DELRAY BEACH, Fla., Sept. 16, 2024 /PRNewswire/ -- The report "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", 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 vital drivers likely to influence the growth in the sustainable tire market include environmental sustainability and regulatory pressures. With the rising issue of climate change, there is growing concern over what this depletion of the earth's resources might lead to in effect and are thus placing even more pressure on the automotive sector to devise ways and means through which it can reduce carbon footprint. Interest in eco-friendly materials regarding tire manufacturing has attracted many users to natural rubber, recycled material, and bio-based polymers. Other driving forces would be the need in relation to government regulations commanding a cut down of greenhouse gas emissions by promoting practices inside the circular economy that tire manufacturers have, and the consumer who pushes for this kind of sustainable demand. The ones who are already greener are more likely to adopt green products compared to everyone else by a long shot and could even be curious as to what mounts on cars. It has reached a point whereby material science enables high-performance tires to be produced, but the environmental burdens are far lower. Major tire manufacturers usually invest long periods of time in research and development necessary to invent, and then bring to market, sustainable materials that can render high performance with no ecologic impact. The probable momentum amongst these and other causes will be faced with an increased pool as a setting that works best for transition to electric vehicles and, on a wider scale, the domain of sustainability in mobility across the automotive industry due to the sustainable character of tire material.
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"Rubber by material type segment is projected to grow at the fastest CAGR during the forecast period."
Rubber is the largest segment by material type, because without proper rubber, the performance and efficiency of any tire would be severely impaired. Traditional rubber, mainly obtained from natural rubber, has been used for years due to its brilliant elasticity, strength, and good grip properties. With growing demand, a trend towards greener solutions is seen, reached by bio-based and recycled rubbers. These materials offer comparable performance while reducing environmental impact. On one hand, natural rubber is renewable; on the other hand, recycled rubber contributes to reduced waste and fewer natural resource consumptions. This makes it more attractive with the sustainable rubber technology developments, together with processing improvements and the use of renewable fillers. Key tire makers are also increasing their investments in sustainable rubber following the pressure from regulators and consumers demanding greener products. A blend of performance advantages, renewable sourcing, and technology developments cements rubber's primacy in the sustainable tire market.
"Electric Vehicles by propulsion type segment is expected to grow at the fastest CAGR during the forecast period."
Electric vehicles (EVs) by propulsion type will be the fastest-growing segment of the sustainable tire market for many reasons. First, increasing environmental regulations and customer demand drive further adoption of EVs. EVs need special tires designed to cope with specific weight distribution and performance features; hence, innovative sustainable tire will be much needed for these vehicles. Materials like eco-friendly rubbers and advanced composites, for example are key to high energy efficiency and, therefore, long life for tires. Since EVs normally have lower rolling resistance requirements, manufacturers are already investing in sustainable materials that will be able to answer performance needs while having low impacts on the environment. In addition to that, expanding EV infrastructure and incentives from governments further drive adoption; thus, with rising EV demand comes a related rise in the need for sustainable tire solutions. It means a direct fueling of dynamic EV growth for the rapid development and uptake of sustainable tire.
"The radial segment by structure is expected to grow at the fastest CAGR during the forecast period."
The radial tire segment by structure accounted for the fastest growing in the sustainable tire market because it delivered superior performance, longer service life, and fuel efficiency compared to bias tires. Because of the construction of radial tires, sidewalls, and tread work independently of each other, which provides a smoother ride with enhanced traction and less rolling resistance. This reduced rolling resistance results in improved fuel efficiency, which is paramount if the environmental effect of vehicles is to be reduced. The radial tire, in high demand, follows more attention paid to sustainability, fuel efficiency, and durability. Besides, this type of tire ensures even tread wear and can be used for a longer time than the bias one, which will help to avoid frequent replacements and save resources. Coupled with the prevailing performance benefits and a major shift of industries towards eco-friendly materials, radial tires present an optimal choice in the sustainable tire market.
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"The commercial vehicles segment by vehicle type is expected to grow at the fastest CAGR during the forecast period."
It is projected that the commercial vehicle segment by vehicle type would be the fastest-growing in the market for sustainable tire market, and several factors back this up. In most cases, miles covered, and usages are higher for commercial vehicles like trucks and buses than for passenger vehicles; as such, their tires are changed frequently. This high demand thus drives the adoption of sustainable tire for environmental reduction and operational costs. In addition, commercial vehicle operators face increased pressure from the achievement of more stringent environmental regulations and corporate targets for sustainability, which drives their investment in environmental tire solutions. Therefore, sustainable tire help both in fuel efficiency and extended life, two key areas through which cost savings can be made in fleet operations. Moreover, the increasing emphasis on sustainability in logistics and transportation industries further accelerates the trend, as companies intend to reduce their 'intrinsic' carbon footprint; thus, the commercial vehicle segment is turning out to be one of the key drivers of growth in the sustainable tire market.
"OEMs by sales channel is expected to grow at the fastest CAGR during the forecast period."
OEMs are the fastest growing segment in the sustainable tire market on account of rising interest of automotive companies to incorporate sustainability in tires right from the manufacturing stage. OEMs have to meet stringent environmental laws; and it is the corporate sustainability policies that propel them toward embedding sustainable materials right from the inception of products. This will enable OEMs to leverage sustainable tire, thus promoting the eco-friendliness of their cars from the moment of manufacturing. This will be critical for the customer and different regulating bodies. The mass production capacity lying with the OEMs offers itself to the mass adoption of any type of technology associated with sustainable tires. What's more, the rising demand for EVs and hybrid vehicles, a good portion of them needing special, environment-friendly tires, further ramps up the trend. As car manufacturers gear up toward sustainability, the demand for sustainable tire in the OEM segment is growing fast, while this trend is in its initial stage with the aftermarket segment.
"Asia Pacific is expected to be the fastest growing market for the sustainable tire market during the forecast period."
The Asia-Pacific is the fastest-growing market for sustainable tire because the rising automotive industry in the region, mainly in countries such as China, India, and Japan, is fostering substantial tire demand. Asia Pacific is the world's largest automotive market and has been under pressure to move toward sustainable practices while, at the same time, using tire materials that are eco-friendly. Governments in the region are laying down stringent environmental regulations that require curbed emissions and promotion of green technologies. As a consequence, this acts as a further catalyst for the transition towards the use of sustainable materials. The developing middle class and high urbanization in Asia Pacific have motivated increased vehicle ownership and fueled tire consumption. This demand growth is balanced by the awareness on higher environmental sustainability among consumers and manufacturers and has therefore been driving the adoption toward sustainable solutions for tires. In addition, some of the largest tire manufacturers have originated in the Asia-Pacific area due to their major investments in sustainable tire research and innovation and consequent manufacturing thereof. Strong manufacturing infrastructure and lower manufacturing costs in those economies have also been some of the other factors contributing to making it an attractive site for producing eco-friendly tires. Demand for sustainable tire is further driven by heightened growth in electric vehicles in Asia Pacific, particularly in China, as the largest consumption of specialized high-performance tires is for EVs, which are made from 'green' material. All these factors contribute to the heightened share of the Asia-Pacific market in sustainable tire.
Key Players
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).
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