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Asia-Pacific Sustainable Tire Materials Market - Analysis and Forecast, 2023-2032

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    Report

  • 102 Pages
  • December 2023
  • Region: Asia Pacific
  • BIS Research
  • ID: 5914384
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The Asia-Pacific sustainable tire materials market (excluding China) is projected to reach $5.1 million by 2032 from $1.0 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.

Market Introduction

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.

Market Segmentation:

Segmentation 1: by Type of Material

  • Rubber
  • Natural
  • Recycled
  • Sustainable Carbon Black
  • Silica
  • Others

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

  • Radial
  • Bias

Segmentation 5: by Sales Channel

  • OEMs
  • Aftermarket

Segmentation 6: by Region

  • Asia-Pacific and Japan: Japan, South Korea, India, and Rest-of-Asia-Pacific and Japan

How can this report add value to an organization?

Product/Innovation Strategy: In Asia-Pacific, the leading sustainable tire materials manufacturers are continuously working to develop new and innovative sustainable tire materials. The growing need for efficient, eco-friendly, and high-performing tires is one of the major factors for the growth of the sustainable tire materials market. The market is more on the consolidated side at present, where sustainable tire material manufacturers have been successful to a certain extent in strengthening their market position in the global market, with a few sustainable tire material manufacturers developing recovered carbon black, recycled rubber, and sustainable silica for sustainable tires. However, the competition in the market is expected to become intense as the demand for sustainable tire material increases from tire manufacturers to achieve sustainability targets. Moreover, partnerships and collaborations are expected to play a crucial role in strengthening market position over the coming years, with the companies focusing on bolstering their technological capabilities and gaining a dominant market share in the sustainable tire material industry.

Growth/Marketing Strategy: The sustainable tire materials market has been growing at a rapid pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include partnerships, agreements, and collaborations.

Competitive Strategy: The key players in the sustainable tire materials market analyzed and profiled in the study include multiple sustainable tire material manufacturers and tire manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the sustainable tire materials market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.

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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Table of Contents

1 Markets
1.1 Industry Outlook
1.1.1 Industry Trends
1.1.1.1 Change in Business Models of Companies Due to Climate Action
1.1.1.2 Increasing Allocation of Funds Toward Environment-Friendly Tire Material Technologies
1.1.2 Supply Chain Network
1.1.3 Key Patents Analysis
1.1.4 Overview of Tire Recycling
1.1.5 Regulations on Tire Materials Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Stringent Regulations and Carbon Neutrality Targets
1.2.1.2 Augmented Demand for Sustainable Tire Materials from Transportation and Logistics
1.2.1.3 Extended Lifespan and Cost Efficiency of Tires
1.2.2 Business Challenges
1.2.2.1 Volatility of Tire Prices Made from Sustainable Tire Materials
1.2.2.2 Lower Adoption Rate of Sustainable Tire Materials in ICE Vehicles Compared to Electric Vehicles
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Mergers, Acquisitions, and Divestments
1.2.4.2 Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.5 Business Opportunities
1.2.5.1 Growing Demand for New Sustainable Tire Materials
1.2.5.2 Utilization of Advanced Recycling Techniques within the Tire Circular Economy Model
2 Regions
2.1 China
2.1.1 Market
2.1.1.1 Buyer Attributes
2.1.1.2 Key Manufacturers in China
2.1.1.3 Competitive Benchmarking
2.1.1.4 Business Challenges
2.1.1.5 Business Drivers
2.1.2 Application
2.1.2.1 China Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.1.2.2 China Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.1.2.3 China Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.1.2.4 China Sustainable Tire Materials Market (by Sales Channel), Volume and Value Data
2.1.3 Product
2.1.3.1 China Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2 Asia-Pacific and Japan
2.2.1 Market
2.2.1.1 Buyer Attributes
2.2.1.2 Key Manufacturers in Asia-Pacific and Japan
2.2.1.3 Competitive Benchmarking
2.2.1.4 Business Challenges
2.2.1.5 Business Drivers
2.2.2 Application
2.2.2.1 Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.2.2.2 Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.2.2.3 Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.2.2.4 Asia-Pacific and Japan Sustainable Tire Materials Market (by Sales Channel), Volume and Value Data
2.2.3 Product
2.2.3.1 Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2.4 Asia-Pacific and Japan: Country-Level Analysis
2.2.4.1 Japan
2.2.4.1.1 Buyer Attributes
2.2.4.1.1.1 Key Manufacturers in Japan
2.2.4.1.1.2 Business Challenges
2.2.4.1.1.3 Business Drivers
2.2.4.1.2 Application
2.2.4.1.2.1 Japan Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.2.4.1.2.2 Japan Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.2.4.1.2.3 Japan Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.2.4.1.3 Product
2.2.4.1.3.1 Japan Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2.4.2 South Korea
2.2.4.2.1 Market
2.2.4.2.1.1 Buyer Attributes
2.2.4.2.1.2 Key Manufacturers in South Korea
2.2.4.2.1.3 Business Challenges
2.2.4.2.1.4 Business Drivers
2.2.4.2.2 Application
2.2.4.2.2.1 South Korea Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.2.4.2.2.2 South Korea Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.2.4.2.2.3 South Korea Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.2.4.2.3 Product
2.2.4.2.3.1 South Korea Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2.4.3 India
2.2.4.3.1 Market
2.2.4.3.1.1 Buyer Attributes
2.2.4.3.1.2 Key Manufacturers in India
2.2.4.3.1.3 Business Challenges
2.2.4.3.1.4 Business Drivers
2.2.4.3.2 Application
2.2.4.3.2.1 India Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.2.4.3.2.2 India Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.2.4.3.2.3 India Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.2.4.3.3 Product
2.2.4.3.3.1 India Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
2.2.4.4 Rest-of-Asia-Pacific and Japan
2.2.4.4.1 Market
2.2.4.4.1.1 Buyer Attributes
2.2.4.4.1.2 Key Manufacturers in Rest-of-Asia-Pacific and Japan
2.2.4.4.1.3 Business Challenges
2.2.4.4.1.4 Business Drivers
2.2.4.4.2 Application
2.2.4.4.2.1 Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), Volume and Value Data
2.2.4.4.2.2 Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), Volume and Value Data
2.2.4.4.2.3 Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), Volume and Value Data
2.2.4.4.3 Product
2.2.4.4.3.1 Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), Volume and Value Data
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Benchmarking
3.1.1 Competitive Position Matrix for Sustainable Tire Materials Manufacturers
3.2 Market Share Analysis for Tire Manufacturers
3.3 Company Profiles
3.3.1 Type 1 Companies: Sustainable Tire Material Manufacturers
3.3.1.1 LDC-KOREA CO., LTD.
3.3.1.1.1 Company Overview
3.3.1.1.2 Role of LDC-KOREA CO., LTD. in the Sustainable Tire Materials Market
3.3.1.1.2.1 Product Portfolio
3.3.1.1.3 Analyst View
3.3.1.2 GRP LTD.
3.3.1.2.1 Company Overview
3.3.1.2.2 Role of GRP LTD. in the Sustainable Tire Materials Market
3.3.1.2.2.1 Product Portfolio
3.3.1.2.3 Analyst View
3.3.1.3 SNR Reclamations Pvt. Ltd.
3.3.1.3.1 Company Overview
3.3.1.3.2 Role of SNR Reclamations Pvt. Ltd. in the Sustainable Tire Materials Market
3.3.1.3.2.1 Product Portfolio
3.3.1.3.3 Analyst View
3.3.1.4 Bridgestone Corporation
3.3.1.4.1 Company Overview
3.3.1.4.2 Role of Bridgestone Corporation in the Sustainable Tire Materials Market
3.3.1.4.2.1 Product Portfolio
3.3.1.4.3 Business Strategies
3.3.1.4.3.1 Product Developments
3.3.1.4.4 R&D Analysis
3.3.1.4.5 Analyst View
4 Research Methodology
4.1 Data Sources
4.1.1 Primary Data Sources
4.1.2 Secondary Data Sources
4.1.3 Data Triangulation
4.2 Market Estimation and Forecast
4.2.1 Research Methodology - Bottom - Up Approach
4.2.2 Factors for Data Prediction and Modeling
List of Figures
Figure 1: Sustainable Tire Materials Market Overview, $Million, 2022-2032
Figure 2: Sustainable Tire Materials Market (by Propulsion Type), $Million, 2022-2032
Figure 3: Sustainable Tire Materials Market (by Vehicle Type), $Million, 2022-2032
Figure 4: Sustainable Tire Materials Market (by Tire Structure), $Million, 2022-2032
