Total sales in the global green tires market are forecast to reach nearly US$ 28 Bn in 2022. Increasing focus on fuel efficiency in passenger vehicles is expected to drive sales at a 4% CAGR, pushing the market size close to US$ 39 Bn by 2032.
Green tire is a way big dream for tire manufacturers. It’s a rocky road to fulfill this dream. Replacement of the raw materials present in tires with renewable materials may have a negative impact on the braking performance and compromising here is not acceptable.
| Report Attribute | Details |
| Expected Market Value (2022) | US$ 28 Billion |
| Anticipated Forecast Value (2032) | US$ 39 Billion |
| Projected Growth Rate (2022-2032) | 4% CAGR |
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These environmental-friendly raw materials are ten percent lighter than conventional products used in the manufacturing of tires. This helps in the reduction of the overall weight of a car, so it requires less fuel. Green tires are developed so as to optimize fuel consumption via reduction of rolling resistance. Rolling resistance refers to the energy required by the tire’s road contact and its deformation. Reduction in rolling resistance requires total control over the complex relationship between the tread pattern, tire structure, and rubber compounds.
With the soaring population and fuel economy regulations imposed by the government, the demand for green transportation increases. Globally, tire manufacturers are adding precipitated silica to tread formulations to improve fuel efficiency, enhance tire performance and eliminate greenhouse gas emissions. Reducing rolling resistance or the amount of energy spent to move a vehicle, is seen as an important solution in decreasing fuel consumption and hence the costs associated. As tires are responsible for 20% to 30% of a vehicle’s fuel consumption.
About one-fourth of the pollution is generated by a vehicle to overcome the rolling resistance of its tires. In US itself, an annual reduction of up to 45 million tons of carbon dioxide emissions could be achieved by the addition of precipitated silica to tire treads. Silica also significantly improves a tire’s responsive handling and steering capability in a variety of adverse weather conditions. These tires also have been shown to improve traction on icy roads.
Green tires are also alternatively termed as energy tires in Europe, where the main advantage of going green is promoted as lower rolling resistance. They are therefore viewed to be an important growth market in terms of business to all European tire manufacturers and suppliers. Alongside Japan, Europe is at the most advanced level in this important technology process and more advanced than Asia or the United States.
Green Tires Market: Drivers & Restraints
Rising energy costs, stringent government regulations and increased environmental awareness among consumers regarding fuel consumption and a desire for improved handling and safety are some of the key factors driving the growth of the green tires market.
Widespread replacement of fossil materials with renewable raw materials is not always a solution since it requires acreage that might already be used in food production. Process engineering involved in the raw materials, lack of knowledge about the green tire technology and all-season traction capability are probable factors restraining the growth of the green tires market.
Green Tires Market: Overview
In early 1990s the green tires came into existence with the usage of highly dispersible silica in tire treads in Europe due to high energy costs, consumer appreciation for better handling and safety and understanding the environmental benefits. The demand for green tires is now increasing in the United States.
With rapid urbanization and increasing pressure on fuel consumption, the acceptance of green tires is gaining popularity. The global green tires market is expected to expand at a promising CAGR during the forecast period (2022-2032).
Green Tires Market: Region-wise Outlook
The global green tires market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, the global green tires market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, Europe dominated the global green tires market in terms of market revenue followed by North America. Asia Pacific & Japan are projected to expand at a substantial growth and will contribute to the global green tires market value by exhibiting a robust CAGR during the forecast period, 2015-2025.
Green Tires Market: Key Players
Some of the key market participants in the global green tires market are PPG Industries Inc, Pirelli Tyre S.p.A , Bridgestone, Green Arc Tire Manufacturing Inc, Goodyear Tire & Rubber Co, Michelin North America Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments Profiled in the Green tires Industry Survey
Product Type:
- Passenger Tires
- Light Commercial Tires
- Heavy Commercial Tires
Application:
- On-road
- Off road
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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