The global automotive tire market is projected to reach USD 179 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.2%. The market is driven by factors such as rising vehicle production, increasing adoption of electric vehicles (EVs), and a growing emphasis on sustainability. Tire manufacturers are developing specialized tires for EVs and investing in eco-friendly materials and manufacturing processes. The market also faces challenges such as volatility in raw material prices and regulatory compliance. Opportunities in the market include the transition towards electric and autonomous vehicles, the integration of smart technologies into tires, and the focus on green and sustainable tires. The market is highly competitive, with key players including Bridgestone, Michelin, Continental, Goodyear, and Pirelli. The regional dynamics of the market vary, with North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa each having unique characteristics and demands [ccdf7c53].
The global eco-friendly tire market is projected to witness a compound annual growth rate (CAGR) of 11.4% during the forecast period (2023-2029), with the market size estimated to increase by USD 81.4 billion. Eco-friendly tires aim to minimize their impact on the environment throughout their lifecycle, including manufacturing, use, and disposal. They are made using sustainable materials and manufacturing processes and have reduced rolling resistance to improve fuel efficiency. Major players in the market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli. The market is segmented by application, type, tire size, sales channel, and geography. The report provides market intelligence, strategic insights, and identifies changing dynamics and emerging trends in the eco-friendly tire market [7a142762].
The global butyl rubber market is projected to witness a CAGR of xx% during the forecast period of 2024-2030, according to HTF Market Intelligence. Butyl rubber is known for its impermeability to gases, weather resistance, low gas permeability, high damping properties, and resistance to heat, chemicals, and ozone. The automotive industry is a major consumer of butyl rubber, particularly for tire inner liners and other rubber components. Butyl rubber is also used in construction and infrastructure applications such as waterproofing membranes, sealants, adhesives, and gaskets. The demand for butyl rubber in construction applications is expected to increase due to global infrastructure development projects. The growing demand for sustainable and eco-friendly materials presents opportunities for butyl rubber manufacturers to develop bio-based and renewable formulations. However, butyl rubber faces competition from alternative materials such as natural rubber, synthetic elastomers, and thermoplastic elastomers. The availability of substitutes with comparable properties and lower costs can pose a challenge to the growth of the butyl rubber market. Environmental concerns related to butyl rubber production require investments in cleaner technologies, energy efficiency improvements, and waste management strategies [30bbee4e].
UK-based startup ENSO plans to construct a USD 500 million tire factory in the US to produce eco-friendly tires for electric vehicles. The plant aims to have an annual production capacity of 20 million EV tires and will employ approximately 600 workers by 2027. The location for the facility is still under consideration, with potential sites in Colorado, Nevada, Texas, and Georgia. ENSO has pledged to implement a full recycling program for all tires produced at the plant. The company's CEO, Gunnlaugur Erlendsson, expressed enthusiasm about the project and highlighted the strong regulatory support and market opportunity in the US. ENSO's tires promise to increase an EV's range by 10% and reduce particulate matter emissions by 35%. The company has partnered with Rockwell Automation and secured backing from venture capital funds 8090 Industries and Galway Sustainable Capital. The establishment of the plant represents a significant investment in the US economy and a shift towards more sustainable transportation solutions [76f53d3a].