The green tire industry, which is made up of low rolling resistance (LRR) tires and "green" (sustainable) materials, is a rapidly increasing segment of the broader tire industry. The industry's rapid growth is owed in part to the expansion of the tire market, but primarily to the growing public interest in sustainability. SMRs estimates that the global market for green tires will reach 101,400 thousand units in 2020, accounting for approximately 38% of the global tire industry. According to the SMR Report for the Green Tire Market by 2027, the value and quantity will expand by approximately 10.4% annually by 2027, when the volume will reach nearly 202.680 thousand units.
Green Tire Market Scope and Research Methodology
The report comprehensively analyses the Green Tire Market's trends, forecasts, and monetary values. The report provides an in-depth analysis of the segments and sub-segments in and regional Green Tire markets. The report contains a bottom-up approach to understanding estimations of the market size. Key market participants and new entrants' services, revenue, financial status, portfolio, growth strategies, and regional presence are all included in the Green Tire Market report. The report forecasts the market size and growth rate along with existing and future trends in the Green Tire market.
The Green Tire market report provides demand projections, market trends, and micro and macro factors in depth. It also identifies the factors that are driving and restricting the Green Tire market's growth. The qualitative and quantitative methods are included in the report. Research using SWOT, PESTLE, and Porter's Five Force tools are used for the analysis of the Green Tire market. The analysis identified key upcoming developments that are expected to influence Green Tire market demand over the forecast period.
Green Tire Market Report Overview:
The main objective of the SMR’s Green Tire Market report is to help clients make business decisions, which help them decide which areas they need to improve, which are already performing well and help the new entrant in their landing and penetrating the competition. The report also enlightens about the challenges prevailing in the Green Tire Market.
Green Tire Market size was volume at 101,400 thousand units in 2020 and the total Green Tire Market volume is expected to grow at 10.4% through 2021 to 2027, reaching nearly 202,680 thousand units.
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Green Tire Market Regional Analysis:
Geographically, Green Tire Market report is segmented into several key regions are as follows,
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC Countries and Egypt.)
Green Tire Market Segmentation:
Green tires are always being refined to attain the lowest rolling resistance possible through the use of fillers such as highly dispersible silica (HD silica or HDS), better carbon blacks, or nanotechnology. This segment dominated the green tire market in 2018 and will continue to do so until 2027. Other materials are contributing, some in terms of reducing rolling resistance, but also in terms of overall sustainability. Improvements in synthetic rubber characteristics and sustainability (i.e. nonpetroleum alternatives), as well as increasing use and supply of natural rubber, are significant areas of focus and innovation. Initially, the volume and value of new green technologies will be minor, with more economic potential occurring after the prediction period.
According to SMR's Future of Green Tires to 2023 market analysis, raw materials consumption for green tire demand is predicted to be above 17.8 million tons in 2018, rising to 38 million in 2027. The leading categories by weight include elastomers, fillers, and fabrics, and growth will be headed by sustainable ones like as natural rubber and rayon fabric, with synthetic rubbers showing the least growth in the green tire market.
Raw material advancements have been responsible for gains in rolling resistance and sustainability. Improvements in elastomers (e.g., functionalized) and fillers (carbon black), as well as other inputs such as lubricants and textiles, play a vital influence in green tire material use.
Solvay, a representative of the rising use of silica in tires, is creating Highly Dispersible Silica (HDS) at its new plant in Poland. Every year, the factory produces 85,000 tons of HDS for use in green tires. Solvay claims that using their improved silica grades in tires can lower vehicle fuel consumption by up to 7%. In addition, the company began manufacturing at a new silica factory in South Korea, which is expected to increase annual capacity by about 50%.
Green Tire Market Key Players:
Goodyear Tire and Rubber (US)
Hankook (South Korea),
Cheng Shin Rubber (China)
Kumho Tires (South Korea)
ZC Rubber (China)
Nokian Tires (Finland)
Apollo tires (India),
Sailun Tires (China)
Shandong Linlong Tire (China)
Kenda Tires (Taiwan)
Giti Rubber (Singapore)
Nexen (South Korea)
Key questions answered in the Green Tire Market are:
- What was the Green Tire market size in 2021?
- What is the growth rate of the Green Tire Market?
- Which are the factors expected to drive the Green Tire market growth?
- What are the different segments of the Green Tire Market?
- What are the factors restraining the growth of the Green Tire Market?
- What segments are covered in the Green Tire Market?
- Who are the key players in the Green Tire market?
- What are the upcoming industry applications and trends for the Green Tire Market?
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