Tire Pyrolysis Oil Market

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

1. Which is the largest market for tire pyrolysis oil?

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.

2. What is the largest feedstock segment within the tire pyrolysis oil industry?

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.

3. At what rate is the tire pyrolysis oil sector expected to grow?

The tire pyrolysis oil business is expected to grow at a CAGR of 6.5% during 2023–2033.

4. What are the major trends influencing the tire pyrolysis oil market?

• Rising Energy Costs: Energy price increases have made tire pyrolysis oil an appealing alternative for enterprises seeking cost-effective energy sources.
• Advanced Technologies: Continuous innovation in tire pyrolysis techniques and technologies is increasing efficiency, production, and pyrolysis oil quality.

5. Who are the leading market players in the tire pyrolysis oil?

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

• As global environmental consciousness grows, there is a growing need for sustainable and eco-friendly alternatives to traditional fossil fuels. Tire pyrolysis oil, generated from used tires, is considered as a greener and more sustainable solution, fueling industry expansion.
• In addition, many governments throughout the world have introduced laws to decrease carbon emissions and promote the use of renewable and alternative fuels. Incentives such as tax benefits and subsidies for tire pyrolysis oil production and use can help drive tire pyrolysis oil market development.
• Furthermore, tire pyrolysis oil is used in a variety of industrial activities, including heating, electricity generation, and as a feedstock for chemical processes. The increasing use of tire pyrolysis oil in these sectors has the potential to boost market progression.

Key Challenges Inhibiting Need for Tire Pyrolysis Oil

• Opening a tire pyrolysis factory necessitates a substantial initial investment in equipment and technology, which can be prohibitively expensive for many potential tire pyrolysis oil market entrants.
• Moreover, the supply of scrap tires, which serve as the main feedstock for tire pyrolysis, can be variable and volatile. This may influence the continuous supply of raw materials.

Key Challenges and Opportunities for Tire Pyrolysis Oil Manufacturers

• The demand for tire pyrolysis oil fluctuates, and market prices are not always favorable. Manufacturers must adapt to changing market conditions and price volatility, which can be challenging for the tire pyrolysis oil industry participants.
• However, attracting investments and funds from green technology investors or government support may help businesses scale up their operations and expand their position in tire pyrolysis oil industry.

Country/Region-wise Insights

US Tire Pyrolysis Oil Market Forecast 

• Raised awareness of the need to reduce carbon emissions in the US market is projected to observe significant growth in the estimated period. US markets are likely to account for a leading share of the global industry.
• In addition, ongoing research and development efforts are leading to advances in technology in tire pyrolysis processes, making them more efficient and cost-effective.

Europe Tire Pyrolysis Oil Industry Outlook 

• An increasing awareness and dedication to sustainability and environmental protection in the Europe market is anticipated to drive sales in the market over the assessment period.
• In addition, with increased expenditures, technical developments, and a strong focus on decreasing carbon footprints, the tire pyrolysis oil market in Europe is expected to grow significantly and sustainably in the near future.

Japan Tire Pyrolysis Oil Business Forecast

• Partnerships and collaborations among government agencies, industry participants, and research institutes in Japan are anticipated to drive the market over the forecasted period.
• Additionally, government rules and incentives aimed at promoting eco-friendly practices and lowering carbon emissions are projected to increase the use of tire pyrolysis oil in Japan.

China and India Tire Pyrolysis Oil Market Overview

• Stricter tire disposal regulations, as well as a shift towards cleaner energy sources in China and India, are anticipated to fuel the market over the forecast period.
• In addition, with greater environmental consciousness and a focus on sustainable alternatives, the market for tire pyrolysis oil, a product obtained from recycling used tires, is expanding.

Tire Pyrolysis Oil Industry Outlook and Forecast by Segmentation

By Feedstock

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.

By Process

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.

By End-use

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.

Recent Developments:

• In June 2023, Bridgestone Corporation, a multinational Japanese tire producer, announced that it started producing tire-derived oil and recovered carbon black through the pyrolysis of discarded tires using test units located at Bridgestone Innovation Park in Kodaira City, Tokyo.
• In April 2022, SK Energy, SK Networks, and Daeho Industries, a manufacturer and distributor of retread tires and tread rubber for trucks and buses, collaborated to push forward with the pyrolysis industry by recycling discarded tires.
• In February 2021, Michelin, a well-known French tire producer, began constructing its first tire pyrolysis facility in partnership with Enviro.

As per our analysis, the companies that hold the largest share of the tire pyrolysis oil market are

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Quantafuel ASA  

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.

OMV Aktiengesellschaft

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.

Niutech

Founded in 2006 and headquartered in China, it is a manufacturer, researcher, and developer of pyrolysis technologies for recycling scrap tires and waste plastic.

Setra

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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Summary

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.

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