Green Tire Market Overview:
The "green" (sustainable) tyre industry is a quickly expanding sector of the overall tyre industry and is made up of low rolling resistance (LRR) tyres. The industry is expanding quickly in part due to the expansion of the tyre market, but this is secondary to the growing public interest in sustainability. According to SMRs, the global market for green tyres will reach 101,400 thousand units in 2020, or about 38% of the entire tyre industry. By 2027, when the volume reaches nearly 202.680 thousand units, the green tyre market is expected to grow in both value and quantity by a rate of about 10.4% annually, according to the SMR Report for Green Tire Market.
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Green Tire Market Scope:
The study employs PESTLE analysis to evaluate the benefits and drawbacks of significant market participants. In order to forecast the market and offer investment guidance, the researcher carefully examines the size, share, trend, total profit, total revenue, and profit margin of the Green Tire market. advice on market changes from subject-matter experts.
Along with data on capacity and production, price and cost information, company profiles, product images, specifications, and contact details, the report also contains information on the major market participants. The trends, size, and value of the Green Tire market are examined at the global, regional, and corporate levels in this report. This study analyses the size of the global market for Green Tire using historical data and forecasts for the future.
Green Tire Market Segmentation:
Through the use of fillers like highly dispersible silica (HDS), enhanced carbon blacks, or nanotechnology, green tyres are continuously improved to achieve the lowest possible rolling resistance. Through 2027, this market segment—which dominated in 2018—will dominate the market for green tyres. Other materials also play a role, some from the perspective of lowering rolling resistance as well as from that of sustainability in general. The increased use and supply of natural rubber, as well as advancements in the sustainability and properties of synthetic rubber (i.e., non-petroleum alternatives), are major focus points for innovation. The volume and value of the new green technologies will be modest at first, but after the forecast period, there will be greater commercial potential.
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Green Tire Market Key players:
- Continental (Germany)
- Hankook (South Korea),
- Pirelli (Italy)
- Cheng Shin Rubber (China)
- Kumho Tires (South Korea)
- ZC Rubber (China)
- Nokian Tires (Finland)
- Apollo tires (India),
- Sailun Tires (China)
- Shandong Linlong Tire (China)
COVID-19 Impact on Green Tire market:
Green Tires' market has been significantly impacted by the COVID-19 outbreak. The development of Green Tire production facilities has been halted due to the global economic downturn and a labour shortage. Production utilisation has decreased significantly and steadily as a result of the COVID-19 pandemic. Additionally, travel restrictions and facility closures have prevented staff from visiting their facilities, which will limit the growth of the Green Tire market in 2020. The market repercussions of COVID-19 are expected to be short-lived due to the high demand for Green Tire, though. The industry is anticipated to fully recover by early 2021.
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