Jersey City, NJ, Aug. 16, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Sustainable Tire Materials Market- (By Type of Material (Rubber (Natural, Recycled), Sustainable Carbon Black, Silica, Others), By Propulsion Type (Internal Combustion Engine Vehicles, Electric Vehicles), By Vehicle Type, (Passenger Vehicles, Commercial Vehicles), By Tire Structure (Radial, Bias), By Sales Channel (OEMs, Aftermarket)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Sustainable Tire Materials Market is valued at US$ 37.36 Mn in 2022, and it is expected to reach US$ 367.40 Mn by 2031, with a CAGR of 29.3% during a forecast period of 2023-2031.
Sustainable tires may use plasticizers such as silica and silane and resins strongly bound in the tread block, ensuring road safety during rains and conserving energy while driving, minimizing rolling resistance and carbon emissions. Silica in tires also improves tire responsiveness and steering abilities in various adverse weather conditions. These tires have also been demonstrated to improve traction on icy roads.
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Growing consumer and industry awareness of the environmental impact of standard tire materials has increased demand for sustainable tire solutions. Government regulation and economic forces, increased fuel efficiency and reduced rolling resistance all contribute to expanding the green tire market. Furthermore, adopting eco-friendly tires across the automotive industry and technical improvements in the automotive sector generate the business potential for major players in the sustainable tire market.
Recent Developments:
- In January 2023, Solvay launched bio-circular silica in Europe and intended to extend into North America. The Solvay Group may gradually replace its existing Zeosil portfolio with circular HDS in the coming years, delivering a circular solution for tires that may boost the usage of sustainable raw materials and reduce the tire industry's carbon impact.
- In June 2022, Evonik came out with a new line of environmentally friendly liquid polybutadienes. It was found that making this new line of products with butadiene that was made in a way that didn't harm the environment cut the amount of fossil raw materials used by up to 99.9%. With the POLYVEST eCO line, Evonik met the needs of a market that cares more and more about being green.
List of Prominent Players in the Sustainable Tire Materials Market:
- Evonik Industries AG
- Solvay
- PPG Industries, Inc.
- LDC-KOREA CO., LTD.
- CONTEC
- Black Bear Carbon B.V.
- GRP LTD.
- SNR Reclamations Pvt. Ltd.
- Genan Holding A/S
- Lehigh Technologies
- The Goodyear Tire & Rubber Company
- Michelin
- Bridgestone Corporation
- Nokian Tyres plc
- Continental AG
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Sustainable Tire Materials Market Report Scope:
| Report Attribute | Specifications |
| The Market Size Value In 2022 | USD 37.36 Mn |
| Revenue Forecast In 2031 | USD 367.40 Mn |
| Growth Rate CAGR | CAGR of 29.3 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million, Volume (Ton) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Type of Material, Propulsion Type, Vehicle Type, Tire Structure, Sales Channel |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers:
The rising carbon emissions from vehicles is causing serious environmental issues. Because of their widespread use of fossil fuels, vehicles are the most prolific contributors to air pollution. Automotive tires are one of the most crucial components when calculating how much pollutants are released by cars. Governments all across the world have placed various emission regulations on automakers to slow the rate at which vehicle emissions are increasing.
Challenges:
The massive amount of solid waste generated by tires is a big concern. Old tires contain heavy metals and compounds that bleed into the atmosphere as they degrade, a process called leaching. Some of these substances have been shown to be mutagenic and carcinogenic.
The pollution of the soil is another risk posed by leaching. The soil around these old tires can quickly become contaminated with dangerous substances released into the environment. Even groundwater is at risk of contamination. Furthermore, if these chemicals contaminate the water in the soil, the poisoned water will come into touch with animals and humans, potentially endangering their lives. Furthermore, an increased fire risk is one of the major concerns in the case of discarded tires.
Regional Trends:
In the next few years, the market for sustainable tire materials in Europe is expected to have a large part of the revenue market and grow quickly. Europeans have shown a strong preference for eco-friendly and long-lasting products, including tires. The growing awareness of environmental problems and the importance of sustainable living have increased demand for tires made from environmentally friendly and renewable materials.
European governments have implemented various laws and incentives to promote sustainable practices in the car industry. These policies may include tax breaks for environmentally friendly items or rules encouraging using renewable and recyclable resources.
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Segmentation of Sustainable Tire Materials Market-
By Type of Material-
- Rubber
- Natural
- Recycled
- Sustainable Carbon Black
- Silica
- Others
By Propulsion Type-
- Internal Combustion Engine Vehicles
- Electric Vehicles
By Vehicle Type-
- Passenger Vehicles
- Commercial Vehicles
By Tire Structure-
- Radial
- Bias
By Sales Channel-
- OEMs
- Aftermarket
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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