LONDON--(BUSINESS WIRE)--The global tire-derived fuel market is expected to post a CAGR of close to 3% during the period 2019-2023, according to the latest market research report by Technavio.
The demand for tire-derived fuel is increasing significantly owing 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. Furthermore, combustion of tire-derived fuel provides better operational consistency than other fuels used in waste-to-energy systems. Such benefits of tire-derived fuel are expected to fuel the market growth during the forecast period.
As per Technavio, the increase in demand for EVs and HEVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global tire-derived fuel market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Tire-Derived Fuel Market: Increase in Demand for EVs and HEVs
Over the years, there has been a spurt in demand for EVs and HEVs in the automotive industry to reduce GHG emissions and move toward a sustainable ecosystem. The rise in the sale of EVs and HEVs is expected to fetch more end-of-life tires during the forecast period, which can be converted as fuel. Thus, the growing demand for EVs and HEVs will drive the growth of the tire-derived fuel market during the forecast period.
“Apart from the increase in demand for EVs and HEVs, other factors such limitations of the coal industry, and advances in tire recycling technologies will have a significant impact on the growth of the tire-derived fuel market value during the forecast period,” says a senior analyst at Technavio.
Global Tire-Derived Fuel Market: Segmentation Analysis
This market research report segments the global tire-derived fuel market by end-user (cement kilns, pulp and paper mills, and utility and industrial boilers), and geographic regions (the Americas, APAC, and EMEA).
The Americas led the tire-derived fuel market in 2018, followed by APAC, and EMEA respectively. Although the Americas will continue to account for the largest share of the global tire-derived fuel market, the APAC region is expected to register the highest incremental growth during the forecast period.
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Five Forces Analysis
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