Tyre Pyrolysis Plant Market Size, Share, Growth, and Industry Analysis, By Type (Mobile Pyrolysis Machine, Small Pyrolysis Equipment, Continuous Pyrolysis Plant and Others), By Application (Fuel Oil, Carbon Black Char, Combustible Gas and Steel Wire), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Tyre Pyrolysis Plant Market REPORT OVERVIEW

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global tyre pyrolysis plant market size was USD 91.1 million in 2022 and market is projected to touch 270.84 Million by 2031, exhibiting a CAGR of 12.87% during the forecast period.

The waste tyre pyrolysis plant is a facility that turns used tyres into valuable goods by thermally decomposing waste tyres. The Waste Tyre Pyrolysis Plant is significant because it aids in both the reduction of the annual production of waste tyres and the creation of new goods from recycled materials. The expansion of the market can be due to the rising demand for carbon black and fuel oil from various end-use industries. The need for waste tyre pyrolysis facilities worldwide is also being driven by the rising awareness of environmental degradation.

The market for waste tyre pyrolysis plants may be divided into two types based on type: completely continuous pyrolysis devices and semi-continuous pyrolysis devices. Compared to fully continuous pyrolysis devices, the semi-continuous pyrolysis device segment is predicted to hold a bigger share of the global market due to its lower cost and simpler installation. The industrial and commercial sectors of the worldwide waste tyre pyrolysist plant market can be separated based on application.

COVID-19 Impact: Demand for Alternative Energy Sources to Boost Market Growth

The market for tyre pyrolysis plant is expanding significantly due to the demand for alternative energy sources, yet market expansion may be hampered by issues including high project costs. Our research analysts have analysed historical data to identify the major market factors and the effects of the COVID-19 pandemic on the market for floating power plants. To achieve a competitive edge, end goals can be determined and marketing strategies can be improved with the aid of a comprehensive analysis of the drivers.

LATEST TRENDS

"The Need for Alternative Energy to Augment Market Growth"

One of the key factors influencing the growth of the market is the demand for alternative energy sources. Electricity is typically generated in one area and distributed over a grid network. However, if a power plant malfunctions or is unable to handle the entire load, it may have an impact on how well-run institutions like hospitals, schools, and businesses operate. In these situations, floating power plants are employed to provide electricity to the impacted neighbourhood, city, or particular facility.

Tyre Pyrolysis Plant Market SEGMENTATION

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• By Type

Based on type market is classified as mobile pyrolysis machine, small pyrolysis equipment, continuous pyrolysis plant and others.

• By Application

Based on application market is classified as fuel oil, carbon black char, combustible gas and steel wire.

DRIVING FACTORS

"Power Generating and Fuel Manufacturing Units to Propel Market Growth"

Waste tyre conversion into synthetic gas is carried out using a semi-continuous pyrolysis unit. Power generating and fuel manufacturing are two of its main applications. Over the course of the forecast period, the market is anticipated to be driven by the rising need for power in developing economies. A form of industrial process equipment used to turn scrap tyres into synthetic oil and gas is a fully continuous pyrolysis device. The completely continuous pyrolysis apparatus can function at pressures and temperatures up to 35 bar and temperatures up to 900 C. This makes it the perfect option for processing lots of used tyres quickly.

"Rising Need for Waste Tyres from A Variety of Industries to Provide Impetus to the Market"

With more than 70% of global revenue, the industrial application segment dominated the market. Over the projected period, the demand for the product is anticipated to be driven by the rising need for waste tyres from a variety of industries, including the automotive, construction, and transportation sectors. Plants that process rubber from old tyres or other worn-out rubber items, such as Inner Tubes, golf balls, etc., are examples of industrial applications. These plants are made to run continuously so that they can meet a variety of needs throughout the day. These facilities use fully continuous pyrolysis equipment because, under similar operating circumstances (temperature & pressure), it produces more than semi-continuous equipment does. Commercial uses include hotels and restaurants, where food preparation wastes like grease pouches are disposed of.

RESTRAINING FACTORS

"High Project Costs to Impede Market Growth"

One of the main obstacles preventing the market expansion of floating power plants is high project costs. There are many different tools available for capturing the energy of water flow. But the majority are still in the demonstration phase. As a result, there is a great deal of uncertainty around these initiatives, which raises the cost of their lifecycle. However, as technology and designs advance, more accurate lifecycle costs may be calculated, and the system's constituent parts may eventually become profitable. Ocean power is still in the demonstration stage right now.

Tyre Pyrolysis Plant Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Presence of Numerous Companies"

Due to the presence of numerous companies employing solid waste as a raw material, North America led the global market. As one of the most industrialised countries, the United States has a large number of old, worn-out tyres that are incorrectly disposed of and wind up in landfills, which is increasing greenhouse gas emissions. Thus, pyrolysis plants play a crucial role in lowering carbon footprint and improving energy security by converting these waste tyres into fuel that can be used for industrial processes or electricity generation.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• RESEM (Rome)
• Divya International (India)
• Henan Mingjie Environmental Equipment Co., Ltd (China)
• Fabhind (India)
• Henan DOING (China)
• KGN Industries (India)
• Agile Process Chemicals LLP (India)
• Henan Realtop Machinery Co,Ltd. (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global tyre pyrolysis plant market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.