The rapidly developing market for sustainable tire materials includes the use of eco-friendly components with lower carbon footprints, such as natural and recycled rubber, sustainable carbon black, silica, sustainable steel, vegetable oils, and other sustainable tire ingredients in the production of tires.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Sustainable Tire Materials Market- A Global and Regional Analysis.
Sustainable Tire Market Analysis: Trends, Data, and Growth Projections
The use of non-renewable resources in tire manufacture causes harmful carbon emissions and increases the environmental effect. The sustainable tire materials market is though in its infancy, it is predicted to grow at a significant rate throughout the forecast period 2023-2032.
According to Sustainable Tire market report by BIS Research, the sustainable tire materials market is expected to reach?$533.9 million by 2032 from $34.9 million in 2022, growing at a CAGR of 32.88% during the forecast period 2023-2032.
The detailed market report is a compilation of 24 market data tables and 14 figures spread across 119 pages.
Market Drivers, Challenges, and Opportunities:
Investing in tires made from sustainable tire materials can lead to long-term savings. Factors such as supply chain issues in the natural rubber market, import and export duties, manufacturing costs, and labor expenses in the manufacturing country can result in significant changes in tire pricing. It is anticipated that the cost of sustainable tires will decrease during the forecast period 2023-2032. A research paper titled “Impacts of Sustainable Tire Technology: Case Study of Environmental and Customer Perspectives” reveals that sustainable tires, which contain a higher percentage of sustainable tire materials, offer enhanced durability and generate lifecycle waste equivalent to the cost of two conventional tires.
While the market is still in its early stages, tire manufacturers such as Continental AG, Michelin, and The Goodyear Tire and Rubber Company have gained significant market share due to large R&D investments in the market. To reduce carbon emissions associated with tires, tire manufacturers are actively investing in sustainability to produce tires at lower manufacturing costs.
Type of Material: Rubber (Natural and Recycled), Sustainable Carbon Black, Silica, and Others
Propulsion Type: Internal Combustion Engine Vehicles Expected to Hold Significant Market Share in the Global Sustainable Tire Materials Market along with Electric Vehicles
Vehicle Type: Passenger Vehicles and Commercial Vehicles
Tire Structure: Radial and Bias
Sales Channel: OEMs and Aftermarket
Region: North America, Europe, the U.K, China, Asia-Pacific, Japan, South Korea, India, and Rest-of-the-World
Key Players, Market Shares, and Trends
The global sustainable tire materials market accounted for around 65% of the market share in 2022, while the private companies operating in the market captured around 35% of the market share. Some of the sustainable tire material manufacturers are 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, and some of the tire manufacturers are The Goodyear Tire & Rubber Company, Michelin, Bridgestone Corporation, Nokian Tyres plc & Continental AG. Partnerships, joint ventures, collaborations, and alliance strategies have been adopted by market leaders to strengthen their market position.
Report Focus and Methodology
The Sustainable Tire Materials Market Report provides a credible global and regional market analysis and forecast for 2023-2028. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.
BIS Research follows an effective market intelligence methodology, comprising a crucial 15-step process. Data is captured from reliable intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product, within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, the “sustainable tire materials market is a fast-growing market, especially with the stringent environmental regulations and movement of vehicle and tire manufacturers toward sustainability. There may be a fundamental shift in the market. On account of this, the sustainable tire materials market is expected to grow multi-fold in the coming years during the forecast period. Sustainable tire material manufacturers are developing innovative products and expanding their product portfolio in the market. Among the geographies, Europe led a significant market share in the sustainable tire materials market owing to the increased awareness of sustainable tire benefits and strict carbon emitting regulations in the region. The tire manufacturers’ goals for 2030, 2040, and 2050, which involve an enhanced use of sustainable tire materials in tires, are anticipated to substantially propel the sustainable tire materials market in the forecast period (2023-32).”
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