According to Lanxess,AG, the global speciality chemicals company, and market leader in neodymium-based performance butadiene rubber (Nd-PBR), Green Tyres has recorded the fastest growth in tyre industry with an annual global growth rate of about 10% and in Asia it is witnessing a growth rate of 13% annually.
Labeling system was first introduced in Japan and Korea. After a voluntary tire label was introduced in Japan in January 2010, South Korea launched its voluntary labeling in November 2011 and will introduce a mandatory label in December 2012. Other countries like Brazil, the USA and China are expected to follow in the coming years.
European Union will launch mandatory tyre labeling in November this year. Tyres will be graded from A to G according to their fuel efficiency and wet grip. Rolling noise is also measured. Therefore, the new legislation provides more transparency for consumers by highlighting the added value of “Green Tyres”. According to TU Munich, the market share of class A and B tires in the EU is expected to reach 20-30 percent in 2017 and then jump to 70-80 percent in 2022.
LANXESS will set up a nd-PBR plant in Singpoare with an investment EUR 200 million in a 140,000 metric tons per annum facility on Jurong Island. The facility will be the largest of its kind globally and will serve the growing market for “Green Tires”, especially in Asia. About 100 jobs will be created. The plant is expected to start up in the first half of 2015.
Demand for green tyres is being driven by the megatrend mobility, above all in the regions of Asia and Latin America, as the middle class there becomes more affluent. In addition, demand will be accelerated by tire labeling being introduced around the world.
Source: Rubber Country
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