Authored By: Sarah
11 Jul 2024

 Specialty Tires Market Size to grow by USD 12196.2 million between 2024-2028

According to a research report “ Specialty Tires Market” by Application (Mining and construction, Agriculture, Aircraft, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 12196.2 million, at a CAGR of  4.83% during the forecast period. In the specialty tires market, natural rubber serves as a crucial raw material for manufacturing these high-performance tires. The recent downturn in natural rubber commodity prices can significantly decrease the production costs for specialty tires. This price decline is attributed to reduced trading volumes in global markets, primarily due to decreased demand from the automobile sector, which has been impacted by a shortage of semiconductor chips. Major exporters of natural rubber, such as India and China, have been affected by various factors stemming from the pandemic, including low demand and increased cost margins, further influencing the price trend.

Browse market data tables, figures, and in-depth TOC on “Specialty Tires Market” by Application (Mining and construction, Agriculture, Aircraft, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Mining and construction segment is projected to dominate the market size in 2024

ai_market_segmentation_by

By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The mining sector primarily focuses on extracting minerals and other valuable resources from the earth, utilizing a range of off-highway vehicles such as track-type tractors, loaders, scrapers, motor graders, wheel loaders, dump trucks, and mining trucks. Notably, coal mining is a significant segment within the global mining industry, fueled by the increasing energy demand. Key coal mining countries include the United States, China, Australia, Canada, India, Russia, Germany, Poland, Kazakhstan, and Indonesia. The construction industry, meanwhile, deals with land preparation, structure repair, and real estate alterations, employing vehicles like loaders, excavators, backhoes, bulldozers, dump trucks, cement mixers, and cranes.

APAC is forecasted to hold the largest market size by region in 2024

The Specialty Tires market represents a significant business opportunity for manufacturers and suppliers, driven by increasing demand for specialized tires in various industries. These tires cater to specific applications, such as agriculture, construction, mining, and forestry, where standard tires fail to deliver optimal performance. Market growth is fueled by factors including technological advancements, rising demand for fuel efficiency, and stringent regulations. Businesses operating in this sector can capitalize on these trends by offering innovative, high-performance solutions to meet the unique needs of their clients.

The Specialty Tires Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Balkrishna Industries Ltd.
  • Bridgestone Corp.
  • Continental AG
  • Giti Tire Pte. Ltd.
  • GRI Tires
  • JK Tyre and Industries Ltd.
  • Kumho Tire Co. Inc.
  • Michelin Group
  • Nokian Tyres Plc.
  • Pirelli and C S.p.A
  • Polymer Enterprises Inc.
  • Shandong Linglong Tyre Co. Ltd.
  • The Carlstar Group LLC
  • The Goodyear Tire and Rubber Co.
  • Toyo Tire Corp.
  • Trelleborg AB
  • Triangle Tire USA
  • Xuzhou Construction Machinery Group Co. Ltd.
  • Yokohama Rubber Co. Ltd.
  • Zhongce Rubber Group Co. Ltd.
.

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Research Analysis Overview

The Specialty Tires Market encompasses a wide range of tire types designed for specific applications in various industries. Farmers and tractor owners require farm tires for large loads and navigating sweltering heat and rocky terrain. In the agricultural sector, investments in new machinery and agricultural equipment necessitate the use of durable and high-performance tires. Similarly, in the construction and mining industries, mining vehicles and construction vehicles demand off-road tires with reinforced sidewalls, aggressive tread patterns, and durable compounds for handling heavy loads and rough terrain. Mining activities and construction activities also require specialized tires for trailers and industrial equipment. Online shopping has made it easier for consumers to purchase specialty tires for their heavy-duty vehicles. Rubber compounds and tread designs cater to the unique demands of off-road adventures, ensuring safety, durability, and performance. Specialty tires are not just treaded wonders; they are essential components of industrial machinery, ensuring optimal functionality and productivity.

Market Research Overview

The Specialty Tires Market encompasses a wide range of tires designed for specific applications in various industries. These include landing gear tires for aeroplanes, tires for military vehicles, high-performance tires for sports cars and off-road vehicles, and tires for mining equipment such as cranes, bulldozers, and excavators. However, the lack of standardization in specialty tires can lead to supply chain interruptions and high prices. In the aviation industry, the demand for aircraft tires is driven by the constant need for maintenance and replacement. In the military sector, the focus is on durability and safety in extreme conditions. In the mining sector, mining tires are essential for handling large loads in sweltering heat and rocky terrain. The construction sector relies on heavy machinery tires, including construction tires, material handling tires, and agricultural tires. In the agricultural sector, farmers require durable compounds and aggressive tread patterns for their harvesters and tractors. The rise of autonomous cars, racing, and e-commerce have also contributed to the growth of the specialty tires market. New machines in the mining and construction sectors, mining activities, and construction activities require investments in heavy-duty vehicles and trailers. The use of advanced materials such as nanotechnology, composites, carbon fiber, alloys, and metals in tire manufacturing has led to the development of lightweight elastomers, green tires, rimless tires, and automation in the tire remolding process. The focus on reducing carbon emissions and minimizing landfill waste has also led to the development of recap, remolding, and retreading technologies. Century Engineering Industries, Kumho Tire, and Hankook Tire are some of the key players in the specialty tires market. The market is also driven by the increasing demand for fuel efficiency, technology, and raw materials in vehicle production, urban mobility, ride-hailing, and ride-sharing. Despite the challenges of manpower shortage, warehouses, and online shopping, the future of the specialty tires market looks promising with the continued development of innovative tire technologies and the growing demand for specialized tires in various industries.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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