Europe Takes the Lead in the Global Sustainable Tire Materials Market, Spearheaded by Evonik Industries and Solvay's Introduction of Bio-Circular Silica for Environmentally Friendly Tires
The global sustainable tire materials market is expected to witness significant growth, reaching $533.9 million by 2032, with a CAGR of 32.88% during the forecast period 2023-2032.
DUBLIN, Aug. 10, 2023 /PRNewswire/ -- The "Sustainable Tire Materials Market - A Global and Regional Analysis: Focus on Vehicle Type, Tire Structure, Propulsion Type, Type of Material, Sales Channel and Country Level Analysis - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global sustainable tire materials market is expected to witness significant growth, reaching $533.9 million by 2032, with a CAGR of 32.88% during the forecast period 2023-2032. This growth is attributed to the rising demand for sustainable tires and the integration of sustainable tire materials in passenger and commercial vehicle tires during the manufacturing process.
Market Introduction:
Leading tire manufacturers, like Goodyear and Michelin, have already started producing sustainable tires with lower carbon footprints, longer lifespans, and increased fuel efficiency. Ambitious targets set by countries worldwide to reduce environmental impact are driving the adoption of sustainable tire materials. As research and development activities continue, more innovative sustainable tire materials are expected to be launched.
Industrial Impact:
The sustainable tire materials market is driven by extended tire lifespan, cost efficiency, and increased demand from transportation and logistics. Key players in the market, such as PPG Industries, Evonik Industries, and Solvay, are focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence.
Market Segmentation:
1. Type of Material:
- Rubber (Natural, Recycled)
- Sustainable Carbon Black
- Silica
- Others
2. Propulsion Type:
- Internal Combustion Engine Vehicles
- Electric Vehicles
3. Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
4. Tire Structure:
- Radial
- Bias
5. Sales Channel:
- OEMs
- Aftermarket
6. Region:
- North America
- Europe
- U.K.
- China
- Asia-Pacific and Japan
- Rest-of-the-World
Recent Developments:
Notable recent developments in the global sustainable tire materials market include Solvay's introduction of bio-circular silica and Birla Carbon's expansion of clean carbon black production in India. PKA divested shares in Genan Holding, and Tatneft PJSC and Nokian Tyres reached an agreement for the sale of Nokian Tyres Russian business.
Demand - Drivers and Limitations:
The market is driven by stringent carbon emission regulations, recycling initiatives, and circular economic strategies. However, the volatility of tire prices made from sustainable materials is a challenge faced by manufacturers.
Market Opportunities:
There are ample opportunities for tire manufacturers to introduce new and innovative sustainable tire materials, including bio-based silica, recycled tire carbon black, and vegetable oils, to reduce carbon emissions and manufacturing costs.
Key Companies Profiled:
Sustainable Tire Material Manufacturers:
- 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
Tire Manufacturers:
- The Goodyear Tire & Rubber Company
- Michelin
- Bridgestone Corporation
- Nokian Tyres plc
- Continental AG
In conclusion, the global sustainable tire materials market is poised for substantial growth driven by environmental concerns and the demand for eco-friendly tire solutions. As tire manufacturers invest in sustainability and governments push for carbon neutrality, the adoption of sustainable tire materials is expected to increase in the coming years.
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
For more information about this report visit https://www.researchandmarkets.com/r/n334pt
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