The world’s businesses and consumers generate a billion scrap tires every year.
According to a new report by Fairfield Market Research, the global tire-derived fuel (TDF) market was worth US$365.1 million in 2019 and is expected to reach US$430.3 million by 2025. The firm’s analysts predict the trend towards greener energy will accelerate demand for tire-derived fuel.
Tire-derived fuel generates the same amount of energy as oil and about 25 percent more than what coal can produce. In the coming years, TDF is expected to bridge the gap between shortage of energy and increasing demand across industries.
TDF can supplement conventional fuels, such as wood and coal, as initiatives to turn solid waste into energy to help prevent landfilling and subsequent pollution. Industries such as cement, paper and pulp, electric utilities and industrial boilers are using tire-derived fuel to fulfil their energy needs while keeping carbon emissions in check.
The report suggests that the cement industry will be the key end-user industry during the forecast period. For now, the cement industry holds 50 percent of the global TDF market. It uses TDF to supplement the primary fuels firing cement kilns.