Green Tires Market Growth and Forecast 2015-2025
Tire is a crucial vehicle component that covers the wheel's rim to protect it and enable better vehicle performance. Tires provide traction between the vehicle and road while providing a flexible cushion bed to absorbs shock. Tires are typically made of rubber. With the increasing environmental and energy concerns, tire manufacturers are stepping forward to use renewable raw materials. Plasticizers and resins could also be potentially used in green tires. As on 2014, 45% share is of natural raw materials in tires which is expected to grow to 100% by the end of 2025. These environmental-friendly raw material are ten percent lighter than conventional products used in the manufacturing of tires. This helps in reduction of the overall weight of a car, so it requires less fuel. Green tires are developed so as to optimize the fuel consumption via reduction of rolling resistance. Rolling resistance refers to the energy required by the tire's road contact and its deformation. Reduction in rolling resistance requires total control over the complex relationship between the tread pattern, tire structure and rubber compounds.
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With the soaring population and fuel economy regulations imposed by government, the demand for green transportation increases. Globally, the tire manufacturers are adding precipitated silica to tread formulations to improve fuel efficiency, enhance tire performance and eliminate greenhouse gas emissions. Reducing rolling resistance or the amount of energy spent to move a vehicle, is seen as an important solution in decreasing fuel consumption and hence the costs associated. As tires are responsible for 20% to 30% of a vehicle’s fuel consumption.
About one-fourth of the pollution is generated by a vehicle to overcome the rolling resistance of its tires. In US itself, an annual reduction of up to 45 million tons of carbon dioxide emissions could be achieved by the addition of precipitated silica to tire treads. Silica also significantly improves a tire’s responsive handling and steering capability in a variety of adverse weather conditions. These tires also have been shown to improve traction on icy roads.
Green tires are also alternatively termed as energy tires in Europe, where the main advantage of going green is promoted as lower rolling resistance. They are therefore viewed to be an important growth market in terms of business to all European tire manufacturers and suppliers. Alongside Japan, Europe is at the most advanced level in this important technology process and more advanced than Asia or the United States.
Green Tires Market: Drivers & Restraints
Rising energy costs, stringent government regulations and increased environmental awareness among consumers regarding fuel consumption and a desire for improved handling and safety are some of the key factors driving the growth of the green tires market.
Widespread replacement of fossil materials with renewable raw materials is not always a solution since it requires acreage that might already be used in food production. Process engineering involved in the raw materials, lack of knowledge about the green tire technology and all-season traction capability are probable factors restraining the growth of the green tires market.
Green Tires Market: Overview
In early 1990s the green tires came into existence with the usage of highly dispersible silica in tire treads in Europe due to high energy costs, consumer appreciation for better handling and safety and understanding the environmental benefits. The demand for green tires is now increasing in the United States.
With rapid urbanization and increasing pressure on fuel consumption, the acceptance of green tires is gaining popularity. The global green tires market is expected to expand at a promising CAGR during the forecast period (2015-2025).
Green Tires Market: Region-wise Outlook
The global green tires market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, global green tires market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, Europe dominated the global green tires market in terms of market revenue followed by North America. Asia Pacific & Japan are projected to expand at a substantial growth and will contribute to the global green tires market value exhibiting a robust CAGR during the forecast period, 2015?2025.
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Green Tires Market: Key Players
Some of the key market participants in global green tires market are PPG Industries Inc, Pirelli Tyre S.p.A , Bridgestone , Green Arc Tire Manufacturing Inc, Goodyear Tire & Rubber Co, Michelin North America Inc.
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