Tire Pyrolysis Oil Market - By Raw Material (Waste Plastic, Waste Rubber, Wood, Oil Sludge) By Process (Fast pyrolysis, Flash pyrolysis, Slow Pyrolysis), By End-Use (Chemicals, Fuel) & Forecast, 2023 - 2032

Tire Pyrolysis Oil Market - By Raw Material (Waste Plastic, Waste Rubber, Wood, Oil Sludge) By Process (Fast pyrolysis, Flash pyrolysis, Slow Pyrolysis), By End-Use (Chemicals, Fuel) & Forecast, 2023 - 2032

Tire pyrolysis oil market size is projected to expand at 5.4% CAGR from 2023 to 2032. The increasing focus on sustainable practices and circular economy principles is elevating the demand for alternative fuels. Tire pyrolysis oil, produced through the thermal decomposition of tires, serves as an environmentally friendly substitute for conventional fossil fuels. It offers versatility in various applications, including energy generation and industrial processes.

The ingress of stringent environmental regulations is driving the growing awareness of the environmental impacts of tire disposal. For instance, in March 2023, Cabot Corporation introduced Vulcan 7H-C, its first ISCC PLUS-certified circular reinforcing carbon made from tire pyrolysis oil sourced from end-of-life tires, and renewable materials to reduce greenhouse gas emissions. Moreover, the ongoing technological advancements in tire pyrolysis processes to improve the efficiency and quality of the resulting oil for making it an increasingly attractive alternative will also drive the market growth.

The tire pyrolysis oil industry is segregated into raw material, process, end-use, and region.

In terms of raw material, the industry value from the oil sludge segment is projected to increase at substantial CAGR between 2023 and 2032. The growth is ascribed to the efficient recycling of oil sludge into valuable oil products to offer waste reduction. The rising environmental regulations for encouraging sustainable practices and the economic viability of converting oil sludge into useful resources will also boost the segment growth.

Tire pyrolysis oil market share from the slow pyrolysis process segment is estimated to witness significant CAGR from 2023 to 2032, due to advantages, such as enhanced oil yield, improved quality, and greater flexibility in product output. Slow pyrolysis process also contributes to the production of high-quality tire pyrolysis oil for meeting the increasing demand for sustainable and eco-friendly fuel alternatives.

Regionally, the Asia Pacific tire pyrolysis oil industry is slated to exhibit appreciable CAGR throughout the analysis timeline. The growth can be attributed to the escalating concerns about tire disposal, stringent environmental regulations, and the growing emphasis on sustainable practices. Additionally, the increasing industrialization will fuel the demand for eco-friendly alternatives across the region, adding to the market expansion.