The global tire recycling market size was US$ 5.1 billion in 2021. The global tire recycling market size is estimated to reach US$ 6.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2022 to 2030.
Tire recycling is the way of altering scrap tires that cannot be used in other products, like tire-derived fuel, tire pyrolysis oil, and other rubber products. It gives tires a unique function. Hence, decreasing its carbon footprint.

Factors Affecting Marketing Growth

The manufacture of more automobiles also directs to the production of more tires, which with increasing time resulted in more scrap tires. This is a primary factor driving the growth of the global market.
Countries around the globe are driving towards a sustainable future by operating different eco-friendly industrial methods, thus, driving the growth of the global market.
The growth of new products derived from tires, such as security products, railway ties, and others is expected to drive the growth of the global market.

Impact on COVID-19 Analysis

The COVID-19 outbreak had a negative impact on the growth of the global market, due to limitations on production activities. This stopped the business of multiple tire recycling firms because of the lockdown. The economic downturn initially resulted in decreased need in the vehicle sector, and consequently decreased demand for recycled tire products. The decreasing demand for automobiles also hindered the growth of the global market.

Regional Analysis

Asia-Pacific had the highest market share in 2021 and is expected to maintain this trend during the forecast period. This is due to the high number of on-road vehicles and an increase in industrialization and fast urbanization in growing economies.

Leading Competitors
The prominent players in the global tire recycling market are:
Wastefront
Tire Disposal & Recycling Inc.
Pyrum Innovations AG
Liberty Tire Services LLC
Lakin General
Green Distillation Technologies Corporation LTD
Genan Holding A/S
Green buddies
Big Atom Limited
APChemi
Champlin Tire Recycling
Others
Segmentation Analysis
The global tire recycling market segmentation focuses on Process, Product, Application, and Region.
Segmentation on the basis of Process
Shredding
Pyrolysis

Segmentation on the basis of Product

Tire Derived Fuel
Crumbed Rubber
Others

Segmentation on the basis of Application

Rubber Products
Manufacturing
Construction
Others

Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America