Hankook Publishes 2022-23 ESG Report

Hankook, the premium tyre manufacturer, has released its 2022/23 Environmental Social Governance (ESG) Report, detailing its sustainability initiatives and strategies for the current year. Notably, the Science Based Targets Initiative (SBTi) has validated Hankook's greenhouse gas emission reduction targets, committing the company to achieve net zero emissions by 2050 according to the SBTi Net Zero standard.

This marks Hankook's 14th ESG Report, following its ESG vision, "Innovation for a Sustainable Future" introduced in 2010. The report encompasses the company's sustainability activities and its medium- and long-term strategies across environmental, social, and governance areas. It places equal emphasis on three key priority areas: Eco Value Chain, Sustainable Product, and Responsible Engagement.

Hankook has been progressively strengthening its commitment to sustainable management, enhancing its ESG management system. This journey began in 2009 with the establishment of a corporate social responsibility (CSR) organisation, followed by the formation of the ESG Strategy Committee and Steering Committee in 2010. In 2018, Hankook initiated a strategic effort to implement sustainable natural rubber policies and promote an eco-friendly circular economy system. By 2021, the company established an ESG Committee within the Board of Directors, and in 2022, it unveiled a Corporate Governance Charter, cementing its commitment to transparent and ethical ESG practices.

Hankook has proactively reduced its greenhouse gas emissions, positioning itself as a leader in constructing an eco-value chain. The company has developed a comprehensive climate change response strategy and incorporated a Climate Change Committee into its management activities. It has also undertaken various energy-saving initiatives, including adopting high-efficiency equipment, optimising energy efficiency, and using renewable energy. These efforts have resulted in a 2.74 percent reduction in greenhouse gas intensity compared to the previous year.

With a firm commitment to addressing climate change, Hankook joined the Science Based Targets Initiative in March 2022 and submitted its greenhouse gas emission reduction targets. These targets align with the latest climate research findings and the goals of the Paris Agreement. By 2030, Hankook aims to achieve a 46.2 percent reduction in total direct and indirect greenhouse gas emissions (Scopes 1 and 2) generated during the production stage, compared to 2019 figures, in compliance with the SBTi validation. Additionally, the company has set a 2030 target to reduce total greenhouse gas emissions generated throughout the value chain (Scope 3) by 27.5% compared to 2019 figures. This recognition by the SBTi signifies Hankook's commitment to achieving net zero emissions by 2050 based on the SBTi Net Zero standard, a responsibility shared by approximately 5,700 companies worldwide.

Hankook is also dedicated to developing eco-friendly tyres using highly functional synthetic rubber, furthering its ESG goal of increasing the use of sustainable raw materials. Recognised for its efforts to achieve carbon neutrality, Hankook has received top ratings from multiple global ESG evaluation agencies.

Moreover, the company is actively engaged in intelligent tyre technology, incorporating sensors in the tread to detect wear and developing airless tyres like the i-Flex. To contribute to a more sustainable future, Hankook is actively involved in establishing a sustainable supply chain, implementing human rights management, promoting employee well-being, and participating in social contribution activities.

Hankook has been included in the Dow Jones Sustainability Indices (DJSI) World, a prestigious sustainability index, for seven consecutive years.

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Michelin’s engineering expertise and premium urban tyres have been instrumental in enhancing the performance and reducing downtime for Big Bus Tours’ newly converted electric bus fleet in London. As the world's largest open-top sightseeing company, Big Bus Tours faced a significant challenge after converting 20 Ankai double-decker buses from diesel to electric with drivetrain specialist Equipmake. While this conversion met London's emission rules, the new batteries added 800 kg, altering the weight distribution and creating concerns about tyre loading, especially on the steer axle.

Seeking a solution, service provider Tructyre brought in Michelin's specialists. Carl Williams, Manager of Customer Engineering Support at Michelin, along with Territory Business Manager Ian Roberts, performed a detailed weighing analysis. This study accounted for passenger numbers and axle loads to define the ideal tyre pressures. Their report confirmed that the original tyres were inadequate for the new demands, prompting Big Bus Tours to upgrade all wheels on its Ankai buses to MICHELIN X InCity EV Z tyres.

The results were so impressive that the company has now fitted most of its 56-bus London fleet with these tyres. The MICHELIN X InCity EV Z tyres are specifically designed for urban electric buses, providing key benefits including robust resistance to kerb damage, reliable all-weather grip and low rolling resistance for optimised energy efficiency and cost savings. This successful collaboration has supported Big Bus Tours, which has global operations across more than 25 cities.

Jon Reed, Head of Engineering – Europe, Big Bus Tours, said, "Michelin said to us that from a cost, as well as a duty cycle, perspective ‘the MICHELIN InCity EV Z is the best tyre for you’. And it has been. They are performing well, and we’ve had zero complaints of road noise. We seem to be getting less sidewall damage too. While we are paying more for them initially than our previous brand of tyres, the cost is worth it. We’re getting much longer life out of them.”

