Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "Europe Sustainable Tire Materials Market: Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The Europe sustainable tire materials market (excluding U.K.) is projected to reach $358.5 million by 2032 from $24.0 million in 2023, growing at a CAGR of 35.05% during the forecast period 2023-2032. The sustainable tire materials market is poised for growth due to increasing requests for eco-friendly tires and the incorporation of sustainable tire materials into the production of passenger and commercial vehicle tires. This growth is also fueled by ongoing developments and advancements in this field.
Market Introduction
The Europe sustainable tire materials market is experiencing notable growth and evolution, driven by the escalating demand for environmentally friendly tires across the continent. This surge in demand aligns with the broader global shift towards sustainability and eco-conscious consumer choices. Consumers and regulators in Europe are increasingly emphasizing the reduction of carbon emissions and promoting eco-friendly transportation solutions, which has spurred interest in sustainable tire materials.
One of the factors contributing to this market's growth is the integration of sustainable tire materials into both passenger and commercial vehicle tire manufacturing processes. Manufacturers are recognizing the importance of eco-friendly tire options, which has led to the development and adoption of sustainable materials, including natural rubber alternatives and recycled materials.
Additionally, stringent environmental regulations and incentives in European countries are encouraging the use of sustainable tire materials, further boosting market prospects. As a result, the Europe sustainable tire materials market is poised for sustained expansion, offering eco-conscious consumers a greener and more responsible choice in tire options.
How can this report add value to an organization?
Product/Innovation Strategy
The leading sustainable tire materials manufacturers are continuously working to develop new and innovative sustainable tire materials. The growing need for efficient, eco-friendly, and high-performing tires is one of the major factors for the growth of the sustainable tire materials market. The market is more on the consolidated side at present, where sustainable tire material manufacturers have been successful to a certain extent in strengthening their market position in the Europe market, with a few sustainable tire material manufacturers developing recovered carbon black, recycled rubber, and sustainable silica for sustainable tires.
However, the competition in the market is expected to become intense as the demand for sustainable tire material increases from tire manufacturers to achieve sustainability targets. Moreover, partnerships and collaborations are expected to play a crucial role in strengthening market position over the coming years, with the companies focusing on bolstering their technological capabilities and gaining a dominant market share in the sustainable tire material industry.
Growth/Marketing Strategy
The sustainable tire materials market has been growing at a rapid pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include partnerships, agreements, and collaborations.
Competitive Strategy
The key players in the Europe sustainable tire materials market analyzed and profiled in the study include multiple sustainable tire material manufacturers and tire manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the sustainable tire materials market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
Some of the prominent names in this market are:
- Evonik Industries AG
- Solvay
- CONTEC
- Black Bear Carbon B.V.
- Genan Holding A/S
- Michelin
- Nokian Tyres plc
- Continental AG
Key Topics Covered:
Executive Summary
Scope of the Study
1 Markets
1.1 Industry Outlook
1.1.1 Industry Trends
1.1.1.1 Change in Business Models of Companies Due to Climate Action
1.1.1.2 Increasing Allocation of Funds Toward Environment-Friendly Tire Material Technologies
1.1.2 Supply Chain Network
1.1.3 Key Patents Analysis
1.1.4 Overview of Tire Recycling
1.1.5 Regulations on Tire Materials Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Stringent Regulations and Carbon Neutrality Targets
1.2.1.2 Augmented Demand for Sustainable Tire Materials from Transportation and Logistics
1.2.1.3 Extended Lifespan and Cost Efficiency of Tires
1.2.2 Business Challenges
1.2.2.1 Volatility of Tire Prices Made from Sustainable Tire Materials
1.2.2.2 Lower Adoption Rate of Sustainable Tire Materials in ICE Vehicles Compared to Electric Vehicles
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Mergers, Acquisitions, and Divestments
1.2.4.2 Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.5 Business Opportunities
1.2.5.1 Growing Demand for New Sustainable Tire Materials
1.2.5.2 Utilization of Advanced Recycling Techniques within the Tire Circular Economy Model
2 Regions
2.1 U.K.
2.1.1 Market
2.1.1.1 Buyer Attributes
2.1.1.2 Key Manufacturers in the U.K.
2.1.1.3 Competitive Benchmarking
2.1.1.4 Business Challenges
2.1.1.5 Business Drivers
2.1.2 Application
2.1.2.1 U.K. Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.1.2.2 U.K. Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.1.2.3 U.K. Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.1.2.4 U.K. Sustainable Tire Materials Market (by Sales Channel), Volume and Value Data
2.1.3 Product
2.1.3.1 U.K. Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2 Europe
2.2.1 Market
2.2.1.1 Buyer Attributes
2.2.1.2 Key Manufacturers in Europe
2.2.1.3 Competitive Benchmarking
2.2.1.4 Business Challenges
2.2.1.5 Business Drivers
2.2.2 Application
2.2.3 Product
2.2.4 Europe: Country-Level Analysis
2.2.4.1 Italy
2.2.4.2 France
2.2.4.3 Germany
2.2.4.4 Spain
2.2.4.5 Rest-of-Europe
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Benchmarking
3.1.1 Competitive Position Matrix for Sustainable Tire Materials Manufacturers
3.2 Market Share Analysis for Tire Manufacturers
3.3 Company Profiles
3.3.1 Company Overview
3.3.1.1 Role of Evonik Industries AG in the Sustainable Tire Materials Market
3.3.1.2 Product Portfolio
3.3.2 Corporate Strategies
3.3.2.1 Partnerships, Joint Ventures, Collaborations, and Alliances
3.3.3 Business Strategies
3.3.3.1 Product Developments
3.3.4 R&D Analysis
3.3.5 Analyst View
4 Research Methodology
4.1 Data Sources
4.1.1 Primary Data Sources
4.1.2 Secondary Data Sources
4.1.3 Data Triangulation
4.2 Market Estimation and Forecast
4.2.1 Research Methodology - Bottom - Up Approach
4.2.2 Factors for Data Prediction and Modeling
For more information about this report visit https://www.researchandmarkets.com/r/9p6coq
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