Tire Pyrolysis Oil Market Regional Analysis:
North American Market Insights
North America industry is set to hold largest revenue share of 35% by 2035. This growth of the market is poised to be dominated by growing production for vehicles. In 2022, North America produced approximately 13 million motor cars. Moreover, the use of tire pyrolysis oil is additionally set to rise in industrial heaters.
Furthermore, the market in the US for tire pyrolysis oil is poised to gather significant revenue in the market over the year to come. This could be on account of the increasing number of tire pyrolysis oil plants.
Additionally, the market for tire pyrolysis oil in Canada is also rising owing to the expanding production of cement.
APAC Market Insights
The Asia Pacific tire pyrolysis oil market will have significant growth in the revenue over the forecast period. This market growth is set to be dominated by a growing population. As per UNFPA, it is estimated that close to 60% of the individuals in the world are living in the Asia Pacific region. Additionally, this anticipates over 4.3 billion people. Hence, the energy demand is predicted to grow in this region over the coming years.
Additionally, the growth of the market in China is to be influenced by the rising urban population.
Moreover, the Indian tire pyrolysis oil market is also projected to rise on account of the growing manufacturing of steel for varied purposes.
Furthermore, surging initiatives launched by organizations for recycling waste in Japan are evaluated to expand the market revenue in this nation.
