Growing production along with increasing sales of automobiles and tire manufacturing companies is driving the growth of tire-derived fuel market. It is also increasing significantly due to its benefits, such as providing higher heating value than coal or wood. The heating value of tire-derived fuel is approximately one-third more than that of coal and more than double that of wood. Tire-derived fuel also helps reduce sulfur oxide emissions when compared with coal, which has a higher sulfur content. Moreover, rising production of tires in emerging economies owing to rising disposable income is further boosting the market demand.
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Combustion of tire-derived fuel provides better operational consistency than other fuels used in waste-to-energy systems. Such benefit of tire-derived fuel is also expected to fuel the market growth during the forecast period. However, increase in tire durability and rise in global infrastructure development, concerns over the use of tire as fuels, high processing cost associated with the extraction of fuel from scrap tires and economic constraints related to tire recycling may restraint the growth of the tire-derived fuel industry over the forecast period.
The global tire derived fuel market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the accumulation of enormous waste dumped by economies and henceforth taken by North America to utilize it as a resource.
In addition to this, technological advancement in the automobile industry have given rise to the consumption of tire waste and this is further expected to complement the growth of this region. Besides this, Europe is expected to register significant growth due to presence of several established automakers in the region and the high adoption of advanced technologies in automobiles is attracting the consumers.
Major players analyzed include Global Tire Recycling, L & S Tire Company, Lakin Tire West, Liberty Tire Recycling, Ragn-Sells Group, Reliable Tire Disposal, Renelux Cyprus, ResourceCo, Scandinavian Enviro System, and Tire Disposal & Recycling.
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The global market for tire-derived fuel is severely impacted by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the production rate of tire-derived fuel, which negatively impact the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
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