Industry Background:
Green tires are sustainable tires made up of highly dispersible silica (HD silica or HDS), natural rubber and improved carbon black with an aim to provide energy efficiency by having low rolling resistance. As per leading rubber and plastics expertise Smithers Rapra data of 2018, around 40% of total tires are green one with demand expected to grow in the forecasted period. Emergence of electric and hybrid vehicles expected to add another feather in sustainable tires market cap amid challenge about the unpredictability of raw materials loom large.This growth is primarily driven by Emphasizing on reducing emission by Minimizing Rolling Resistance of Tires and Biodegradable Nature of Green tires Prove to be eco-friendly thus, proliferating its demand coupled by Favorable government moves.
Globally, a noticeable market trend is evident Growing Focus From OEMs towards Energy Efficient Solution
. Major Vendors, such as PPG Industries Inc. (United States), Pirelli Tyre SpA (Italy), Bridgestone (Japan), Green Arc Tire Manufacturing (Canada), Goodyear Tire & Rubber (United States), Michelin North America (United States), Continental (Germany), Maxxis (Taiwan), Hankook Tire (South Korea) and Kumho Tire (South Korea) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
"The replacement market for green tires has also grown through better consumer education and awareness provided by the European Union’s consumer tire labelling plan that rates tire rolling resistance and other performance variables. Regulatory and labelling plans promoting OE and replacement LRR tires are expanding beyond Europe, too, and could possibly be coming to the U.S. OE market penetration is catching up to European levels in other regions with discussions taking place in the US."
Market Drivers
- Emphasizing on reducing emission by Minimizing Rolling Resistance of Tires
- Biodegradable Nature of Green tires Prove to be eco-friendly thus, proliferating its demand coupled by Favorable government moves
Market Trend
- Growing Focus From OEMs towards Energy Efficient Solution
- Growth in Alternatives Power trains Such as Hybrid and Electric Vehicles
Restraints
- Unpredictibiliy of Raw Material Prices
Opportunities
Growing Need towards Fuel conservation Amid Scarcity of Fossil Fuels and Replacement of Conventional Tires By green one
Challenges
Adverse impact on braking performance in case of replacement of green tires’ from conventional materials and Lack of awareness About Its Benefits
AdvanceMarketAnalytics follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization of the Report:
AMA Research & Media features not only specific market forecasts, but also include significant value-added commentary on:
Market Trends
Technological Trends and Innovations
Regulatory Trends & Policies
Market Maturity Indicators
Market Share Movements
Growth Drivers and Constraints
New Entrants into the Market & Entry/Exit Barriers
Consumer Demographics
Supporting Company Financial and Cash Flow Planning
Open Up New Markets
To Seize Powerful Market Opportunities
Key Decision in Planning and to Further Expand Market Share
Identify Key Business Segments, Market Proposition & Gap Analysis