GITNUX REPORT 2024

Green Tire Industry Booms: Valued at USD 92.34 Billion in 2020

Exploring the Green Tire Industry: Growth, Sustainability, and Technological Advancements Shaping the Future Ahead.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

Michelin's sales of green tires increased by 30% in 2020

Statistic 2

Passenger cars segment accounted for the largest revenue share of 65.2% in 2020

Statistic 3

On-road vehicles segment dominated the market with a share of 78.5% in 2020

Statistic 4

Global green tire market size was valued at USD 92.34 billion in 2020

Statistic 5

The green tire market is expected to grow at a CAGR of 20.4% from 2021 to 2028

Statistic 6

The global market for recycled rubber is expected to reach $7.04 billion by 2027

Statistic 7

The global market for low rolling resistance tires is expected to reach $182.9 billion by 2026

Statistic 8

The global market for eco-friendly tires is expected to grow at a CAGR of 10.8% from 2021 to 2028

Statistic 9

The global market for sustainable natural rubber is projected to reach $33.87 billion by 2027

Statistic 10

The global market for tire recycling is expected to reach $5.21 billion by 2027

Statistic 11

The global market for retreaded tires is projected to reach $8.78 billion by 2027

Statistic 12

The global market for airless tires is expected to reach $77.5 million by 2030

Statistic 13

The global market for run-flat tires is projected to reach $7.43 billion by 2027

Statistic 14

The global market for self-sealing tires is expected to reach $611.8 million by 2027

Statistic 15

The global market for smart tires is projected to reach $42.4 billion by 2025

Statistic 16

The global market for tire-derived fuel is expected to reach $530 million by 2027

Statistic 17

The global market for tire pressure monitoring systems is projected to reach $9.6 billion by 2027

Statistic 18

The use of silica in green tires can reduce rolling resistance by up to 20%

Statistic 19

Recycled carbon black can reduce CO2 emissions by up to 80% compared to virgin carbon black

Statistic 20

The global bio-based rubber market is projected to reach $9.45 billion by 2026

Statistic 21

The use of dandelion rubber can reduce the carbon footprint of tire production by up to 30%

Statistic 22

The use of rice husk ash in tire compounds can improve fuel efficiency by up to 10%

Statistic 23

The use of lignin in tire compounds can reduce the carbon footprint by up to 25%

Statistic 24

The use of guayule rubber can reduce water consumption in tire production by up to 50%

Statistic 25

The use of soybean oil in tire compounds can reduce petroleum-based oil usage by up to 25%

Statistic 26

The use of microalgae in tire compounds can reduce CO2 emissions by up to 20%

Statistic 27

The use of orange peel oil in tire compounds can improve fuel efficiency by up to 5%

Statistic 28

Continental's Taraxagum tires made from dandelion rubber can reduce CO2 emissions by up to 30%

Statistic 29

The use of silane-coupled silica in tire compounds can reduce rolling resistance by up to 25%

Statistic 30

Goodyear's soybean oil technology can reduce petroleum-based oils in tires by up to 60%

Statistic 31

The use of recycled plastic bottles in tire production can reduce virgin plastic usage by up to 13 million bottles per year

Statistic 32

The use of rice husk ash in tire compounds can reduce CO2 emissions by up to 90% compared to traditional silica

Statistic 33

The use of graphene in tire compounds can improve wear resistance by up to 30%

Statistic 34

Green tires can reduce fuel consumption by 5-7% compared to standard tires

Statistic 35

Asia Pacific held the largest revenue share of 45.6% in 2020

Statistic 36

Europe is expected to witness the fastest CAGR of 21.7% from 2021 to 2028

Statistic 37

The EU tire labeling system has increased consumer awareness of green tires by 30%

Statistic 38

Bridgestone aims to use 100% sustainable materials in its products by 2050

Statistic 39

Continental AG reduced CO2 emissions in tire production by 70% since 2013

Statistic 40

Nokian Tyres aims to reduce CO2 emissions from tire production by 50% by 2030

Statistic 41

Sumitomo Rubber Industries reduced CO2 emissions in tire production by 31% between 2005 and 2020

