LONDON, Feb. 9, 2021 /PRNewswire/ --Fairfield Market Research's latest report studies the global tyre-derived fuel market as the world looks at turning waste to energy. The report estimates that one billion scrap tyres are generated and another four billion are added to the stockpile each year. According to the report, the global tyre-derived fuel (TDF) market was worth US$365.1 Mn in 2019 and is expected to reach US$430.3 Mn by 2025. The growing sentiment towards utilizing greener energies is creating the demand for tyre-derived fuel, predict analysts.
Economical and Affordable Characteristics to Fuel Market Growth
Tyre-derived fuel is less expensive than conventional fuel. The sheer size of the tyre waste generated on a daily basis is incentive enough for major players in this market not only to invest in the scalability but also to satiate the increasing usage in the coming years. No prerequisite of exploration makes tyre-derived fuel far more cost-effective option, state the analysts.
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Expanding Applications as Supplemental Fuel Improves Opportunities for Tyre-derived Fuel Market
Energy generated by tyre-derived fuel is the same as oil and about 25% more than what coal can produce. In the coming years, TDF is expected to bridge the gap between shortage of energy and increasing demand across industries. TDF serves as an excellent supplement to conventional fuels, such as wood and coal, as initiatives to turn solid waste into energy to help prevent landfilling and subsequent pollution gain prominence. Industries such as cement, paper and pulp, electric utilities and industrial boilers are using tyre-derived fuel to fulfil their energy needs while keeping carbon emissions in check.
Tyre-derived fuel serves as a suitable answer to reducing carbon emission as ash residues from TDF contain fewer metals. Thus, it supports EPA's waste management hierarchy of reduce, reuse and recyle. As industries expand global activity and with economies getting back to normalcy, analysts anticipate that the global tyre-derived market will benefit too.
Cement Industry Sets Precedent others as It Leads with High TDF Usage
Fairfield Market Research states that the cement industry is expected to be the key end-user industry during the forecast period. Presently, the cement industry holds 50% of the global TDF market. TDF is being used to supplement primary fuel for firing cement kilns. As growing number of cement manufacturers realise tyre scraps to be as efficient as coal and less polluting, analysts anticipate the scrap tire usage, thereby demand to gain momentum. As spending on infrastructure grows, especially in the developing parts of the world, cement will be used in mammoth quantities, propelling TDF market.
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Booming Automotive Industry in Asia Pacific to Boost Regional Market
The report states that Asia Pacific tyre-derived fuel market is likely to dominate as the region routinely witnesses end-of-life tyres in landfills. Instead of burning or allowing stockpiles to grow, countries are looking at an excellent opportunity of turning scrap tyres into a sustainable fuel source. Moreover, tyre stockpiles can also be fire hazards if left unaddressed. Thus, there is an imperative need to look at tyre stockpiles with renewed perspective.
Some of the key players operating in the global tyre-derived fuel market are Tyre Disposal & Recycling, Liberty Tyre Recycling, Ragn-Sells Group, ResourceCo Pty Ltd., Reliable Tyre Disposal, Renelux Cyprus Ltd, L & S Tyre Company, Probio Energy International, Scandinavian Enviro Systems AB, Front Range Tyre Recycle, Inc., and ETR Group, Emanuel Tyre, LLC.
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Cement Industry Builds a Strong Case for Global Tyre-derived Fuel Market, Says Fairfield Market Research - PRNewswire
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