Smithers Rapra : Green Tires Offer High-Growth Opportunities
The global market for green tires is forecast to reach USD 70.6 billion by 2017, according to Smithers Rapra, Leatherhead, United Kingdom, in a new market report.
Green tires are tires optimised for low rolling resistance and/or which uses materials, especially elastomers, which are from renewable (sustainable) resources. Currently, the largest sector of the green tire market is for low rolling resistance tires, defined as “energy tires” in the report.
It is estimated that over 1.5 billion tires are currently produced each year, with a total value of about USD 160 billion. This is expected to rise to nearly USD 203 billion by 2017. The rapid increase of green issues including concerns for greenhouse gas emissions and availability of resources are the main drivers behind this growth, as green tires accounts for 35% of the total tire growth over the forecasted period 2012-2017.
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