Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solid tires market stood at US$ 380.0 million in 2022, and the global market is projected to reach US$ 760 million by 2031. The global industry is anticipated to record a CAGR of 8.1% between 2023 and 2031.
The value of solid tires market is increasing, owing to the rising focus on workplace safety. Workplace safety regulations and the increasing emphasis on employee welfare have propelled the demand for reliable and durable tires.
Solid tires provide enhanced stability, better traction, and reduced risks of blowouts or tire failures, thereby improving workplace safety. Industries such as manufacturing, construction, and mining prioritize the use of solid tires to minimize accidents and ensure worker safety.
Advancements in tire manufacturing technology, is another significant factor contributing to the market growth. Technological advancements have significantly improved the quality and performance of solid tires.
Manufacturers are investing in research and development to enhance tire compounds, tread patterns, and overall tire construction, resulting in improved durability, reduced rolling resistance, and better shock absorption. The advancements are driving the adoption of solid tires across various industries.
The market prospects have been driven by factors such as the growing demand from industrial and material handling applications. Solid tires are extensively used in industrial and material handling equipment, such as forklifts, loaders, and construction machinery.
The increasing industrialization and expansion of logistics and warehousing sectors worldwide are driving the demand for such equipment, thereby creating a demand for solid tires. The tires offer superior stability, load-bearing capacity, and resistance to wear and tear, making them suitable for heavy-duty applications.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 380.0 Mn | |
| Estimated Value | US$ 760.0 Mn | |
| Growth Rate - CAGR | 8.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 190 Pages | |
| Market Segmentation | By Product Type, By Type, By Construction, By Application, By Vehicle Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | CAMSO, Continental AG, Global Rubber Industries, Initial Appearance LLC, NEXEN TIRE, Setco Solid Tire & Rim Assembly, Superior Tire & Rubber Corp, Trelleborg AB, Tube & Solid Tire, TY Cushion Tire, Magna Tyres, Affix Cold Tread Company, Load-Star Solid Tyres Pvt. Ltd., IRC Tire, JK Tyre, Other Key Players | |
Key Findings of the Market Report
- By product type, super elastic tires segment is likely to be most preferred, expected to expand at a significant share, attributed to the enhanced durability, and reduced downtime.
- By Type, non-stick tires segment to boost the market growth, owing to the factors such as improved safety & visibility, as well as reduced maintenance & cleaning costs.
- By application, mining and earthmoving segment is expected to boost the market growth, attributed to the factors including growth in mining and construction activities, and increased equipment utilization
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Global Solid Tires Market: Growth Drivers
- The global solid tires market is projected to expand at a steady pace from 2021 to 2031, owing to growing focus on sustainability, and expansion of construction & infrastructure projects.
- Other factors that are projected to augment the market growth include increasing adoption in agricultural equipment, and growing off-road vehicle market.
- Increasing adoption in military & defense applications, and growing demand from the mining industry, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Solid Tires Market: Regional Landscape
- North America is expected to dominate the solid tires market, and is expected to hold a significant share during the forecast period, attributed to growing construction & infrastructure development, and expansion of industrial & manufacturing sectors in the region.
- The regional market is witnessing an increase, due to the factors such as robust mining & extraction activities, as well as focus on occupational safety & regulations.
- Increasing warehouse & logistics activities, and technological advancements in tire design & materials in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Solid Tires Market: Key Players
Some of the key market players in the global solid tires market are:
- CAMSO
- Continental AG
- Global Rubber Industries
- Initial Appearance LLC
- NEXEN TIRE
- Setco Solid Tire & Rim Assembly
- Superior Tire & Rubber Corp
- Trelleborg AB
- Tube & Solid Tire
- TY Cushion Tire
- Magna Tyres
- Affix Cold Tread Company
- Load-Star Solid Tyres Pvt. Ltd.
- IRC Tire
- JK Tyre
Competitive Landscape
Prominent players in the solid tires industry are taking advantage of the rapidly increasing demand for solid tires. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In February 2023, Global Rubber Industries launched its new solid tire series, the "Xpander XPC," designed for industrial and construction equipment. The tires feature a high-quality rubber compound and an advanced tread pattern for improved traction, durability, and resistance to cuts and impacts.
- In November 2022, BKT introduced the "Multimax MP 529" solid tire, designed for forklift trucks operating in industrial applications. The tire offers excellent stability, enhanced load-carrying capacity, and improved resistance to wear, ensuring optimal performance in demanding environments.
- In September 2022, Maxam Tire released the "MSM Solid Mining" tire series, specifically designed for mining applications. The tires are engineered to provide exceptional traction, durability, and resistance to cuts and punctures in challenging mining environments.
- In July 2022, Titan International launched its new solid tire, the "Titan Smooth Flex," which is designed for skid steer loaders and telehandlers. The tire features a unique sidewall design that offers increased flexibility and improved operator comfort, while maintaining high load-carrying capacity.
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Global Solid Tires Market: Segmentation
By Product Type
- Curled On Solid Tires
- Super-elastic Tires
- Press-on Bands
By Type
- Stick Tires
- Non-stick Tires
By Construction
- 2-layer Solid Rubber Tires
- 3-layer Solid Rubber Tires
- Special Solid Rubber Tires
By Application
- Industrial (Scrap Handling)
- Mining & Earthmoving
- Underground Mining
- Construction
- Port & Terminal
- Agricultural
- Material Handling
- Trucking / Load Hauling
- Logistic Centers
- Food Industry & Pharmaceutical Industry
- Engineering Vehicles
- Military Vehicles
- Others
By Vehicle Type
- Dozers
- Forklifts
- Forklifts - Rough Terrains
- Loaders
- Mobile Excavators
- Skid Steer Loaders
- Telescopic Handlers
- Terminal Tractors
- Trailers
- Trucks
- Platform Trucks
- Others
By Rim Size
- Up to 8 Inch
- 8 Inch - 12 Inch
- 12 Inch - 16 Inch
- 16 Inch - 20 Inch
- 20 Inch - 25 Inch
- Above 25 Inch
By Utility
- Indoor
- Outdoor
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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