Sustainable Tire Materials Market Top Players - Evonik Industries AG, Solvay, PPG Industries, Inc., LDC-KOREA CO., LTD.

"Sustainable Tire Materials Market" in terms of revenue was estimated to be worth $48.47 Mn in 2023 and is poised to reach $379.16 Mn by 2031, growing at a CAGR of 29.63% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global sustainable tire materials market are:
• Developments in technology
• Increasing governmental rules
• Increasing concerns about the environment

The following are the primary obstacles to the sustainable tire materials market's expansion:
• High cost
• Lack of awareness
• Strict rules and regulations

Future expansion opportunities for the global sustainable tire materials market include:
• Rising Interest in Eco-Friendly Tire Components
• Raising spending on research and development
• Growing interest in automotive sector

Market Analysis:
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. Manufacturing tires using materials that are less harmful to the environment has become increasingly common in recent years.

List of Prominent 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

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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.
• In March 2024, Solvay and Carester announced the agreement of an MOU to establish a strategic cooperation. Solvay will contribute its industrial assets and operational experience to the partnership. At the same time, Carester will bring its knowledge of the upstream market, expertise in recycling end-of-life equipment, and related activities to its strengths in the rare earths industry.
• In February 2024, Evonik, a global leader in the silica industry, expanded its factory in Charleston, USA, to create precipitated silica. By facilitating local silica sourcing, the new South Carolina line is making the supply chains of Evonik's regional partners more resilient and meeting the increased demand, especially in the North American tire business.

Sustainable Tire Materials Market Dynamics:
Market Drivers: Increasing Governmental Rules
The sustainable tire industry is rapidly expanding due to rising energy costs and strict government rules on environmentally friendly materials. In addition, the environmental impact of the car industry's high demand and the pollution it produces is substantial. Customers' widespread use of green tires, which are commonly used to reduce pollution and fuel consumption, is anticipated to boost the expansion of the sustainable tires market.

Challenges: High Cost
The green tires industry is hindered by high costs because it sources sustainable raw materials from ethically managed plantations, such as natural rubber, which can be challenging and lead to bottlenecks in the supply chain. Additionally, sustainable tire materials tend to cost more than traditional tire materials. This price rise would put off budget-conscious consumers who are considering buying environmentally friendly tires. Because of this, expanding the market is extremely difficult.

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North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America sustainable tire materials market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the region's well-established distribution channel and the aromatic hydrocarbon content. Growth in the industry is being driven by the increasing need for replacement tires and the infrastructure projects underway. Plus, construction and agricultural vehicle fleet expansion will keep driving demand ahead.

Segmentation of Sustainable Tire Materials Market-
By Type of Material
• Rubber
o Natural
o Recycled
• Sustainable Carbon Black
• Silica
• Others
By Propulsion Type
• Internal Combustion Engine Vehicles
• Electric Vehicles
By Vehicle Type
• Passenger Vehicles
• Commercial Vehicles
By Structure-
• Radial
• Bias
By Sales Channel
• OEMs
• Aftermarket
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.