Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Sustainable Tire Market by Material Type (Rubber, Sustainable Carbon Black, Silica), Propulsion Type (Internal Combustion Engine, Electric Vehicles), Structure (Radial, Bias), Vehicle (Passenger, Commercial), & Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The sustainable tire market is USD 0.12 billion in 2024 and is projected to reach USD 0.39 billion by 2029, at a CAGR of 27.3%
The key players in this market are Evonik Industries AG (Germany), Solvay (Belgium), Cabot Corporation (US), Birla Carbon (India), Orion (Luxembourg), GRP LTD (India), GENAN HOLDING A/S (Denmark), Lehigh Technologies, Inc., (US), PPG Industries, Inc. (US), Jiangxi black cat carbon black Co., Ltd (China) etc.
Silica, by material type, accounts for the largest market share in terms of volume in 2023.
Silica is expected to retain the largest volume in the sustainable tire market because it helps improve tire performance and reduces environmental impact. Silica has been one of the essential components in the production of tires - more specifically, energy-efficient green tires - reducing rolling resistance drastically and hence fuel consumption, with resultant lower CO2 emissions.
It thus earmarks silica as one of the key materials in the achievement of both strict regulatory requirements and consumer demand for green products. Silica started gaining dominance because of the wide reach of HDS technology in the marketplace. HDS technology, with finer dispersion within the rubber matrix, lends improved tire performance in terms of grip, durability, and overall efficiency. This is where the many tire property improvements in relation to wet traction and wear resistance - without performance trade-offs - make silica quite indispensable in the goal of tire manufacturers striving to come up with high-performance, sustainable tires.
This will undoubtedly increase the demand for silica in tire manufacturing, cementing its place as the largest material by volume in the sustainable tire market
Electric Vehicles is expected to be the second largest propulsion type for sustainable tire market during the forecast period, in terms of value.
EVs will represent the second-largest propulsion type by value in the sustainable tire market, as the world is accelerating toward electrification and EVs present special needs to tires. While governments and consumers raise their focus on sustainability and carbon reduction, so does the adoption rate of EVs demanding special tires that would work best with the peculiar characteristics of these vehicles.
EVs will need lower rolling resistance tires to achieve the best battery performance but be more resistant and have better handling than ICE vehicle tires because of the higher torque and weight of an EV compared to traditional ICE vehicle applications. This is leading to increasing development of tire materials such as advanced silica and sustainable carbon black, critical to meet performance requirement demands. As the EV market grows, so will the value contribution associated with the sustainable tire tailored for such electric vehicles, placing EVs second in value contribution within the propulsion type segment of the sustainable tire market.
Passenger Vehicles is expected to be the second largest vehicle type for sustainable tire market during the forecast period, in terms of value.
With high volumes of passenger vehicles on the road and growing consumer demand for green products, it is expected that passenger vehicles will be the second-biggest type of vehicle by value in the sustainable tire market. The global automotive market continues to turn green, and passenger vehicle manufacturers and tire makers are increasingly focusing on including sustainable materials in their products. The demands for eco-friendly tires in passenger cars have also been on the rise among consumers. Normally, such tires are made with advanced material that reduces the rolling resistance and enhances fuel efficiency; therefore, they release less carbon.
As consumers emerge wanting to align value concerns on the environment with vehicles, this segment is bound to experience heightened demand for materials that make sustainable tires. Besides, there are manufacturers who have been forced by regulatory pressure as well as government incentives towards green technologies to inculcate sustainability into their processes hence making tire materials more valuable in the passenger car market that are sustainable. Already a trendsetter when it comes to electric and hybrid pass automobile segments where other than standard compounds are required making it certainly possible for these figures to sharply rise.
Bias tires are expected to be the second largest structure for sustainable tire market during the forecast period, in terms of value.
The bias tires segment is projected to continue holding the second-largest value share of the sustainable tire market, due to its wide applications in some vehicle segments. Though radials dominate the market, bias tires have an extremely solid nature under harsh conditions - where there is a question of critical durability, puncture resistance, and loads. The situation is usable in the agricultural, construction, and some of the commercial cars sectors. Bias tires have a number of layers of fabric laid at an angle to one another to achieve a cross-ply structure, thus providing extraordinary sidewall strength for this tire to work under very coarse conditions with heavy loads. With sectors like agriculture and construction growing and leaning more towards green solutions, demands for green materials in bias tires grow too.
Aftermarket are expected to be the second largest sales channel for sustainable tire market during the forecast period, in terms of value.
By sales channel, the aftermarket is likely to occupy the second-largest value share in the sustainable tire market. This may be attributed to the rise in demand for environmentally sustainable and high-performance replacement tires. The preference toward green tire options rises as consumers and businesses replace worn-out tires and develop a sense of responsibility toward their environment. One trend in these areas with strict environmental regulations is that the practiced sustainability is not because people there prefer it but sometimes even are required to. Contrarily, automotive owners have always looked out for pocket-friendly and durable tire solutions while wanting to be environmentally responsible in the aftermarket.
Such sustainable tire as low rolling resistance rubber compounds or eco-friendly silica attract indeed a wide range of customers who wish to reduce their fuel use and carbon emissions. Moreover, its variance in this segment by different types of cars that are needing different types of tires marks a significant route for sustainable tire. The manufacturers make a range of the green tire for fulfilling the new market demand for the aftermarket. Development in this region for sustainable tire comes out of a compliance approach that emphasizes enhancing the longevity of the tire lifecycle, vehicle performance, and emission regulation; therefore, it is becoming a critical aftermarket segment.
Based on region, North America was the second largest market for sustainable adhesives in 2023.
North America is the second-largest region in the sustainable tire market, owing to a number of contributing factors. Robust growth in the automotive industry, coupled with rising environmental regulations, drives the demand for sustainable tire. In the U.S. and Canada, the mounting pressure from government departments on auto-manufacturers and tire manufacturers to cut down CO2 emissions and enhance fuel efficiency has compelled companies to switch to sustainable materials in tire manufacturing.
In addition, North America comprises major tire manufacturers and automobile companies investing a huge amount in research and development to attain sustainability goals, such as minimizing not only environmental impacts of products but also innovating for better tire performance, durability, and safety with sustainable materials like silica, bio-based rubber, and recycled carbon black. The well-established infrastructure of the region in terms of automotive production, coupled with high consumer awareness and demand for eco-friendly products, further strengthens this market. In view of tightening regulations and growing consumer preference for 'green' products, the contribution or role of North America in the global sustainable tire market can hardly be low.
Companies Featured
- Evonik Industries AG
- Solvay
- Birla Carbon
- Orion
- Grp Ltd.
- Genan Holding A/S
- Lehigh Technologies, Inc.
- Cabot Corporation
- Ppg Industries, Inc.
- Jiangxi Black Cat Carbon Black Co. Ltd.
- Ldc Co. Ltd.
- Monolith Inc.
- Contec
- Black Bear Carbon B.V.
- Snr Reclamations Pvt. Ltd.
- Capital Carbon
- Pyrum Innovations AG
- Origin Materials
- Tinna Rubber & Infrastructure Ltd.
- Hi-Green Carbon Ltd.
- Sapphire Reclaim Rubber Pvt. Ltd.
- Envigas
- Tokai Carbon Cb Ltd.
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