Global Tire Shredder Market Insights Forecasts to 2033

• The Global Tire Shredder Market Size was Valued at USD 2.10 Billion in 2023
• The Market Size is Growing at a CAGR of 5.68% from 2023 to 2033
• The Worldwide Tire Shredder Market Size is Expected to Reach USD 3.65 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Tire Shredder Market Size is anticipated to exceed USD 3.65 Billion by 2033, Growing at a CAGR of 5.68% from 2023 to 2033. The tire makers themselves can buy used tires and recycle them, which would cut down on the amount of raw rubber needed and save a lot of money on manufacturing overhead. In the centuries to come, this open up opportunities for expansion for tire shredder utilization.    

Market Overview

An apparatus that shreds used or crumb tires to accomplish the desired outcome is a tire shredder. There are various tire shredders, including specialized shredders, chippers, grinders, granulators, and shear shredders. Reusing tires that are no longer suitable for use in cars due to wear or irreparable damage is known as recycling. To facilitate the recycling process, it is also used to shred the tires into granular forms. The enormous volume of tires manufactured, their lifetime, and their environmental impact are all issues that make tires a challenging source of waste. Technological developments in tire shredding, like the creation of energy-efficient and high-capacity shredders, drive the market's expansion. The market for tire recycling process equipment, such as tire shredders, is being driven by the initiative to conserve energy and the environment, which is required by numerous regional governments.       

Report Coverage

This research report categorizes the tire shredder market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Tire Shredder market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the tire shredder market.

Driving Factors

Tyre shredder installation and operation have boosted the expansion of waste recycling organizations, which are now selling the by-products of old tires to external energy generation agencies due to the profitable possibility. The usual lifespan of car tires is four to five years, and the high cost of purchasing new tires has led to independent aftermarket companies selling recycled tires at low prices, which is another factor driving the expansion of tire shredders.  Growing concerns about tire waste management and environmental sustainability are expected to propel the tire shredder market growth in the upcoming years. 

Restraining Factors

The production of long-lasting tires is a priority for tire manufacturers, which could counteract the pace of tire shredding and serve restrictions to the tire shredder market. 

Market Segmentation

The tire shredder market share is classified into type and application.

• The hydraulic tire shredder segment is estimated to hold the largest market revenue share through the projected period.  

Based on the type, the tire shredder market is classified into electrical tire shredder and hydraulic tire shredder. Among these, the hydraulic tire shredder segment is estimated to hold the largest market revenue share through the projected period. Hydraulic tire shredders are renowned for their high-power efficiency and capacity to manage demanding jobs, such as processing a lot of tires. 

• The shredding of rubber tires segment is anticipated to hold the largest market share through the forecast period.

Based on the application, the tire shredder market is divided into shredding of rubber tires and shredding of radial tires. Among these, the shredding of rubber tires segment is anticipated to hold the largest market share through the forecast period. Compared to radial tires, rubber tires which comprise a range of tires used in trucks, cars, and other machinery are manufactured in far greater quantities.

Regional Segment Analysis of the Tire Shredder Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the tire shredder market over the predicted timeframe.

North America is anticipated to hold the largest share of the tire shredder market over the predicted timeframe. The growing environmental conservation consciousness in the region is driving the regional market growth. Increased opportunities brought about by the region's growing population can contribute to the expansion of the regional market. Additionally, the United States has a significant demand for tire shredders due to the country's increasing requirement for light commercial vehicles (LCV). The market for tire shredders can also be boosted by manufacturers' focus on expanding their product lines, growing their clientele, and stepping up business development initiatives.  

Asia Pacific is expected to grow at the fastest CAGR growth of the tire shredder market during the forecast period. The Asia-Pacific region is experiencing a sharp increase in industrialization. Furthermore, China and India are the most opportunistic countries in the tire shredder sector and can be categorized as rising markets in the years to come as they are home to the majority of aftersales tire producers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the tire shredder market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Fornnax
• Vecoplan
• SSI Shredding Systems
• Eriez
• Genesis Attachments
• Tire Recycling Solutions
• Lindner Recyclingtech
• Arjes
• Metso Outotec
• ShredTech
• Terex Ecotec
• Eldan Recycling
• Komptech
• Untha Recycling
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In   April 2024, India's Mumbai recycling equipment manufacturer Fornnax launched the SR-200 HD Dual-Shaft Primary Shredder, which it describes as "a groundbreaking invention" in the field of tire recycling.   
• In October 2023, the new R4000-HD shredder model from Fornnax Technology was launched at IFAT India 2023 in Mumbai. With its imposing performance efficacy standards, Fornnax refers to the new model as "a trump card in aspects of making the tire recycling business profitable."   

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the tire shredder market based on the below-mentioned segments: 

Global Tire Shredder Market, By Type

• Electrical Tire Shredder
• Hydraulic Tire Shredder

Global Tire Shredder Market, By Application

• Shredding of Rubber Tires
• Shredding of Radial Tires

Global Tire Shredder Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa