Global Green Tires Market: The passenger cars segment is projected to grow at a significant rate during the forecast period of 2018 to 2023.
The global green tires market has been segmented by raw material, vehicle type, application, and region.
Some of the key players in the global green tires market are Michelin (France), Lanxess (Germany), Evonik Industries AG (Germany), Bridgestone Americas Tire Operations, LLC (US), MRF (India), Apollo Tyres (India), the Goodyear Tire & Rubber Company (US), Hankook Tire (South Korea), Pirelli Tire North America LLC (US), PPG Industries, Inc. (US), Green Arc Tire Manufacturing Inc. (Canada), Giti Tire Pte Ltd (Singapore), Sailun Tires (Canada), Cooper Tire & Rubber Company (US), and Nexen Tire America Inc. (US).
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On the basis of raw material, the global green tires market has been segmented into silica incorporated rubbers, butyl rubber, silica and silane incorporated rubber, silane incorporated rubber, recycled rubber, renewable raw materials, and others. The silica incorporated rubber segment held the largest market share in 2017 due to the wide use of the raw material by manufacturers. However, the demand for silica and silane-based green tires is likely to increase during the forecast period.
Based on vehicle type, the global green tires market has been divided into passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, aircraft, non-road diesel equipment, and others. The passenger cars segment accounted for the largest share of the global green tires market in 2017. The large-scale production of passenger cars along with the wide acceptance of green tires technology by manufactures is expected to boost the growth of the segmental market.
By application, the global green tires market has been segmented into on-road and off-road. The on-road application segment accounted for the largest share of the green tires market in 2017. On-road vehicles include passenger cars, light-duty vehicles, heavy-duty vehicles, motorcycles, and bicycles.
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The global green tires market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The European market dominated the global green tires market in 2017, followed by the markets in North America and Asia-Pacific. The demand for green tires is expected to increase in the Middle East & Africa during the forecast period. Latin America held the smallest market share due to slow economic development in the region.