Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “Asia-Pacific Sustainable Tire Materials Market – Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The Asia-Pacific sustainable tire materials market (excluding China) is projected to reach $5.1 million by 2032 from $1 million in 2022, growing at a CAGR of 19.08% during the forecast period 2023-2032. The market for sustainable tire materials is anticipated to rise as a result of the increasing demand for environmentally friendly tires, new developments, and the incorporation of sustainable tire materials during the production process of tires for cars and trucks.
- Business Drivers
- Stringent Regulations and Carbon Neutrality Targets
- Augmented Demand for Sustainable Tire Materials from Transportation and Logistics
- Extended Lifespan and Cost Efficiency of Tires
- Business Challenges
- Volatility of Tire Prices Made from Sustainable Tire Materials
- Lower Adoption Rate of Sustainable Tire Materials in ICE Vehicles Compared to Electric Vehicles
- Business Strategies
- Product Developments
- Market Developments
- Corporate Strategies
- Mergers, Acquisitions, and Divestments
- Partnerships, Joint Ventures, Collaborations, and Alliances
- Business Opportunities
- Growing Demand for New Sustainable Tire Materials
- Utilization of Advanced Recycling Techniques within the Tire Circular Economy Model
Harmful carbon emissions and detrimental effects on the environment are linked to the use of non-renewable resources in tire production. Leading APAC tire producers, including Michelin and The Goodyear Tire and Rubber Company, are now making sustainable tires with improved fuel efficiency, a shorter lifespan, and a lower carbon footprint in order to address this problem. The region’s leading nations have set high goals to lessen their influence on the environment, and these sustainable tire materials meet those goals. It is also anticipated that new and creative sustainable tire solutions will be introduced as a result of the increased focus on research and development in the area of sustainable tire materials. While the market for environmentally friendly tire materials is still in its infancy, it is expected to increase significantly in the forecasted period.
Segmentation 1: by Type of Material
- Sustainable Carbon Black
Segmentation 2: by Propulsion Type
- Internal Combustion Engine Vehicles
- Electric Vehicles
Segmentation 3: by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Segmentation 4: by Tire Structure
Segmentation 5: by Sales Channel
Segmentation 6: by Region
- Asia-Pacific and Japan: Japan, South Korea, India, and Rest-of-Asia-Pacific and Japan
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- LDC-KOREA Co. Ltd.
- GRP Ltd.
- SNR Reclamations Pvt. Ltd.
- Bridgestone Corporation
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|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2032
|Compound Annual Growth Rate
For more information about this report visit https://www.researchandmarkets.com/r/suv5ob
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- Asia-Pacific Sustainable Tire Materials Market