Figure 5: Sustainable Tire Materials Market (by Sales Channel), $Million, 2022-2032
Figure 6: Sustainable Tire Materials Market (by Type of Material), $Million, 2022-2032
Figure 7: Sustainable Tire Materials Market (by Region), $Million, 2022
Figure 8: Sustainable Tire Materials Market Supply Chain
Figure 9: Sustainable Tire Materials Market Supply Chain Participants
Figure 10: Tire Wear: Tire Characteristic Approach by Vehicle Type (Combustion Vehicles vs. Electric Vehicles)
Figure 11: Key Business Strategies
Figure 12: Product Developments (by Company), 2019-2023
Figure 13: Key Corporate Strategies
Figure 14: Mergers, Acquisitions, and Divestments
Figure 15: Partnerships, Joint Ventures, Collaborations, and Alliances
Figure 16: Tire Circular Economy Model
Figure 17: Competitive Benchmarking for Sustainable Tire Materials Manufacturers in China
Figure 18: Competitive Benchmarking for Sustainable Tire Materials Manufacturers in Asia-Pacific and Japan
Figure 19: Competitive Benchmarking
Figure 20: Bridgestone Corporation: R&D Expenditure, $Million, 2020 -2022
Figure 21: Data Triangulation
Figure 22: Top-Down and Bottom-Up Approach
List of Tables
Table 1: Sustainable Tire Materials Market Overview
Table 2: Key Companies Profiled
Table 3: Sustainable Tire Materials Market: Business Drivers
Table 4: Impact of Business Restraints
Table 5: Impact of Business Opportunities
Table 6: Sustainable Tire Materials Market (by Region), Ton, 2022-2032
Table 7: Sustainable Tire Materials Market (by Region), $Million, 2022-2032
Table 8: China Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 9: China Sustainable Tire Materials Market (by Vehicle Type), $Million, 2022-2032
Table 10: China Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 11: China Sustainable Tire Materials Market (by Tire Structure), $Million, 2022-2032
Table 12: China Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 13: China Sustainable Tire Materials Market (by Propulsion Type), $Million, 2022-2032
Table 14: China Sustainable Tire Materials Market (by Sales Channel), Ton, 2022-2032
Table 15: China Sustainable Tire Materials Market (by Sales Channel), $Million, 2022-2032
Table 16: China Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 17: China Sustainable Tire Materials Market (by Type of Material), $Million, 2022-2032
Table 18: Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 19: Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), $Million, 2022-2032
Table 20: Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 21: Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), $Million, 2022-2032
Table 22: Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 23: Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), $Million, 2022-2032
Table 24: Asia-Pacific and Japan Sustainable Tire Materials Market (by Sales Channel), Ton, 2022-2032
Table 25: Asia-Pacific and Japan Sustainable Tire Materials Market (by Sales Channel), $Million, 2022-2032
Table 26: Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 27: Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), $Million, 2022-2032
Table 28: Japan Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 29: Japan Sustainable Tire Materials Market (by Vehicle Type), $Thousand, 2022-2032
Table 30: Japan Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 31: Japan Sustainable Tire Materials Market (by Tire Structure), $Thousand, 2022-2032
Table 32: Japan Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 33: Japan Sustainable Tire Materials Market (by Propulsion Type), $Thousand, 2022-2032
Table 34: Japan Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 35: Japan Sustainable Tire Materials Market (by Type of Material), $Thousand, 2022-2032
Table 36: South Korea Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 37: South Korea Sustainable Tire Materials Market (by Vehicle Type), $Thousand, 2022-2032
Table 38: South Korea Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 39: South Korea Sustainable Tire Materials Market (by Tire Structure), $Thousand, 2022-2032
Table 40: South Korea Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 41: South Korea Sustainable Tire Materials Market (by Propulsion Type), $Thousand, 2022-2032
Table 42: South Korea Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 43: South Korea Sustainable Tire Materials Market (by Type of Material), $Thousand, 2022-2032
Table 44: India Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 45: India Sustainable Tire Materials Market (by Vehicle Type), $Thousand, 2022-2032
Table 46: India Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 47: India Sustainable Tire Materials Market (by Tire Structure), $Thousand, 2022-2032
Table 48: India Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 49: India Sustainable Tire Materials Market (by Propulsion Type), $Thousand, 2022-2032
Table 50: India Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 51: India Sustainable Tire Materials Market (by Type of Material), $Thousand, 2022-2032
Table 52: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), Ton, 2022-2032
Table 53: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Vehicle Type), $Thousand, 2022-2032
Table 54: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), Ton, 2022-2032
Table 55: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Tire Structure), $Thousand, 2022-2032
Table 56: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), Ton, 2022-2032
Table 57: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Propulsion Type), $Thousand, 2022-2032
Table 58: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), Ton, 2022-2032
Table 59: Rest-of-Asia-Pacific and Japan Sustainable Tire Materials Market (by Type of Material), $Thousand, 2022-2032
Table 60: Sustainable Tire Materials Market: Market Share Analysis by Tire Manufacturers, 2022
Table 61: LDC-KOREA CO., LTD.: Product Portfolio
Table 62: GRP LTD.: Product Portfolio
Table 63: SNR Reclamations Pvt. Ltd.: Product Portfolio
Table 64: Bridgestone Corporation: Product Portfolio

