Portland, OR -- (SBWIRE) -- 08/28/2017 -- Green tires are manufactured from renewable materials such as nylon rubber through a process that does not require an excessive amount of energy. Conventional tires are made from rubber, but with increasing energy concerns, tires are now also made from renewable raw materials such as plasticizers and resins. At present, these environment friendly raw materials are adopted over conventional products due to benefits such as being lighter than conventional products, which results in the reduction of the overall weight of the vehicle. Moreover, it requires less fuel and helps lower the rolling resistance. The global green tire market is expected to witness a lucrative growth rate during the forecast period. This is mainly due to other advantages such as long-life, retreadable tires, etc.

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The market segmentation is based on type and application. By type, it is bifurcated into on-road tires and off-road tire. By application, it is classified into passenger cars, light commercial vehicles, and heavy commercial cars.

Market Key Segment by Type
- On- road tires
- Off- road tires

Geographically it has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Prominent players profiled in the report include PPG Industries Inc., Pirelli Tyre SpA, Bridgestone, Green Arc Tire Manufacturing, Goodyear Tire & Rubber, Michelin North America, Continental, Maxxis, Hankook, and Kumho.

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Market Key Segment by Application
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Cars

The key factors that drive the growth of the market is the increase in energy costs, strict government regulations, and increased environmental awareness regarding fuel consumption among consumers. However, replacement of renewable raw materials with conventional products can cause a negative impact on the braking performance. Lack of awareness about green tires further restrains the market growth. Irrespective of these challenges, with increasing urbanization and globalization, environmental awareness and growing fuel consumption will further boost the market growth in future.

Key Players In The Value Chain
- PPG Industries Inc.
- Pirelli Tyre SpA
- Bridgestone
- Green Arc Tire Manufacturing
- Goodyear Tire & Rubber
- Michelin North America

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