The Global Tire Derived Fuel Market
This worldwide market is expected to reach the value of 510.91 million US-Dollar by the end of 2031, USA-based Transparency Market Research Inc. informed.
In 2020, the market was valued at 373.06 million US-Dollar. Increasing applications of scrap tires as tire-derived fuel (TDF) in pulp & paper mills, cement manufacturing, and utility boiler industries were creating revenue opportunities for tire-derived fuel players, the firm stated. “Growing awareness about scrap tire waste in landfills and rising demand from the auto industry across developed regions are expected to drive the global market for tire-derived fuel soon. Tire landfills are undesirable, as they become breeding grounds for mosquitoes and other disease-carrying pests. It is also common for these landfills to catch fire and release thick toxic smoke. The low recovery rate due to lack of infrastructure and minimal government regulations in developing countries of Asia is likely to hamper the tire-derived fuel market in the region during the forecast period.”
Replacement of other fuels
When burned, tires generate the same amount of energy as oil, 25 to 50 percent more energy than coal, and 100 to 200 percent more energy than wood, Transparency Market Research gave account. The U.S. Environmental Protection Agency (EPA) and state-testing facilities had shown that TDF produces low emissions compared to other conventional fuels. “At well-controlled facilities, emissions are considerably less when TDF is used to replace some of the typical fuels used at the facilities. As a result, the EPA has recommended the use of tire-derived fuel as a viable alternative to the use of fossil fuels. Hence, facilities such as utility boilers, cement kilns, and pulp & paper mills use TDF as a supplemental fuel in their energy-intensive processes.” The usage of TDF would reduce the amount of fossil fuels. Furthermore, it is less expensive. “All these factors are driving the demand for tire-derived fuel.”
Growth Opportunities for TDF market players in Asia Pacific
According to the market research firm, Asia Pacific, a key region of the market, is expected to account for a major share of the worldwide market. Japan is expected to be a prominent region, as millions of scrap tires were being generated in the country every year. However, the demand for tire-derived fuel in India is projected to rise at a rapid pace during the forecast period. “The production of new tires is very high in India, creating value-grab opportunities for the market players.”
www.transparencymarketresearch.com
(Published in GLOBAL RECYCLING Magazine 3/2022, Page 7, Photo: O. Kürth)
