The tire is a crucial vehicle component that covers the wheel’s rim to protect it and enable better vehicle performance. Tires provide traction between the vehicle and road while providing a flexible cushion bed to absorb shock. Tires are typically made of rubber. With the increasing environmental and energy concerns, tire manufacturers are stepping forward to use renewable raw materials. Plasticizers and resins could also be potentially used in green tires.
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As of 2014, 45% share is of natural raw materials in tires which are expected to grow to 100% by the end of 2025. 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 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.
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 exhibiting a robust CAGR during the forecast period, 2015-2025.
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.
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By Segmentation
The global green tires market is broadly classified based on product type, applications, and geographies.
Based on application, the global green tires market is segmented into:
- On-road
- Off-road
Based on product type, the global green tires market is segmented into:
- Passenger Tires
- Light Commercial Tires
- Heavy Commercial Tires
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Market Overview
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 (2015-2025).
In the 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.