The global tyre-derived fuel market is rising in popularity as it uses scrap tyres for producing fuel. It’s widely being accepted as a sustainable option due to its numerous advantages over traditional fuel. This report estimates that one billion scrap tyres are generated in a year and four billion are added to the stockpile. It is known to have a higher heating value and produces 25% more energy than coal. Knowledge of these characteristics has enabled an extensive use of tyre-derived fuel (TDF) across myriad industries as supplement fuel, thereby reducing the burden on conventional fuels.
According to a report published by Fairfield Market Research, these benefits of tyre derived fuel will boost the market to reach US$430.3 Mn by 2025 from US$365.1 Mn in 2019.Â
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Demand for Efficient Waste Management will Provide Lucrative Opportunities to TDF Market
The global tyre derived market is expected to flourish during the forecast period as it plays a pivotal role in reducing the waste from landfills. Government and regulatory bodies across the globe are promoting efficient waste management systems to reduce the pressure on landfills. This is expected to raise investments in waste-to-energy technologies to turn abandoned waste piles into energy sources. Turning tyre scraps into fuel provides a sustainable option to reduce waste from landfills.
According to the U.S. Environmental Protection Agency (EPA), tyre generates the same amount of energy as oil and more energy than coal and wood hence, it is being replaced by typical fuels in numerous, well-controlled facilities. The world is currently facing shortage of energy and electrical power, this has accelerated the demand for cleaner power generation technologies. Tyre derived fuel aids as a supplementary energy source, which is expected to create lucrative opportunities for the market during the forecast period. Tyre derived fuel finds application in numerous industries such as cement, pulp and paper, electric utilities, industrial and institutional boilers, waste-to-energy systems and so on.
COVID-19 Pandemic Posed Serious Threats to Market Growth
The COVID-19 has posed serious threat to the industry hence the global market is expected to witness hinderance in growth during the forecast period. Shut down of numerous end-user industries such as building and construction and pulp and paper industry due to global pandemic had resulted in decline of market growth.
Key Players are Adopting Strategies to Stay Ahead in the Competition
The key players operating in the global tyre derived fuel market are Liberty Tyre Recycling, ResourceCo Pty Ltd., Ragn-Sells Group, Tyre Disposal & Recycling, Reliable Tyre Disposal, Renelux Cyprus Ltd, L & S Tyre Company, Probio Energy International, Front Range Tyre Recycle, Inc., ETR Group, Emanuel Tyre, LLC, Scandinavian Enviro Systems AB, etc.
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