Green Tire Industry Poised for Growth
March 30, 2015—A report titled "Global Styrene Butadiene Rubber (SBR) Market 2015-2019" claims that the "green tire" market is expected to grow at a CAGR of 7.36 percent during the forecast period of 2014–2019.
SBR is a synthetic rubber formed by the copolymerization of styrene and butadiene in the ratio of 3:1 by weight. According to the report, consumers are increasingly opting for green tires as they are eco-friendly, fuel-efficient and durable, and provide grip and reduce carbon emission. Current vehicle engines consume more fuel with increase in friction, thereby causing more emissions. Manufacturers are now developing green tires that minimize roll resistance and increase performance.
The APAC region accounts for the major share of the market, with leading countries such as China and India contributing significantly to the global market. Moreover, demand for high-performance tires and the implementation of tire labeling regulations are propelling the market. Many manufacturers from North America and Europe are setting up production plants in the APAC region because of low operation costs. By increasing production capacity, manufacturers are able to meet consumer needs and production lines to produce other grades of the product.
The report was prepared based on an in-depth market analysis with inputs from industry experts. The report covers the APAC region, Europe, North America, and the ROW; it also covers the Global SBR market landscape and its growth prospects in the coming years. The report also features a discussion of the key vendors operating in this market.