North America Solid Tires Market to Reach USD 540.1 Million, at a CAGR of 5.7% by 2027: Astute Analytica
NEW DELHI, May 25, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for North America solid tires market from US$ 387.9 Million in 2021 to US$ 540.1 Million by 2027. The market is anticipated to grow at a CAGR of 5.7% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.3% during the forecast period.
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Solid tires are extremely stable, puncture-resistant, and maintenance-free and also have a high loading capacity and are extremely economical. Solid tires are also called airless tires that can be manufactured on a frame or metal wheel structure. Moreover, tires provide a footprint, called a contact patch, which is designed in order to match the weight of the vehicle with the bearing strength of the surface that it rolls over.
On the basis of assembly type, the made-on frame/wheel segment holds the largest share and is anticipated to grow at the highest CAGR during the forecast period. Moreover, in terms of vehicles, the forklifts segment dominated the solid tires market in 2021 as they are made out of solid rubber. Whereas airport passenger boarding bridges are anticipated to project the second highest CAGR over the forecast period. Furthermore, by application, the warehouse machinery segment holds a significant share in the market in 2021. Whereas the military vehicle segment is projected to grow at the highest CAGR in the market over the forecast period as they are built with off-road capabilities. In addition, North America solid tires market had witnessed a slight decline in 2020, post the outbreak of the COVID-19 pandemic due to a massive dip in commercial activities and retail spending.
The major factor responsible for the growth of the North America solid tires market includes the ongoing construction activities in the region and escalating demand from various applications. Moreover, the increase in demand for solid tires with rising in military spending creates a lucrative growth opportunity in the market. Furthermore, the rise in technical material development in tire manufacturing on account of growing insistence on lower emission levels, along with preference to buy eco-friendly products is creating a huge demand for solid tires and significantly creating a lucrative growth trend in the market. Also, the increasing concern regarding ride safety and avoiding road accidents majorly caused by tire punctures become the major trend for the market growth in the near future. However, the availability of solid tire substitutes (pneumatic tires and others) is expected to inhibit the growth of the North America solid tires market.
North America Solid Tires Market Insights
The U.S. holds the major share in the North America solid tires market in 2021 owing to increasing construction activities as well as warehouses in the country. Also, the U.S. is anticipated to project the highest CAGR in during the forecast period. Increasing industrialization, growing vehicle production & sales, and increasing construction activities across various countries within this region including the US and Canada fuel the growth of the market. Moreover, Midwest U.S. is expected to project the highest market share over the forecast period.
Strategic Outlook of Key Market Players
- Industrial Rubber Company has an extensive distribution system and after-sales service. It enables customers to grab the rapidly technologically advanced product in the industry and connect all aspects of transportation and logistics such as trucks, drivers, back office, fright, and assets.
- Trelleborg AB is a polymer technology-focused engineering firm. The company's strategy is to secure leading positions in selected segments. This means that the company seeks segments, niches, and product categories that by virtue of the Group's market insights, core capabilities, and offering of advanced products and solutions provide market leadership.
- Trident International Pvt. Ltd., operates in different domains such as developing, manufacturing and distributing industrial and off-highway tires and tracks. The company focuses on product development and improving its capabilities for establishing a strong footprint in the domestic and global markets.
Raw Materials used in Solid Tires
- Natural Rubber- Natural rubber is the main raw material used in manufacturing tires owing to its properties for being good for tear and fatigue crack resistance. The natural rubber is mixed with acids and liquid latex that drips from the bark of certain tropical and subtropical trees, which causes the rubber to solidify. The physical and chemical properties of these rubber polymers determine the performance of each component in the tire and its overall performance such as rolling resistance, wear, and traction.
- Synthetic Rubber- Synthetic rubber has a wide application in tire manufacturing, it is synthesized from polymers found in crude oil. For the manufacturing of tires, this rubber has to be processed with chemicals to solidify then pressed, squeeze out excess water, and form the rubber into sheets. They are non-oil resistant, low-cost materials that can be used in the production of several rubber products. Moreover, styrene-butadiene, Neoprene are examples of synthetic rubber.
- Steel- In the tire manufacturing process, steel wire is used in the tire belts and beads, and the plies for truck tires. The belts under the tread help to stiffen the tire casing and enhance the wear performance and tire handling. The bead wire is coated with special alloys of bronze or brass and anchors the tire and locks it onto the wheel.
Competitive Insight
North America Solid Tires Market is highly competitive in order to increase its presence in the marketplace. Some of the key players operating in the North America solid tires market include Continental AG, Ecomega Europe Industries, Industrial Rubber Company, Global Rubber Industries, Maxam Tire, Nexen Corporation, Sentry Tire, and Rubber LLC., Setco Solid Tire and Rim Assembly, SimpleTire, Michelin, Trelleborg AB, Trident International P Ltd., Industrial Rubber Tires, LLC and PT ARAMI JAYA among others.
Segmentation Overview
North America Solid Tires Market is segmented based on assembly type, vehicle, application, and country. The industry trends in the solid tires market are sub-divided into different categories in order to get a holistic view of the North America marketplace.
Following are the different segments of the North America Solid Tires Market:
By Assembly Type segment of the North America Solid Tires Market is sub-segmented into:
- Made on Frame /Wheel
- Made on Rim
By Vehicle segment of the North America Solid Tires Market is sub-segmented into:
- Forklift
- Tractor
- Crane & Lifts
- Container Trailer
- Airport Passenger Boarding Bridges
- Others
By Application segment of the North America Solid Tires Market is sub-segmented into:
- Construction Machinery
- Warehouse Machinery
- Agriculture Equipment
- Military Vehicles
- Air & Sea Ports Machinery
- Others (Transport)
By Country segment of the North America Solid Tires Market is sub-segmented into:
- North America
- U.S.
- Canada
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