Rising Demand for EVs and HEVs Spurs Interest in Sustainable Tire-Derived Fuel as an Alternative

DUBLIN, Oct. 9, 2023 /PRNewswire/ — The “Global Tire-Derived Fuel Market 2023-2027” report has been added to  ResearchAndMarkets.com’s offering.

The tire-derived fuel market is poised for significant growth, with a projected increase of USD 72.57 million during the period from 2022 to 2027, at an accelerating Compound Annual Growth Rate (CAGR) of 3.34% throughout the forecast period.

The comprehensive report on the tire-derived fuel market offers a holistic analysis, encompassing market size and forecasts, current trends, growth drivers, challenges, and vendor analysis, featuring approximately 25 vendors.

Key Market Drivers

The growth of the tire-derived fuel market is driven by several key factors:

1. Growing Automotive Fleets: An increase in automotive fleets contributes to higher tire disposal rates, thus driving the demand for tire-derived fuel.
2. Benefits of Tire-Derived Fuel: Tire-derived fuel offers advantages over conventional fuels, making it an attractive option for various industries.
3. Regulatory Mandates: Regulatory mandates and environmental concerns are pushing industries to seek cleaner and more sustainable fuel alternatives, further propelling market growth.

Market Segmentation

The tire-derived fuel market is segmented as follows:

By Type:

1. Shredded Tire
2. Whole Tire

By End-user:

1. Cement Kilns
2. Pulp and Paper Mills
3. Utility and Industrial Boilers

By Geography:

1. APAC (Asia-Pacific)
2. Europe
3. North America
4. South America
5. Middle East and Africa

Emerging Market Trends

The report identifies several emerging market trends, including:

1. Advances in Tire Recycling Technologies: Technological advancements in tire recycling are expected to fuel the tire-derived fuel market’s growth in the coming years.
2. Increase in Demand for EVs and HEVs: The growing demand for Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) may contribute to the tire-derived fuel market, as tire disposal rates could rise with the increase in automotive battery production.
3. Challenges to Increase Investments in the Coal Industry: Challenges related to investments in the coal industry may drive industries to explore alternative fuel sources, including tire-derived fuel.

Key Companies Mentioned

The report provides vendor analysis and mentions approximately 25 companies operating in the tire-derived fuel market, including:

• Babcock and Wilcox Enterprises Inc.
• Beta Analytic Inc.
• CH2E
• Emanuel Tire LLC
• Front Range Tire Recycle Inc.
• George K. Moss Co. Inc.
• Lakin Tire
• Liberty Tire Recycling LLC
• MS Tire Recycling LLC
• Ragn-Sells Group
• Reliable Tire Disposal
• Renelux Cyprus Ltd.
• ResourceCo Pty Ltd.
• Scandinavian Enviro Systems AB
• Tire Disposal and Recycling Inc.
• Tire Stewardship Manitoba
• Tyrec Ltd.
• Weibold
• West Coast Rubber Recycling Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ero6so

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SOURCE Research and Markets