Guwahati, Feb. 25 -- byRavleen Kaur

In December 2022, India became the world'sthird-largestautomobile market, surpassing Japan. The sector accounts for around7%of India's gross domestic product (GDP). As the vehicle market expands, there is a corresponding growth in the Indian tyre market.

Tyre production in India rose by 21% in 2022 and a further 6% in 2023, reaching a total production of217.4 million unitsin a year. By weight, 2.5 million metric tonnes (MT) of tyres have been produced in India annually since 2019.

This growth story, however, has a flip side. "After accounting for wear and tear of 20%, about 2 million MT of tyres are discarded as scrap annually," said Satish Goyal, president of the Tyre & Rubber Recyclers Association ...