Tire Derived Fuel Market Outlook 2031
- The global tire derived fuel market was valued at US$ 373.06 Mn in 2020
- It is estimated to expand at a CAGR of 2.9% from 2021 to 2031
- The global tire derived fuel market is expected to reach the value of US$ 510.91 Mn by the end of 2031
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Analysts’ Viewpoint on Tire Derived Fuel Market Scenario
Increasing applications of scrap tires as tire derived fuel in pulp & paper mills, cement manufacturing, and utility boiler industries is creating revenue opportunities for tire derived fuel players. Growing awareness about scrap tire waste in landfills and rising demand from the auto industry across developed regions are expected to drive the global market for tire derived fuel in the near future. Tire landfills are undesirable, as they become breeding grounds for mosquitoes and other disease-carrying pests. It is also common for these landfills to catch fire and release thick toxic smoke. The low recovery rate due to lack of infrastructure and minimal government regulations in developing countries of Asia is likely to hamper the tire derived fuel market in the region during the forecast period.
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Tire Derived Fuel to Replace Other Fuels
Fuel derived from waste tires, including altered, shredded, or whole tires, is known as tire-derived fuel (TDF). When burned, tires generate the same amount of energy as oil; 25%–50% more energy than coal, and 100%–200% more energy than wood. The EPA and state-testing facilities have shown that TDF produces low emissions compared to other conventional fuels. At well-controlled facilities, emissions are considerably less when TDF is used to replace some of the typical fuels used at the facilities. As a result, the EPA has recommended the use of tire-derived fuel as a viable alternative to the use of fossil fuels. Hence, facilities such as utility boilers, cement kilns, and pulp & paper mills use TDF as a supplemental fuel in their energy-intensive processes.
The usage of TDF reduces the amount of fossil fuels that would otherwise be consumed and it is also less expensive than fossil fuels. All these factors are driving the demand for tire-derived fuel.
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Rise in Automobile Production in Developing Countries to Boost Market Growth
The global automotive industry is expanding at a rapid space, particularly in Asia Pacific. Government, corporate, and personal vehicles are increasing in number at levels much higher than ever before. Due to large population, abundant availability of raw materials, and low cost of labor in Asia Pacific, several automobile giants are moving their manufacturing plants to the region. Furthermore, microeconomic development, effective and efficient vehicle-manufacturing techniques, and rise in the number of middle-class consumers are propelling vehicle sales.
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Additionally, rise in popularity of electric vehicles in North America and Europe provides a boost to vehicle sales. These factors are projected to result in increase in the amount of scrap tires over the next few years. Several governments across the globe are using the concept of ‘Reduce, Reuse, and Recover’ (3R) for scrap tire management due to various advantages. Moreover, with fossil fuel prices increasing rapidly, the demand for cheap alternatives such as tire-derived fuel is on the rise. This is estimated to present growth opportunities to the tire-derived fuel market in the near future.
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Lucrative Growth Opportunities for Tire Derived Fuel Market Players in Asia Pacific
Asia Pacific is expected to account for a major share of the global tire derived fuel market during the forecast period, which is a key region of the tire derived fuel market. This is due to a year-on-year increase in the generation of new tires as well as scrap tires. Japan is expected to be a prominent region in the tire derived fuel market in Asia Pacific. Millions of scrap tires are being generated in Japan every year. However, the demand for tire derived fuel in India is projected to rise at a rapid pace during the forecast period.
The production of new tires is very high in the India, creating value-grab opportunities for the market players. The tire derived fuel market in Asia Pacific is expected to witness business opportunities due to advanced manufacturing techniques in the region. The lucrative presence of market players operating in the global tire derived fuel market is contributing to the market growth in Asia Pacific.
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