The green tyre industry, which is made up of low rolling resistance (LRR) tyres and "green" (sustainable) materials, is a rapidly increasing segment of the broader tyre industry. The industry's rapid growth is owed in part to the expansion of the tyre market, but primarily to the growing public interest in sustainability. SMRs estimates that the global market for green tyres will reach 101,400 thousand units in 2020, accounting for approximately 38% of the global tyre industry. According to the SMR Report for the Green Tyre Market by 2027, the value and quantity will expand by almost 10.4% annually by 2027, when the volume will reach nearly 202.680 thousand units.
Green Tire Market Scope and Research Methodology:
The report's goal is to analyse and forecast the Green Tire market size. In order to correctly depict the competition scenario for the worldwide Green Tire industry, the market research provides strategic profiling of important market participants. It contains a thorough examination of new product launches, acquisitions,mergers and acquisitions, joint ventures, brands, and important players in the Green Tire business.The research contains information on industry trends and developments,market dynamics and their potential, assisting specialists in staying current on the most recent trends and sector performance, estimating growth and fall in Green Tire market share during the forecast period. Primary and secondary research approaches were used to have a thorough understanding of the Green Tire industry. The report's goal is to analyse and forecast the Green Tire market size. In order to correctly depict the competition scenario for the worldwide Green Tire industry, the market research provides strategic profiling of important market participants. It contains a thorough examination of new product launches, acquisitions, mergers and acquisitions, joint ventures, brands, and important players in the Green Tire business. The research contains information on industry trends and developments, market dynamics and their potential, assisting specialists in staying current on the most recent trends and sector performance, estimating growth and fall in Green Tire market share during the forecast period. Primary and secondary research approaches were used to have a thorough understanding of the Green Tire industry.
Green Tire Market Report Overview:
The research comprehensively covers insight analysis in light of the Green Tire Market, as well as its ever-changing patterns, industry environment, and all leading market elements. The Green Tire Market study also includes a complete analysis of leading players.
Green Tire Market size was volume at 123587.94 thousand units in 2022 and the total Green Tire Market volume is expected to grow at 10.4% through 2023 to 2029, reaching nearly 247035.64 thousand units.
Green Tire Market Dynamics:
The development of the middle class and the resulting increase in vehicle ownership in emerging nations, particularly in Asia, is the primary driver of the global Green Tyre Market. With increased worries about greenhouse gas emissions and the scarcity of natural resources to meet the demands of an increasing number of consumers, the industry is lobbying the government and the market for more sustainable products such as green tyres. As a result, tyre manufacturers are promoting sustainable tyre technology, such as the use of renewable rubber in their products that performs as well as or better than traditional rubber. To accelerate the commercial development of renewable rubber, many tyre manufacturers have strategic collaborations with governments, researchers, and biotechnology businesses.
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Green Tire Market Segmentation:
Green tyres are always being optimised 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 tyre 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 Tyres to 2023 market analysis, raw materials consumption for green tyre demand is predicted to be above 17.8 million tonnes in 2018, rising to 38 million in 2027. The dominating categories by weight include elastomers, fillers, and fabrics, and growth will be headed by sustainable ones such as natural rubber and rayon fabric, with synthetic rubbers showing the least development in the green tyre market.
Biosourcing of synthetic rubbers and other ingredients, increased natural rubber availability, and biological alternatives to natural rubber are all important areas of focus.
Cooper Tyre and Rubber and its consortium partners, including Clemson University, Cornell University, PanAridus, and the US Department of Agriculture's Agricultural Research Service, completed a five-year $6.9 million Biomass R&D Initiative (BRDI) grant titled "Securing the Future of Natural Rubber—an American Tyre and Bioenergy Platform from Guayule" in 2017.
Green Tire Market Key Players:
Michelin (France)
Bridgestone (Japan)
Goodyear Tire and Rubber (US)
Continental (Germany)
Hankook (South Korea),
Pirelli (Italy)
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)
Cooper (US)
Yokohama (Japan)
Nexen (South Korea)
MRF (India)
Petlas (Turkey)
BKT (India)
Green Tire Market Regional Analysis:
The report is divided into several key countries, with market size, growth rate, import and export of Green Tire market in these countries, which cover North America, the United States, Canada, Mexico, Europe, the United Kingdom, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
Key Questions answered in the Green Tire Market Report are:
- Which segment grabbed the largest share in the Green Tire market?
- Which segment is expected to grow at a high rate during the forecast period?
- How is the competitive scenario of the Green Tire market?
- Which are the key factors driving the Green Tire market growth?
- Which region holds the maximum share in the Green Tire market?
- What will be the CAGR of the Green Tire market during the forecast period?
- Which are the prominent players in the Green Tire market?
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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