Green Tires Market By Type, By Application, By Geography – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019 – 2026
The Global Green Tires Market is valued to reach USD 102.34 Billion by 2022, and is set to grow at a CAGR of 10.4% from 2020-2026. Major factors include rising demand for fuel-efficient tires, rise in tire labeling standards, greater stress on improving vehicle efficiency, applications of green tires in tackling rising scarcity of natural petroleum reserves and pollution.
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Tires result out of high-technology composites and it is a major challenge for producers to accomplish every objectives destined for a tire to fulfill. As the production technology progresses and with introduction of rubber grades and silica and silane technology, it is now possible to enhance resistive features and wet grip simultaneously within the concept called as ‘green tires’. Green tires are known to offering durability of rubber grade based on carbon black mainly suited for wet conditions and helps in fuel consumption. Silica particles act as fillers that ensure wear resistance within the tires, but show non-compliance to other kind of rubbers, hence silane is chemically added to the rubber grades and silica.
Presently, light duty vehicles and passenger vehicles hold an accountability for contributing maximum towards emission of nitrogen oxide. Along with, emission of VoCs and carbon monoxide are also the by products of pollution caused by tires. However, green tire technology is capable of exhibiting a high reduction in emission and having a low environmental impact in any economy. With an objective to lessen the environmental impact of the tire for the entire life cycle of the vehicle, manufacturers should emphasize on setting a background stage for effective fuel consumption. A decrease in VoC emission right in the production stage would exhibit a significant impact on the entire life-cycle. In this regards, government initiatives and active participation by the corporate buyers have been potent enough to determine environmental impact from an organizational perspective.
Green Tires Market Trends, Drivers and Opportunities:
Green tires market is significantly driven by growing energy costs and stringent norms and regulations by government. Rise in environmental awareness pertaining to fuel consumption is likely to enhance the demand for green tires. Manufacturer emphasis on green technology for automotive, performance efficiency, and reduced size of vehicles are some of the market trends witnessed in the global market. However, low awareness is likely to disturb the market growth during the forecast period.