Market Synopsis:
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.
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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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. Furthermore, rising per-capita income and a growing working population have led to increased automotive sales, especially in Asia-Pacific, driving the demand for green tires during the forecast period. However, technological restraints such as uncertainties regarding the choice of raw materials to be used and the all-season traction capabilities of green tires are expected to hamper the growth of the product market during the forecast period. Furthermore, a lack of awareness about green tires in emerging economies is also likely to hinder market growth.
Key Players:
Some of the prominent players in the Global Green Tires Market are Michelin (France), Lanxess (Germany), Evonik Industries AG (Germany), Bridgestone Americas Tire Operations, LLC (US), MRF (India), Apollo Tyres (India), the Goodyear Tire & Rubber Company (US), Hankook Tire (South Korea), Pirelli Tire North America LLC (US), PPG Industries, Inc. (US), Green Arc Tire Manufacturing Inc. (Canada), Giti Tire Pte Ltd (Singapore), Sailun Tires (Canada), Cooper Tire & Rubber Company (US), and Nexen Tire America Inc. (US).
Market Segmentation:
The Global Green Tires Market has been segmented by Raw Material, Vehicle Type, Application and Region.
On the basis of Raw Material, the Global Green Tires Market has been divided into silica incorporated rubbers, butyl rubber, silica and silane incorporated rubber, silane incorporated rubber, recycled rubber, renewable raw materials, and others.
Based on Vehicle Type, the Global Green Tires Market has been segregated into passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, aircraft, non-road diesel equipment, and others.
On the basis of Application, the Global Green Tires Market has been categorized as on-road and off-road.
Regional Analysis:
The Global Green Tires Market has been analyzed with respect to five regions, namely, 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 market in the Middle East & Africa is expected to grow during the forecast period.
Latin America held the smallest market share in 2017; moderate growth of the regional market is expected during the forecast period.
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