Statistic 42

Apollo Tyres aims to increase the use of sustainable materials to 40% by 2030

Statistic 43

Michelin's VISION concept tire is 100% recyclable

Statistic 44

Goodyear's soybean oil technology can increase tread life by up to 8%

Statistic 45

Pirelli's Cyber Tire technology can reduce fuel consumption by up to 5%

Statistic 46

Yokohama's BluEarth tires can improve fuel efficiency by up to 4.4%

Statistic 47

Hankook's Kinergy Eco² tire reduces rolling resistance by up to 15%

Statistic 48

Toyo Tires' Nano Balance Technology can improve fuel efficiency by up to 4%

Statistic 49

Cooper Tire's GFE (Greater Fuel Economy) technology can improve fuel efficiency by up to 5.5%

Statistic 50

Kumho Tire's e-NIMF technology can reduce rolling resistance by up to 15%

Statistic 51

Falken's e.CORE technology can improve fuel efficiency by up to 4.5%

Statistic 52

Maxxis' M2 compound technology can improve fuel efficiency by up to 3.5%

Statistic 53

Giti Tire's EcoSafe technology can reduce rolling resistance by up to 12%

Statistic 54

Nexen Tire's Green Hive technology can improve fuel efficiency by up to 3%

Statistic 55

Hankook's Aqua Pine compound can improve wet grip performance by up to 15%

Statistic 56

Yokohama's BluEarth technology can reduce rolling resistance by up to 18%

Statistic 57

Toyo Tires' Nano Balance Technology can reduce rolling resistance by up to 10%

Statistic 58

Bridgestone's ECOPIA technology can improve fuel efficiency by up to 4.2%

Statistic 59

Pirelli's CYBER TIRE technology can reduce CO2 emissions by up to 5% through optimized tire pressure

Statistic 60

Kumho Tire's e-NIMF technology can improve fuel efficiency by up to 3.5%

Statistic 61

Hankook's Kinergy AS ev tire can increase the driving range of electric vehicles by up to 15%

Statistic 62

Yokohama's BluEarth-air EF21 concept tire can improve fuel efficiency by up to 25%

Statistic 63

Continental's ContiSense technology can reduce tire-related accidents by up to 20%

Statistic 64

Bridgestone's ENLITEN technology can reduce tire weight by up to 20%

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Summary

  • Global green tire market size was valued at USD 92.34 billion in 2020
  • The green tire market is expected to grow at a CAGR of 20.4% from 2021 to 2028
  • Passenger cars segment accounted for the largest revenue share of 65.2% in 2020
  • On-road vehicles segment dominated the market with a share of 78.5% in 2020
  • Asia Pacific held the largest revenue share of 45.6% in 2020
  • Europe is expected to witness the fastest CAGR of 21.7% from 2021 to 2028
  • Michelin's sales of green tires increased by 30% in 2020
  • Bridgestone aims to use 100% sustainable materials in its products by 2050
  • Continental AG reduced CO2 emissions in tire production by 70% since 2013
  • Goodyear's soybean oil technology can increase tread life by up to 8%
  • Pirelli's Cyber Tire technology can reduce fuel consumption by up to 5%
  • Yokohama's BluEarth tires can improve fuel efficiency by up to 4.4%
  • The use of silica in green tires can reduce rolling resistance by up to 20%
  • Recycled carbon black can reduce CO2 emissions by up to 80% compared to virgin carbon black
  • The global market for recycled rubber is expected to reach $7.04 billion by 2027

Rolling towards a greener future, the tire industry is paving the way for sustainable innovation and eco-conscious driving habits. With global green tire market valued at a whopping USD 92.34 billion in 2020 and set to grow exponentially at a CAGR of 20.4%, its clear that the wheels of change are in motion. From Michelin to Pirelli, companies are accelerating their efforts to reduce carbon footprints and increase fuel efficiency, with stats like Bridgestone aiming for 100% sustainable materials by 2050 and Yokohamas BluEarth tires boosting efficiency by up to 4.4%. Get ready to tread lightly on the road of progress!

Company Performance

  • Michelin's sales of green tires increased by 30% in 2020

Interpretation

In a world where every percentage point counts, Michelin's 30% surge in green tire sales in 2020 speaks volumes about both consumer consciousness and environmental urgency. Like a tire rolling forward with purpose, this growth signifies a positive shift towards sustainable practices in the automotive industry. As we tread towards a greener future, Michelin's success paves the way for other tire manufacturers to follow suit, proving that when it comes to eco-friendly choices, the rubber truly meets the road.

