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

The global tire pyrolysis oil market size reached USD 340.10 million in 2023 and is projected to grow around USD 567.90 million by 2033, growing at a CAGR of 5.26% from 2024 to 2033.

Tire Pyrolysis Oil Market Key Takeaways

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.

Tire Pyrolysis Oil Market Size 2024 to 2033

The tire pyrolysis oil market is an emerging industry focused on the production and commercialization of oil derived from the pyrolysis of waste tires. Pyrolysis is a thermal decomposition process that breaks down waste tires into useful products such as oil, carbon black, and steel wire. Tire pyrolysis oil is a promising alternative fuel source and chemical feedstock that can be used in various applications, including power generation, industrial heating, and chemical production. The market for tire pyrolysis oil is expected to grow as the world seeks more sustainable solutions for waste management and alternative energy sources.

Growth Factors: Several factors are driving the growth of the tire pyrolysis oil market. Firstly, the increasing generation of waste tires worldwide has created a need for effective disposal methods, leading to the adoption of tire pyrolysis as a sustainable solution. Secondly, the growing focus on reducing carbon emissions and promoting the use of renewable energy sources has boosted interest in alternative fuels like tire pyrolysis oil. Additionally, the potential for cost savings and reduced dependency on traditional fossil fuels has attracted investments and research in this field.

Region Insights: Regionally, the tire pyrolysis oil market is seeing growth in areas with a high volume of waste tires, such as North America, Europe, and Asia-Pacific. North America and Europe have strict regulations for waste management and environmental protection, which has encouraged the adoption of tire pyrolysis technologies. In Asia-Pacific, the rising population and urbanization have led to an increase in waste generation, driving demand for tire pyrolysis solutions. Emerging markets such as Latin America and the Middle East are also exploring tire pyrolysis as part of their sustainable development initiatives.

Drivers: Key drivers of the tire pyrolysis oil market include the increasing demand for alternative fuels, the growing need for efficient waste management solutions, and advancements in pyrolysis technology. The market is also driven by regulatory support for waste recycling and environmental protection, as well as rising concerns about climate change and carbon emissions.

Opportunities: Opportunities in the tire pyrolysis oil market include the potential for developing new applications and markets for pyrolysis oil, such as in the petrochemical and transportation sectors. There is also scope for innovation in pyrolysis technologies to improve efficiency and reduce costs. Additionally, partnerships between tire manufacturers, waste management companies, and pyrolysis technology providers could lead to the creation of integrated waste-to-energy solutions.

Challenges: Challenges facing the tire pyrolysis oil market include the need for consistent quality and supply of pyrolysis oil, as well as potential environmental and safety concerns related to the pyrolysis process. Regulatory hurdles and competition from other alternative fuel sources may also pose challenges to the market. Overcoming these challenges requires ongoing research and development, as well as collaboration between industry stakeholders and regulators.

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.