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

The global tire pyrolysis oil market size was estimated at USD 340.10 million in 2023, growing at a CAGR of 5.26% from 2024 to 2033.

The tire pyrolysis oil market involves the production and use of oil derived from the pyrolysis of scrap tires. Pyrolysis is a chemical process that breaks down tire materials at high temperatures in the absence of oxygen, resulting in a mixture of products, including pyrolysis oil. This oil is a valuable alternative energy source and can be used as fuel or a feedstock for the chemical industry. The tire pyrolysis oil market is gaining attention due to its potential to provide an environmentally friendly solution for managing tire waste and reducing dependency on fossil fuels.

Tire Pyrolysis Oil Market Size 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.

Growth Factors:

The market for tire pyrolysis oil is expected to grow due to several factors. Firstly, the increasing emphasis on sustainable waste management and recycling has led to higher demand for tire pyrolysis as a method to address the global tire disposal problem. Additionally, the potential to reduce carbon emissions by using pyrolysis oil as an alternative to conventional fuels has attracted interest. Furthermore, government regulations and incentives promoting circular economy practices contribute to the growth of the market.

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Region Insights:

Regionally, the tire pyrolysis oil market is expected to witness varying levels of growth. North America and Europe are anticipated to lead the market due to their strong focus on environmental sustainability and advanced recycling technologies. In these regions, stringent regulations on tire disposal and fuel emissions drive the adoption of tire pyrolysis oil. Asia-Pacific is also expected to see significant growth due to the region’s large volume of scrap tires and increasing investment in recycling infrastructure.

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 for the tire pyrolysis oil market include the rising demand for renewable energy sources, increasing awareness of environmental issues, and the need for effective tire waste management. Moreover, the growing demand for alternative fuels in the transportation and industrial sectors is pushing the adoption of tire pyrolysis oil. Cost-effectiveness and the availability of raw materials also support the market’s expansion.

Opportunities:

The market presents several opportunities for growth, including the development of advanced pyrolysis technologies to improve oil quality and production efficiency. Additionally, the potential for collaboration between tire manufacturers, waste management companies, and fuel producers can drive innovation and create new market opportunities. Diversification of pyrolysis oil applications in industries such as transportation, power generation, and petrochemicals can further expand the market.

Challenges:

Despite its potential, the tire pyrolysis oil market faces challenges such as the need for standardized quality and safety regulations for pyrolysis oil use. Market acceptance and integration of pyrolysis oil into existing fuel supply chains can be complex. Additionally, the upfront costs of establishing pyrolysis plants and the availability of funding for such projects may pose obstacles. Continuous research and development are required to address technical challenges and improve the efficiency of the pyrolysis process.

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.