Market Segmentation

  • Passenger cars segment accounted for the largest revenue share of 65.2% in 2020
  • On-road vehicles segment dominated the market with a share of 78.5% in 2020

Interpretation

In the fast-paced world of green tires, it seems that passenger cars are riding high at the top with a hefty 65.2% of the revenue pie, proving that eco-conscious drivers are steering the industry forward. Not to be outpaced, the on-road vehicles segment is leaving all others in its dust, claiming a dominant share of 78.5% and showing that the road to sustainability is paved with rubber. It's clear that in this green revolution, the wheels of progress are turning towards a greener, cleaner future on the highways and byways of our planet.

Market Size and Growth

  • Global green tire market size was valued at USD 92.34 billion in 2020
  • The green tire market is expected to grow at a CAGR of 20.4% from 2021 to 2028
  • The global market for recycled rubber is expected to reach $7.04 billion by 2027
  • The global market for low rolling resistance tires is expected to reach $182.9 billion by 2026
  • The global market for eco-friendly tires is expected to grow at a CAGR of 10.8% from 2021 to 2028
  • The global market for sustainable natural rubber is projected to reach $33.87 billion by 2027
  • The global market for tire recycling is expected to reach $5.21 billion by 2027
  • The global market for retreaded tires is projected to reach $8.78 billion by 2027
  • The global market for airless tires is expected to reach $77.5 million by 2030
  • The global market for run-flat tires is projected to reach $7.43 billion by 2027
  • The global market for self-sealing tires is expected to reach $611.8 million by 2027
  • The global market for smart tires is projected to reach $42.4 billion by 2025
  • The global market for tire-derived fuel is expected to reach $530 million by 2027
  • The global market for tire pressure monitoring systems is projected to reach $9.6 billion by 2027

Interpretation

The tire industry seems to be rolling toward a greener future at an impressive speed, with statistics painting a picture of innovation and sustainability in the market. It seems that eco-friendly and efficient tires are not just the future, but the present, with a hefty price tag attached. From recycled rubber to smart tires, the global tire market is charging ahead with a CAGR that would make any investor's head spin. As the world increasingly shifts towards greener practices, it appears that the tired old image of tires may soon be given a dynamic new tread.

Material Innovations

  • The use of silica in green tires can reduce rolling resistance by up to 20%
  • Recycled carbon black can reduce CO2 emissions by up to 80% compared to virgin carbon black
  • The global bio-based rubber market is projected to reach $9.45 billion by 2026
  • The use of dandelion rubber can reduce the carbon footprint of tire production by up to 30%
  • The use of rice husk ash in tire compounds can improve fuel efficiency by up to 10%
  • The use of lignin in tire compounds can reduce the carbon footprint by up to 25%
  • The use of guayule rubber can reduce water consumption in tire production by up to 50%
  • The use of soybean oil in tire compounds can reduce petroleum-based oil usage by up to 25%
  • The use of microalgae in tire compounds can reduce CO2 emissions by up to 20%
  • The use of orange peel oil in tire compounds can improve fuel efficiency by up to 5%
  • Continental's Taraxagum tires made from dandelion rubber can reduce CO2 emissions by up to 30%
  • The use of silane-coupled silica in tire compounds can reduce rolling resistance by up to 25%
  • Goodyear's soybean oil technology can reduce petroleum-based oils in tires by up to 60%
  • The use of recycled plastic bottles in tire production can reduce virgin plastic usage by up to 13 million bottles per year
  • The use of rice husk ash in tire compounds can reduce CO2 emissions by up to 90% compared to traditional silica
  • The use of graphene in tire compounds can improve wear resistance by up to 30%

Interpretation

The Green Tire Industry statistics paint a picture of a revolution in the way we approach tire production, with innovations ranging from dandelion rubber to microalgae making a significant impact on environmental sustainability. These advancements aren't just about reducing rolling resistance or improving fuel efficiency, but about fundamentally changing the way we think about tires and their impact on the planet. From recycled carbon black to soybean oil technology, it's clear that the future of tires is not just black and round, but colorful, eco-friendly, and full of potential for a more sustainable, greener world on wheels.

Performance Benefits

  • Green tires can reduce fuel consumption by 5-7% compared to standard tires

Interpretation

In the world of tires, going green isn't just a trend—it's a fuel-saving revolution on wheels. The statistics speak for themselves: with the potential to slash fuel consumption by 5-7%, green tires aren't just environmentally friendly, they're wallet-friendly too. So next time you hit the road, remember that choosing green isn't just a fashionable statement, it's a smart move for both your pocket and the planet.

