Market Highlight:
Vehicles are one of the largest contributors to air pollution across the world, producing significant amounts of nitrogen oxide, carbon monoxide, and other pollutants. Furthermore, air pollution levels are high due to the use of old and inefficient diesel vehicles and a lack of active public transport networks in developing nations. An increasing environmental awareness among consumers is a key driver for the growth of the global green tires market. Stringent regulations for vehicle emissions in developed regions such as North America and Europe are another major factor fueling product demand. Vehicles are one of the largest contributors to air pollution across the world, producing significant amounts of nitrogen oxide, carbon monoxide, and other pollutants.
Vehicle fuel efficiency greatly affects air pollution. The higher the rolling resistance; the friction between the tire and road surface of a vehicle’s tires, the more fuel is required to overcome the friction, leading to more pollutants being released. This has led companies to develop green tires, which reduce the rolling resistance while still ensuring driver safety and reducing emissions. While traditional tires are typically made of rubber, green tires are manufactured using raw materials such as silica incorporated rubber, butyl rubber, silica and silane incorporated rubber, silane incorporated rubber, recycled rubber, and renewable raw materials, among others.
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Intended Audience:
• Green tires manufacturers
• Traders and distributors of green tires
• Research and development institutes
• Potential investors
• Raw material suppliers
• Nationalized laboratories
Regional Analysis:
The Global Green Tires Market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Europe held the largest market share of the global green tires market in 2017 and is expected to maintain its dominance during the forecast period. Stringent environmental regulations for vehicle emissions, awareness of the benefits of green tires, and the presence of an established automotive industry in Germany contribute to the growth of the market in the region.
North America was the second-largest green tires market in 2017. Stringent regulations by the US Environmental Protection Agency (EPA) are positively influencing the product market in the region.
Asia-Pacific is another major market for green tires due to the growth of the automotive industry in China. Furthermore, rising per-capita income and a growing working population are boosting regional automotive sales, especially in India and Japan.
The demand for green tires is expected to increase in the Middle East & Africa during the forecast period.
Segmentation:
The Global Green Tires Market has been segmented by vehicle type, raw material, and application.
On the basis of raw material, the global green tires market has been segmented into silica incorporated rubbers, butyl rubber, silica and silane incorporated rubber, silane incorporated rubber, recycled rubber, renewable raw materials, and others. The silica incorporated rubber segment held the largest market share in 2017 due to the wide use of the raw material by manufacturers. However, the demand for silica and silane-based green tires is likely to increase during the forecast period.
Based on vehicle type, the global green tires market has been divided into passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, aircraft, non-road diesel equipment, and others. The passenger cars segment accounted for the largest share of the global green tires market in 2017. The large-scale production of passenger cars along with the wide acceptance of green tires technology by manufactures is expected to boost the growth of the segmental market.
By application, the global green tires market has been segmented into on-road and off-road. The on-road application segment accounted for the largest share of the green tires market in 2017. On-road vehicles include passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, and bicycles.
Competitors:
Green Arc Tire Manufacturing Inc. (Canada), Giti Tire Pte Ltd (Singapore), MRF (India), Lanxess (Germany), Apollo Tyres (India), the Goodyear Tire & Rubber Company (US), Michelin (France), Evonik Industries AG (Germany), Bridgestone Americas Tire Operations, LLC (US), Hankook Tire (South Korea), Pirelli Tire North America LLC (US), PPG Industries, Inc. (US), Sailun Tires (Canada), Cooper Tire & Rubber Company (US), and Nexen Tire America Inc. (US).
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