Tire Pyrolysis Oil Market size was over USD 1.3 Billion in 2023 and is predicted to cross USD 2.8 Billion by the end of 2036, witnessing more than 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of tire pyrolysis oil is evaluated at USD 1.4 Billion.
The major factor driving the market expansion is the growing concern regarding the environment owing to rising emissions from fossil fuels. According to the NASA gov Scientists’ 2023 analysis data, fossil fuel emissions increased by 1.1 percent in 2023 in contrast to 2022, indicating a total rise of about 36.8 billion metric tons of carbon dioxide in 2023. Therefore, the demand for alternative sustainable fuel is growing that is further encouraging a surge in the tire pyrolysis oil market over the coming years.
Author Credits: Rajrani Baghel
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