis
4.9. Investment Feasibility Matrix
4.10. Challenges for New Entrants
4.11. Regulations Overview
4.12. Covid-19 Impact Assessment
4.12.1. Economy/Cluster Projections
4.12.2. Covid-19 Economic Assessment
4.12.3. Potential Impact on Target Market
4.12.4. Recovery Scenario
5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis
5.2. Demand Y-o-Y Growth Rate Analysis
5.3. Total $ Opportunity Analysis
5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis
6.1. Regional Pricing Analysis By Source
6.2. Regional Price Forecast
6.3. Profit Margin Analysis
6.4. Future Price Impact Factors
7.2. Market Trends
7.3. Historical Market Analysis and Market Forecast Analysis
7.4. Market Attractiveness Analysis
8.2. Market Trends
8.3. Historical Market Analysis and Market Forecast Analysis
8.3.1. Fast pyrolysis
8.3.2. Flash pyrolysis
8.3.3. Slow Pyrolysis
8.4. Market Attractiveness Analysis
9.2. Market Trends
9.3. Historical Market Analysis and Market Forecast Analysis
9.3.1. Heat and Power
9.3.2. Automotive Fuel
9.4. Market Attractiveness Analysis
10.2. Market Trends
10.3. Historical Market Analysis and Market Forecast Analysis
10.3.1. North America
10.3.2. Latin America
10.3.3. Western Europe
10.3.4. Eastern Europe
10.3.5. East Asia
10.3.6. South Asia Pacific
10.3.7. Middle East and Africa
10.4. Market Attractiveness Analysis by Region
11.2. Key Market Trends
11.3. Pricing Analysis
11.4. Historical Market Analysis and Market Forecast Analysis
11.4.1. By Country
220.127.116.11. The U.S.
11.4.2. By Feedstock
11.4.3. By Process
11.4.4. By End-use
11.5. Market Attractiveness Analysis
11.5.1. By Country
11.5.2. By Feedstock
11.5.3. By Process
11.5.4. By End-use
11.6. Market Participants Presence Mapping
12.2. Key Market Trends
12.3. Pricing Analysis
12.4. Historical Market Analysis and Market Forecast Analysis
12.4.1. By Country
18.104.22.168. Rest of L.A.
12.4.2. By Feedstock
12.4.3. By Process
12.4.4. By End-use
12.5. Market Attractiveness Analysis
12.5.1. By Country
12.5.2. By Feedstock
12.5.3. By Process
12.5.4. By End-use
12.6. Market Participants Presence Mapping
13.2. Key Market Trends
13.3. Pricing Analysis
13.4. Historical Market Analysis and Market Forecast Analysis
13.4.1. By Country
22.214.171.124. Rest of Western Europe
13.4.2. By Feedstock
13.4.3. By Process
13.4.4. By End-use
13.5. Market Attractiveness Analysis
13.5.1. By Country
13.5.2. By Feedstock
13.5.3. By Process
13.5.4. By End-use
13.6. Market Participants Presence Mapping
14.2. Key Market Trends
14.3. Pricing Analysis
14.4. Historical Market Analysis and Market Forecast Analysis
14.4.1. By Country
126.96.36.199. Rest of Eastern Europe
14.4.2. By Feedstock
14.4.3. By Process
14.4.4. By End-use
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Feedstock
14.5.3. By Process
14.5.4. By End-use
14.6. Market Participants Presence Mapping
15.2. Key Market Trends
15.3. Pricing Analysis
15.4. Historical Market Analysis and Market Forecast Analysis
15.4.1. By Country
188.8.131.52. South Korea
15.4.2. By Feedstock
15.4.3. By Process
15.4.4. By End-use
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Feedstock
15.5.3. By Process
15.5.4. By End-use
15.6. Market Participants Presence Mapping
16.2. Key Market Trends
16.3. Pricing Analysis
16.4. Historical Market Analysis and Market Forecast Analysis
16.4.1. By Country
184.108.40.206. Rest of SAP
16.4.2. By Feedstock
16.4.3. By Process
16.4.4. By End-use
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Feedstock
16.5.3. By Process
16.5.4. By End-use
16.6. Market Participants Presence Mapping
17.2. Key Market Trends
17.3. Pricing Analysis
17.4. Historical Market Analysis and Market Forecast Analysis
17.4.1. By Country
220.127.116.11. GCC Countries
18.104.22.168. South Africa
22.214.171.124. Rest of MEA
17.4.2. By Feedstock
17.4.3. By Process
17.4.4. By End-use
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Feedstock
17.5.3. By Process
17.5.4. By End-use
17.6. Market Participants Presence Mapping
18.1. Market Concentration Analysis
18.2. Tier Structure Breakdown
18.3. Market Share Analysis
18.4. Production Capacity Analysis
18.5. Key Strategies Adopted by Top Players
18.6. Start-up Ecosystem
18.6.1. New Player Entry
18.6.2. Strategies Adopted by New Players
18.7. Company Footprint Analysis
18.7.1. Vehicle Type Footprint
18.7.2. Regional Footprint
18.8. Competitive Dashboard
19.1. Bridgestone Corporation
19.1.1. Company Overview
19.1.2. Product Portfolio
19.1.4. Financial Analysis
19.1.5. Recent Developments
19.1.6. SWOT Analysis
19.1.7. Strategy Overview
19.2. Daeho Industries
19.4. Quantafuel ASA
19.5. OMV Aktiengesellschaft
19.6. New Hope Energy
19.7. Plastic Advanced Recycling Corp.
19.11. Green Fuel Nordic Oy
19.12. Alterra Energy
19.13. Bioenergy AE Cote-Nord
19.16. Plastic2Oil Inc.
19.17. Nexus Fuels
19.18. Brightmark LLC.
19.19. Klean Industries Inc.
19.20. BTG Biomass Technology Group
19.21. Agile Process Chemicals LLP
19.22. Trident Fuels (Pty) Ltd
19.23. Pyro-Oil Nig. Ltd.