PUBLISHER: The Business Research Company | PRODUCT CODE: 1409712
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409712
“Polyurethane Tire Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on polyurethane tire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for polyurethane tire? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The polyurethane tire market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Polyurethane tires are a type of press-on tire known for being lighter than rubber tires and offering increased resistance to splitting, tearing, or chunking under load. They provide good traction and low rolling resistance. Polyurethane tires generally have a longer lifespan compared to rubber tires, approximately twice as long, and are recommended for indoor use in light applications, such as warehousing.
The two major types of polyurethane tires are PPG polyurethane and PTMEG polyurethane. Polypropylene Glycol (PPG) is a high-solids, durable coating that provides excellent resistance to abrasion, chemicals, and impacts. These tires are distributed through two major sales channels, namely original equipment manufacturers (OEM) and aftermarket. They find applications in various industrial settings, including forklifts, overhead conveyor systems, industrial carts, railroads, industrial washer systems, roll-forming machinery, elevators, and hyperloop systems.
The polyurethane tire market research report is one of a series of new reports from The Business Research Company that provides polyurethane tire market statistics, including polyurethane tire industry global market size, regional shares, competitors with a polyurethane tire market share, detailed polyurethane tire market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane tire industry. This polyurethane tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The polyurethane tire market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historical period can be attributed to advancements in material science, an increase in the demand for sustainable materials, the growth of industrial and material handling equipment, the advantages in load-bearing capacity offered by polyurethane tires, and the expansion of warehouse and logistics industries.
The polyurethane tire market size is expected to see strong growth in the next few years. It will grow to $2.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to a focus on lightweight and fuel-efficient solutions, increased adoption of polyurethane tires in electric vehicles, a growing awareness of tire recycling, the demand for customization and tailored solutions, and the impact of global events and supply chain dynamics. Major trends expected in the forecast period include advancements in tire design, increased technological integration, improvements in elasticity and comfort, the integration of technology for smart tires, advancements in polyurethane formulations, and a focus on noise reduction in tire performance.
The anticipated surge in the retail and e-commerce industries is set to drive the growth of the polyurethane tire market. The expanding e-commerce sector, involving online buying and selling, has witnessed substantial growth due to the increasing trend of online shopping. This growth has resulted in the proliferation of large warehouses globally. Polyurethane tires, particularly for forklifts, are in high demand for the efficient transportation of goods within these warehouses. In January 2023, Oberlo, a Germany-based eCommerce platform, reported a global e-commerce growth rate of 17.1%, the highest year-over-year gain projected between 2021 and 2026. The surge is notable in the US, where e-commerce sales are expected to leap from $907.9 billion in 2022 to $1.4 trillion in 2025, reflecting a remarkable 50% increase. Thus, the rapid expansion of the retail and e-commerce industries remains a significant driver for the polyurethane tire market.
The increasing expansion of the construction industry is poised to boost the growth of the polyurethane tire market. Material handling equipment, including forklifts and loaders, plays a vital role in construction sites, driving the demand for durable and load-bearing polyurethane tires. The need for stability and durability in construction equipment, such as scissor lifts and aerial lifts, contributes to the preference for polyurethane tires. As reported by Oxford Economics in September 2021, the global construction production was $10.7 trillion in 2020, and it is anticipated to grow by 42%, reaching $15.2 trillion between 2020 and 2030. Therefore, the escalating expansion of the construction industry serves as a significant driver for the polyurethane tire market.
Leading companies in the polyurethane tire market are investing in the development of advanced tires with enhanced thermal performance, aiming to gain a competitive advantage. Thermal performance, the ability to manage and control heat, is a crucial aspect of tire functionality. Superior Tire & Rubber Corp., a US-based manufacturing company, introduced the Velocity line of polyurethane load wheels in October 2021. These wheels feature HeatSink technology, a redesigned hub that effectively manages thermal energy generated during tire use. This innovation improves heat dissipation, reduces the maximum operating temperature, and extends the work-life of critical components. Additionally, Velocity wheels are approximately 70% lighter than traditional load wheels, providing ergonomic benefits for technicians and reducing shipping costs.
Major players in the polyurethane tire market are also venturing into the development of tires tailored for electric cars to maintain their market position. In February 2021, Compagnie Generale des Etablissements Michelin SCA, a France-based tire manufacturer, introduced the MICHELIN Pilot Sport EV, the first tire in the MICHELIN Pilot Sport family designed specifically for electric sports cars. Engineered for optimal grip on diverse road conditions, exceptional wear resistance to handle high torque, and significantly low rolling resistance to extend the car's range, this tire incorporates Michelin Acoustic technology with a polyurethane foam to reduce cabin noise.
In April 2022, Caster Concepts Inc., a US-based manufacturer of heavy-duty casters and industrial caster wheels, completed the acquisition of Aerol Co. Inc. for an undisclosed amount. This strategic move enhances Caster Concepts' product offerings by incorporating Aerol's heavy-duty industrial aluminum casters and wheels designed for the aerospace tooling sector. The acquisition strengthens Caster Concepts' presence in the airline and government contracting sectors while expanding its capability to serve new customers. Aerol Co., Inc., the acquired company, is a US-based manufacturer specializing in polyurethane wheels and tires.
Major companies operating in the polyurethane tire market report are Trelleborg AB, Amerityre Corporation, Stellana AB, Thombert Inc., Uremet Corporation, Apexway Products Corp, TVS Group, Albion Casters, Softex Industrial Products Pvt. Ltd., Bermar Associates Inc., FallLine Corporation, Satyanarayan Rubber And Plastic Industries, T. Banerjee Industries, Jyoti Architectural Products Private Limited, Aleader Tire & Wheel Industrial Co. Ltd., BASF SE, Dow Inc., Saudi Basic Industries Corp, LyondellBasell Industries NV, 3M Company., China National Chemical Corp., Sinopec Group, DuPont de Nemours Inc., Mitsubishi Chemical Holdings Corp., Sumitomo Chemical Co Ltd., Acrotech Inc., Advanced Urethane Technologies Inc., American Urethane Inc., Argonics Inc., BNL Industries Inc., Casters of Amarillo Inc., Century Rubber & Cables Industries, Custom Rubber Corp., Dura-Belt Inc
Asia-Pacific was the largest region in the polyurethane tire market in 2023. North America was the second largest region in the polyurethane tire market in 2023. The regions covered in the polyurethane tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the polyurethane tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The polyurethane tire market consists of sales of center-grooved polyurethane tires, router-sipped polyurethane tires, and diamond-sipped polyurethane tires. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.