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The Sustainable Tire Materials Market Size is valued at USD 48.47 Mn in 2022 and is predicted to reach USD 379.16 Mn by the year 2031 at a 29.63 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increased need for sustainable tire materials in the transportation and logistics industries and the long lifespan and low cost of sustainable tires are some of the reasons propelling the sustainable tire materials market.
- Rising energy prices and strict government restrictions on the use of environmentally friendly products are propelling the rapid expansion of sustainable tire materials.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Problems, such as unclear instructions and a lack of familiarity with the innovation underlying these tires, could hinder the industry's spread
The utilization of environmentally friendly and socially responsible materials in the production of tires is referred to as sustainable tire materials. These materials are chosen to reduce the environmental impact of tires throughout their lifecycle, from raw material procurement to production, consumption, and disposal. Consumer, government, and business environmental consciousness pushed the tire sector to seek more sustainable options.
As public concern about climate change and resource depletion grew, a greater emphasis was placed on decreasing the environmental impact of tire production and disposal. Adopting sustainable tire materials can give tire producers a competitive edge by differentiating their products in the market and appealing to environmentally concerned customers.
However, the pandemic shook worldwide supply systems, especially those supplying sustainable tire materials. Movement restrictions, plant closures, and transportation interruptions may have impacted the availability and cost of raw materials used in sustainable tires.
Competitive Landscape:
Some major key 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
Market Segmentation:
The Sustainable Tire Materials Market is segmented on the basis of type of material, propulsion type, vehicle type, tire structure, and sales channel. Based on the type of material, the market is segmented as rubber, sustainable carbon black, silica, and others.
The type of material segment includes natural and recycled. The market is divided by propulsion type into internal combustion engine vehicles and electric vehicles. The vehicle type segment includes Passenger Vehicles and Commercial Vehicles. By tire structure, the market is segmented into radial and bias. The sales channel of the material segment includes OEMs and aftermarkets.
Based On Vehicle Type, The Passenger Vehicles Segment Is Accounted As A Major Contributor In The Sustainable Tire Materials Market
The passenger vehicles category is expected to hold a significant share of the global Sustainable Tire Materials Market in 2022. This is driven by the increasing utilization of sustainable tire materials and the growing awareness of their benefits. Compared to commercial vehicles, demand for ICE and EV passenger vehicles is predicted to expand significantly. This expansion may be due to increased demand for efficient, environmentally friendly, and connected automobiles over the projected period, which is expected to enhance the market for sustainable tire materials. The growing popularity of sustainable tires is also likely to persuade car owners to choose aftermarket sustainable tires.
The Radial Segment Witnessed Growth At A Rapid Rate
The radial segment is projected to grow rapidly in the global Sustainable Tire Materials Market. This is primarily due to their multiple benefits, making them the industry's preferred option. Because of their flexible sidewalls, radial tires provide a comfortable and smooth driving experience by effectively absorbing road irregularities and minimizing vibrations. Radial tires are the best choice for truck tires.
In The Region, Europe Sustainable Tire Materials Market Holds A Significant Revenue Share
Europe's Sustainable Tire Materials Market is expected to register the maximum market share in revenue in the near future owing to its considerable production and use of natural and recycled rubber for tire manufacturing. Its strong production capabilities and demand fuels the country's substantial presence in the market for sustainable tire materials.
To fulfil the increased demand, notable sustainable tire producers such as Continental AG, Michelin, and Pirelli & C. S.p.A. are actively expanding their production of sustainable tires in the region. In addition, the region Asia Pacific is expected to grow at a significant rate. The thriving automotive industries in these countries have increased tire demand, prompting tire makers to investigate sustainable materials to suit market demands.
Recent Developments:
- In March 2024, Goodyear Tire & Rubber Company introduced two new tires to their RangeMax lineup: the RangeMax RTD ULT and the RangeMax RSA ULT. No matter the powertrain, the latest Goodyear RangeMax tires offer the best grip, variety, and economy for local delivery and pickup vehicles powered by electric, gas, or diesel.
Sustainable Tire Materials Market Report Scope:
|
Report Attribute |
Specifications |
|
The Market Size Value In 2023 |
USD 48.47 Mn |
|
Revenue Forecast In 2031 |
USD 379.16 Mn |
|
Growth Rate CAGR |
CAGR of 29.63 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million, Volume (Ton) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
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 |
|
Competitive Landscape |
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, and Continental AG. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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