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NEW YORK, April 22, 2022 /PRNewswire/ —
Tire-Derived Fuel Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including CH2E, Emanuel Tire LLC, Front Range Tire Recycle Inc., Globarket Tire Recycling LLC, Lakin Tire, Liberty Tire Recycling LLC, L and S Tire Co., MS Tire Recycling LLC, Regn-Sells Group, Reliable Tire Disposal , Renelux Cyprus Ltd., ResourceCo Pty Ltd., Scandinavian Enviro Systems AB, Tire Disposal and Recycling Inc., Tyrec Ltd., and West Coast Rubber Recycling Inc. among others.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: End-user (cement kilns, pulp and paper mills, and utility and industrial boilers)
- Geographies: APAC, Europe, North America, South Americaand the Middle East and Africa
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The Tire-Derived Fuel Market size is expected to increase by USD 80.63 million from 2021 to 2026, at an accelerated CAGR of 3.78% as per the latest market report by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets. 71% of the market’s growth will originate from APAC during the forecast period. China, Japan, Indiaand Russia are the key markets for tire-derived fuel in APAC. Market growth in this region will be faster than the growth of the market in other regions. The significant increase in sales of automotive vehicles and the subsequent generation of stockpiles of tires over the years will facilitate the tire-derived fuel market growth in APAC over the forecast period.
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Vendor Insights-
The Tire-Derived Fuel Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- CH2E –The company offers Tire-derived fuels (TDF) from recycled waste tires, which are processed into material used as fuel in various manufacturing applications.
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Latest Drivers & Trends Driving the Market-
- Tire-Derived Fuel Market Driver:
- Growing automotive fleet.:
The key factor driving the global tire-derived fuel market growth is the growing automotive fleet. As of June 2020more than half of the world’s population resided in urban areas, and it is expected that more than two-thirds of the world population will be living in urban areas by 2050. This has stimulated the need for transportation. For instance, motor vehicle sales across the world grew by almost 32% from 2010-to 2021. Due to the limited lifetime of tires, which depends on the distance covered by the vehicles and the kind of roads traveled, the need for changing the tires arises for all vehicles. End -of-life tires can be collected and converted into energy, which can be used in applications such as cement kilns, industrial boilers, and paper and pulp facilities. Such factors will drive the growth of the market during the forecast period. - Tire-Derived Fuel Market Trend:
- Advances in tire recycling technologies:
The key factor driving the global tire-derived fuel market growth is the advances in tire recycling technologies. Stringent regulations are being undertaken to comply with the Paris Agreement. On average, EVs emit half the amount of GHGs as compared to conventional vehicles. In order to further promote the sales of EVs, governments in several countries like China and the US are setting objectives and giving incentives in the form of monetary and non-monetary benefits. According to the IEA, China has set a target of launching five million EVs by 2020, inclusive of 4.6 million passenger light-duty vehicles and 0.2 million buses for public transport. On the other hand, India has also set a target to achieve 30% EV sales by 2030. These factors have boosted the demand for EVs and HEVs globally, which will fetch more end-of-life tires during the forecast period, which can be converted as fuel. Such factors will positively impact the market during the forecast period.
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