Regional Analysis

  • Asia Pacific held the largest revenue share of 45.6% in 2020
  • Europe is expected to witness the fastest CAGR of 21.7% from 2021 to 2028

Interpretation

In the competitive landscape of the Green Tire Industry, Asia Pacific has firmly planted itself as the trendsetter, boasting the largest revenue share in 2020. Meanwhile, Europe is gearing up for a speedy ride towards growth, with a projected CAGR of 21.7% from 2021 to 2028, eager to accelerate past the competition. As the industry races forward, one thing is clear: these statistics show that the road to sustainability is no longer a leisurely stroll but a high-speed pursuit towards a greener future.

Regulatory Impact

  • The EU tire labeling system has increased consumer awareness of green tires by 30%

Interpretation

The EU tire labeling system seems to be rolling smoothly towards a greener future, with a 30% increase in consumer awareness of eco-friendly tires. It appears that not only are we driving towards sustainability on the roads, but also steering towards a more informed and conscious choice when it comes to our wheels. With this upward trend, it seems that the green tire industry is gaining traction one label at a time.

Sustainability Goals

  • Bridgestone aims to use 100% sustainable materials in its products by 2050
  • Continental AG reduced CO2 emissions in tire production by 70% since 2013
  • Nokian Tyres aims to reduce CO2 emissions from tire production by 50% by 2030
  • Sumitomo Rubber Industries reduced CO2 emissions in tire production by 31% between 2005 and 2020
  • Apollo Tyres aims to increase the use of sustainable materials to 40% by 2030
  • Michelin's VISION concept tire is 100% recyclable

Interpretation

The Green Tire Industry is rolling towards a greener future at an impressive speed, with major players like Bridgestone, Continental AG, Nokian Tyres, Sumitomo Rubber Industries, Apollo Tyres, and Michelin leading the charge towards sustainability. From aiming to use 100% sustainable materials to significant reductions in CO2 emissions during tire production, these companies are not just talking the talk but walking the walk towards a more eco-friendly tire industry. With Michelin's VISION concept tire being 100% recyclable, it seems the road to a more sustainable future is paved with innovation and commitment.

Technological Innovations

  • Goodyear's soybean oil technology can increase tread life by up to 8%
  • Pirelli's Cyber Tire technology can reduce fuel consumption by up to 5%
  • Yokohama's BluEarth tires can improve fuel efficiency by up to 4.4%
  • Hankook's Kinergy Eco² tire reduces rolling resistance by up to 15%
  • Toyo Tires' Nano Balance Technology can improve fuel efficiency by up to 4%
  • Cooper Tire's GFE (Greater Fuel Economy) technology can improve fuel efficiency by up to 5.5%
  • Kumho Tire's e-NIMF technology can reduce rolling resistance by up to 15%
  • Falken's e.CORE technology can improve fuel efficiency by up to 4.5%
  • Maxxis' M2 compound technology can improve fuel efficiency by up to 3.5%
  • Giti Tire's EcoSafe technology can reduce rolling resistance by up to 12%
  • Nexen Tire's Green Hive technology can improve fuel efficiency by up to 3%
  • Hankook's Aqua Pine compound can improve wet grip performance by up to 15%
  • Yokohama's BluEarth technology can reduce rolling resistance by up to 18%
  • Toyo Tires' Nano Balance Technology can reduce rolling resistance by up to 10%
  • Bridgestone's ECOPIA technology can improve fuel efficiency by up to 4.2%
  • Pirelli's CYBER TIRE technology can reduce CO2 emissions by up to 5% through optimized tire pressure
  • Kumho Tire's e-NIMF technology can improve fuel efficiency by up to 3.5%
  • Hankook's Kinergy AS ev tire can increase the driving range of electric vehicles by up to 15%
  • Yokohama's BluEarth-air EF21 concept tire can improve fuel efficiency by up to 25%
  • Continental's ContiSense technology can reduce tire-related accidents by up to 20%
  • Bridgestone's ENLITEN technology can reduce tire weight by up to 20%

Interpretation

In a world where tread life, fuel consumption, and rolling resistance are the battlegrounds for tire supremacy, the green tire industry is unleashing a formidable arsenal of technological innovations. From soybean oil-infused treads to Cyber Tire wizardry and Nano Balance sorcery, tire giants are waging a silent but impactful war on inefficiency and environmental harm. With promises of increased longevity, reduced carbon footprints, and enhanced safety, these companies are not just inflating their claims – they are deflating the drawbacks of traditional tires with witty precision. So, buckle up and tread lightly, for the future of driving is rolling towards us on eco-friendly wheels.

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