Green Tire Market Opportunities, Future Trends, Business Demand and Growth Forecast 2027
Green Tire Market Overview:
The “green” (sustainable) tyre industry is a quickly expanding sector of the overall tyre industry and is made up of low rolling resistance (LRR) tyres. The industry is expanding quickly in part due to the expansion of the tyre market, but this is secondary to the growing public interest in sustainability. According to SMRs, the global market for green tyres will reach 101,400 thousand units in 2020, or about 38% of the entire tyre industry. By 2027, when the volume reaches nearly 202.680 thousand units, the green tyre market is expected to grow in both value and quantity by a rate of about 10.4% annually, according to the SMR Report for Green Tire Market.
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Green Tire Market Dynamics:
The main driver of the global Green Tire Market is the growth of the middle class and the consequent increase in vehicle ownership in emerging markets, especially in Asia. With growing concerns about greenhouse gas emissions and the limited availability of natural resources to meet the demands of more and more consumers, the industry is in the government and market for more sustainable products like green tires. As a result, tire manufacturers are promoting sustainable tire technology, including the inclusion of renewable rubber in their products that is equal to or better than traditional rubber. Many tire manufacturers have strategic partnerships with governments, researchers and biotechnology companies to drive the commercial development of renewable rubber.
Green Tire Market Segmentation:
Through the use of fillers like highly dispersible silica (HDS), enhanced carbon blacks, or nanotechnology, green tyres are continuously improved to achieve the lowest possible rolling resistance. Through 2027, this market segment—which dominated in 2018—will dominate the market for green tyres. Other materials also play a role, some from the perspective of lowering rolling resistance as well as from that of sustainability in general. The increased use and supply of natural rubber, as well as advancements in the sustainability and properties of synthetic rubber (i.e., non-petroleum alternatives), are major focus points for innovation. The volume and value of the new green technologies will be modest at first, but after the forecast period, there will be greater commercial potential.
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Green Tire Market Key players:
- 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)
COVID-19 Impact on Green Tire market:
Green Tires’ market has been significantly impacted by the COVID-19 outbreak. The development of Green Tire production facilities has been halted due to the global economic downturn and a labour shortage. Production utilisation has decreased significantly and steadily as a result of the COVID-19 pandemic. Additionally, travel restrictions and facility closures have prevented staff from visiting their facilities, which will limit the growth of the Green Tire market in 2020. The market repercussions of COVID-19 are expected to be short-lived due to the high demand for Green Tire, though. The industry is anticipated to fully recover by early 2021.
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Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company’s products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company’s subject-matter expertise and capacity to provide a workable solution to any research problem.
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