Global green tire market is expected to witness significant growth over the forecast period. Rising energy cost, increasing environmental awareness among consumers, rising global population base, rising R&D expenditures and, inflexible government regulations are the drivers estimated to boost the growth of green tire market. In addition, increasing demand for automobiles and desire for improved handling and safety are the other factors anticipating market growth over six years. Increasing environmental awareness among consumers is expected to be one of the major factor driving the market growth owing to the benefits associated with it such as eco-friendliness, high durability, fuel efficient and, providing grip and reducing carbon emission. Green tires also help in minimizing roll resistance and increasing performance of tires.
Rising R&D expenditures is the other factor contributing in the market growth. Many manufacturers are trying to use alternative products while producing energy efficient green tires. Manufacturers such as Continental is researching on use of dandelion oil as an ingredient in tire production and Goodyear is striving to incorporate soybean oil into manufacturing process. Soybean oil effectively reduce the amount of petroleum based oil used in manufacturing and increases tread life by 10%. Also, it has been confirmed that the soybean oil efficiently blends with silica (used in process) and reduces the factory consumption. Hence, it has the potential to decrease the amount of petroleum based oils used during the process. The unconventional ingredients used for green tier manufacturing includes orange oil, sunflower oil and, vegetable oil. Yokohama Tire Corporation imbues orange oil extracted from orange peels into natural rubber and the resultant is called as Super Nano-Power Rubber compound used in Yokohama’s dB Super E-spec tiers. It not only reduces petroleum usage but also reduces rolling resistance by around 20%.
The primacy MXM4 all-weather tier integrates sunflower oil into tiers for shorter braking distances on wet surfaces and helps in improving adhesion in cold weather. Another Company, Sumitomo Rubber Industries has integrated vegetable oil into their Enslave tier for the replacement of petroleum. JK Tyres has invented Hyper Bonding Silica technology which is used as fortifying materials in tiers instead of carbon black. Tiers with HBS technology produces less heat and have low rolling resistance. MRF Tires is estimated to be one of the largest Indian tire manufacturers which has launched a premium range of eco-friendly tubeless tiers named as MRF ZSLK. It has been made from silica and are used in many automobiles such as Honda City, Nissan Micra and many more.
The raw materials in manufacturing green tires are majorly renewable source and in small amount other materials such as synthetic rubber, carbon black, precipitated silica, processing oils, fillers and chemicals. Natural rubber accounts for two-third proportion of car tire and rest one-third consists of other materials and chemicals. The global green tire market is segmented on the basis of product type into passenger tier, light commercial tiers and heavy commercial tiers and by application, it is segmented into on-roads and of-roads.
On the basis of geographic regions, the global green market is segmented into North America, Europe, Asia Pacific, Latin America and MEA. North America is expected to dominate the market owing to established urbanized lifestyle, increasing production of vehicles, increasing technological advancements, and high number of manufacturing companies. In Europe, green tiers are termed as energy tiers where the main advantage is promoted as lower rolling resistance Asia Pacific region is estimated to witness fastest growth over the forecast period. Rising per capita disposable income, increasing environmental awareness among the people and, rising population base are the factors supporting the growth. Emerging economic countries such as India and, China are considered as the major contributors for the growth of green tier market.
The key players dominating the market are Continental AG, Bridgestone Corp., The Goodyear Tire and Rubber Co., Michelin North America Inc., Pirelli Tyre S.p.A, Evonik Industries, PPG Industries Inc., Green Arc Tire Manufacturing Inc., JK Tyres and MRF Tyres.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Green Tire in these regions, from 2012 to 2022 (forecast), covering
• United States
• South Korea
Global Green Tire market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• Goodyear Tire & Rubber
• Pirelli Tyre S.p.A.
• Michelin North America
• PPG Industries Inc.
• Pirelli Tyre SpA
• Green Arc Tire Manufacturing
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
• Rim Diameter (<20 inch)
• Rim Diameter (20 to 45 inch)
• Rim Diameter (45 to 65 inch)
On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Green Tire for each application, including
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Research Support Specialist, USA