Executive Summary

The Asia-Pacific sustainable tire materials market (excluding China) is estimated to reach $5.1 million by 2032, reveals the premium market intelligence study. The study also highlights that the market is set to witness a CAGR of 19.08% during the forecast period 2023-2032.

The growing popularity of eco-friendly and sustainable tires for safer environments is propelling the market growth. The growing demand for green and sustainable tires in Asia-Pacific and Japan is being driven by increased electric vehicle production as well as an expanding EV fleet size. Furthermore, rising consumer living standards, fueled by rising disposable income levels and government-enforced pollution controls, have boosted automobile sales, propelling demand for sustainable tires in the region.

USPs of report

Market ranking analysis based on product portfolios and recent developments

  • Analysis of business drivers and challenges of the Asia-Pacific Sustainable Tire Materials Market
  • Detailed analysis of Sustainable Tire Materials Market for Japan, South Korea and India
  • A detailed company profile comprising established players
  • Segmentation by type of material, vehicle type, propulsion type, tire structure, and sales channel provided in the report

Analyst’s Perspective on Sustainable Tire Materials Market

The Principal Analyst states, 'sustainable tire materials market is a fast-growing market, especially with the stringent environmental regulations and movement of vehicle and tire manufacturers toward sustainability. There may be a fundamental shift in the market. On account of this, the sustainable tire materials market is expected to grow multi-fold in the coming years during the forecast period. Sustainable tire material manufacturers are developing innovative products and expanding their product portfolio in the market.'

Some of the prominent names established in this market are:

  • LDC-KOREA CO., LTD.
  • GRP LTD.
  • SNR Reclamations Pvt. Ltd.
  • Bridgestone Corporation

Key Questions Answered in the Report

  • What are the major market drivers, challenges, and opportunities in the Asia-Pacific sustainable tire materials market?
  • What are the views of key industry participants within the sustainable tire material companies operating in the space with respect to the latest trends and developments pertinent to sustainable tire materials?
  • What are the key development strategies deployed by the key players to sustain in the market, and what are some of the initiatives taken by new entrants within this ecosystem?

Companies Mentioned

  • LDC-KOREA CO., LTD.
  • GRP LTD.
  • SNR Reclamations Pvt. Ltd.
  • Bridgestone Corporation

Table Information

Report AttributeDetails
No. of Pages102
PublishedDecember 2023
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 1 Million
Forecasted Market Value ( USD ) by 2032 $ 5.1 Million
Compound Annual Growth Rate19.0%
Regions CoveredAsia Pacific
No. of Companies Mentioned4

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About the Sustainable Tire Materials Market

The Sustainable Tire Materials market within the Automotive Tires industry is focused on the development of materials that are more environmentally friendly and reduce the environmental impact of tire production. This includes the use of recycled materials, such as rubber, and the development of new materials, such as bio-based polymers. The goal is to reduce the amount of energy and resources used in the production of tires, while also reducing the amount of waste generated. The use of sustainable materials in the production of tires has been growing in recent years, as manufacturers look to reduce their environmental impact and meet consumer demand for more sustainable products. This has led to the development of new technologies and materials, such as bio-based polymers, that are more sustainable and reduce the environmental impact of tire production. Companies in the Sustainable Tire Materials market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Yokohama, Hankook, Toyo, Sumitomo, and Nokian. Show Less Read more

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