Tire Pyrolysis Oil Market Segmentation:
Raw Material Segment Analysis
Waste plastics segment is estimated to dominate tire pyrolysis oil market share of over 40% by 2035. This growth of the segment can be impelled by the growing production of plastic. According to UNEP, manufacturing of primary plastic across the globe is foreseen to account for 1,100 million tonnes by 2050.
Moreover, around 36 percent of all plastics produced are utilized in packaging, for example, single-use plastic goods for food and beverage containers, with roughly 85 percent winding up in landfills or as unregulated trash. Hence, the need to manage plastic waste is becoming necessary. This is further estimated to boost the demand for the pyrolysis process for recycling. This guarantees a steady supply of raw materials to generate tire pyrolysis oil.
In addition, plastic materials have an elevated energy content, which renders them a desirable feedstock for pyrolysis. This implies that the oil generated through plastic pyrolysis is far more energy-dense than traditional feedstocks, resulting in a viable source of fuel and chemicals.
End-Use Segment Analysis
The fuel segment in tire pyrolysis oil market is predicted to have remarkable growth in the revenue over the forecast period. This rise in the segment can be encouraged by the growing demand for diesel cars. However, with the growing concern regarding pollution the registration of diesel vehicles fell. For instance, as per ACEA, throughout the first quarter of 2020, the total amount of diesel automobiles registered in the European Union dropped by 32.6% to 738,392. Consequently, the tire pyrolysis oil demand is growing.
However, plastic and tire oils are unable to be used directly in vehicles. Nevertheless, plastic oil and tire oil are capable of being processed into diesel oil by employing the pyrolysis oil refining method and distillation facility. Furthermore, this oil also serves its benefits in other applications including ships, trucks, generators, and more.
Our in-depth analysis of the global market includes the following segments:
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