Global Green Tires Market: The passenger cars segment is projected to grow at a significant rate during the forecast period of 2018 to 2023.
The global green tires market has been segmented by raw material, vehicle type, application, and region.
Green Tires Market Competitive Landscape
Some of the key 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).
Green Tires Market Segmentation:
On the basis of raw material, the global green tires market has been segmented into silica incorporated rubbers, butyl rubber, silica and silane incorporated rubber, silane incorporated rubber, recycled rubber, renewable raw materials, and others. The silica incorporated rubber segment held the largest market share in 2017 due to the wide use of the raw material by manufacturers. However, the demand for silica and silane-based green tires is likely to increase during the forecast period.
Based on vehicle type, the global green tires market has been divided into passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, aircraft, non-road diesel equipment, and others. The passenger cars segment accounted for the largest share of the global green tires market in 2017. The large-scale production of passenger cars along with the wide acceptance of green tires.
Green TiresMRegional Analysis:
The global green tires market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The European market dominated the global green tires market in 2017, followed by the markets in North America and Asia-Pacific. The demand for green tires is expected to increase in the Middle East & Africa during the forecast period. Latin America held the smallest market share due to slow economic development in the region.
- Green tires manufacturers
- Traders and distributors of green tires
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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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.