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India’s tyre industry has secured a stronger foothold in the global market, with four domestic manufacturers ranked among the world’s top 20, according to the latest Global Tyre Report released by Tire Business based on 2024 sales.

MRF was the highest-placed Indian company, taking the 13th spot worldwide. Apollo Tyres followed at 14th, while JK Tyre & Industries ranked 19th. CEAT entered the top 20 for the first time, securing 20th position and underscoring the country’s growing influence in the global tyre trade.

“The presence of four Indian tyre companies among the world’s top 20 is a matter of immense pride for the Indian manufacturing ecosystem. It reflects not only the scale we have achieved, but also the focus on technology and global competitiveness that Indian companies have pursued. This milestone is a validation of India’s emergence as a global hub for high-quality, value-driven tyre manufacturing,” said Mr Rajiv Budhraja, Director General of the Automotive Tyre Manufacturers Association (ATMA).

Indian companies have been steadily climbing the global rankings over the past decade. Apollo Tyres has moved up three places since 2013, while JK Tyre has advanced six positions in the same period. CEAT has shown the fastest recent progress, rising three spots in just the last year.

The country’s manufacturing strength is also reflected in its industrial footprint. China leads with 158 tyre plants, followed by India with 67 and the United States with 44. This places India as the world’s second-largest tyre manufacturing base by number of plants.

In Asia, MRF holds the second-largest manufacturing footprint with 10 plants, trailing only Bridgestone, which operates 19. Indian companies have also built strong positions in specialised and high-performance categories. MRF is the world leader in racing tyre manufacturing with three plants. It also ranks second in motorcycle tyres with four plants, followed by CEAT with three. In the farm tyre segment, MRF again ranks second globally with seven factories.

Investment has played a central role in this expansion. Apollo Tyres recorded the highest capital expenditure globally as a share of sales, reinvesting 59% into expanding and modernising its operations. MRF also ranked among global leaders, with capex exceeding 10% of sales.

Long-term prospects remain robust. A recent report by ATMA and PwC India, titled Viksit Bharat 2047: Vision and Roadmap for the Indian Tyre Industry, forecasts that India’s tyre production could nearly quadruple by 2047, while industry revenues may grow nearly twelvefold to about ₹1,300,000 crore.

“With strong domestic demand, rising exports and policy support under the vision of a Viksit Bharat, we are confident that Indian tyre manufacturers will continue to move up global rankings and play a defining role in the future of global mobility,” Mr Budhraja added.

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In a significant move to bolster its international profile, Linglong Tire has entered a global partnership with Chicago Bulls, the iconic NBA team. This alliance represents a strategic advancement in the company's global sports marketing, building upon previous high-profile sponsorships with Chelsea FC and Real Madrid. The primary objective is to substantially enhance brand recognition for its product lines, including Green Max, Atlas and Evoluxx, across the crucial North American market, with promotional activities also extending into Europe.

This marketing initiative is strategically aligned with the company's operational expansion, notably a new manufacturing facility under construction in Brazil, which is expected to optimise supply chains and support a drive for increased market share in the Americas. The collaboration has been designed to create meaningful fan engagement through co-developed activation strategies. These will include immersive experiences such as joint basketball camps and interactive tours, aiming to forge a powerful connection with a global community passionate about basketball and high-quality, innovative tyres.

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The Yokohama Rubber Co., Ltd. has confirmed a continued partnership that will see its US subsidiary, Yokohama Tire Corporation, provide ADVAN racing tyres for three Porsche one-make racing series in 2026. This multi-series agreement includes the Porsche Sprint Challenge North America by Yokohama, the Porsche Sprint Challenge USA West by Yokohama and the Porsche Endurance Challenge North America. All three are sanctioned by the United States Auto Club (USAC) and function as key developmental categories within the Porsche Motorsport Pyramid, featuring race-prepared vehicles such as the 911 GT3 Cup and the 718 Cayman GT4 RS Clubsport.

The upcoming 2026 season represents a significant milestone, marking the sixth consecutive year Yokohama has been the control tyre supplier for the North America and USA West series and the third straight year for the Endurance Challenge. The company will support the competitors with its ADVAN A005 for dry tracks and the ADVAN A006 for wet weather conditions across a combined schedule of numerous events. This ongoing involvement is a strategic initiative designed to bolster the profile and recognition of the ADVAN brand throughout the important North American market.

This commitment to one-make racing extends beyond the Porsche family. Yokohama Rubber is also the official control tyre supplier for the recently launched Mustang Cup, reinforcing its active role and investment in North American motorsport. Through these high-profile partnerships, Yokohama aims to enhance brand power by associating its ADVAN products with some of the most exciting and competitive racing series on the continent.

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