Investing In Tyre Recycling Business

End-of-Life Tyres (ELTs) has been one of the major concerns in Nigeria, and it has been a major issue across the globe as it also contributes to the climate change being experienced.

Used tyres are among the most problematic solid wastes due to their large number, durability, and the fact that they are non-biodegradable.

Globally, over one billion new tyres are produced yearly, and about 10 million find their way into Nigeria. Where the challenge lies is that, as people change old tyres for new ones, if not properly disposed of, could find their way into landfills or into the sea which could lead to serious environmental pollution that may affect the environment and health.

Venturing into recycling or upcycling used tyres can fetch Nigerians millions of Naira. The process can be beneficial for conserving the environment and also promotes revenue-generation opportunities for the recycling industry. Thus, the recycled waste management market has immense scope for growth in the next few years.

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According to Transparency Market Research Inc., on the recycled waste management market, the global market CAGR is expected to expand at 5.0 per cent during the forecast period from 2023 to 2031.

This also points out that the use of recycled products has increased as a result of increased awareness regarding environmental concerns. Hence, the recycled waste management market is expected to witness promising growth due to its crucial role in the production of bioenergy, which can replace hazardous energy sources.

Today, waste tyres can be seen everywhere, and many people are finding business opportunities in tyre recycling.

There are several ways to make use of discarded tyres. It can be employed as swings and other recreational structures for use by children in playgrounds. Some are transformed into artwork, furniture, planters, and dog agility. Another way is to invest in a crush, cut and shred machine.

Speaking with Sunnepa bar, who believes that using used tyres to build a fence for his establishment is all about protecting the environment first and foremost while also trying to save money, added that, “I run a bar and wanted it to be enclosed, so I collected used tyres from my neighbourhood, cleaned them with water and soap, then sprayed them. In addition to giving my bar some colour, this easy exercise also allowed me to avoid spending money on blocks and wood.”

The founder of Pearl Recycling, Olamide Ayeni, is another person who has turned waste materials like tyres into works of art. Ayeni thinks the tyre recycling industry is growing and successful in this region of the world, particularly, in the furniture sector.

“We have a variety of products that we make with used tyres, and people are embracing the product. We offer chairs and centre tables, and we charge N40,000 for a single chair or centre table,” she said.