Rising Mining and Construction Activities and Growing Agricultural Mechanization to Drive Off the Road Tire Market

Industry Insights

About two decade ago, off the road tires was a concept proposed by the tire manufacturing company to tap opportunities prevailing in the tire market. They launched these tires to cater demand of high duty tire d in various industries. Little did they know that their idea will shape into billion dollar market with the passing time. Today, off the road tires have became need of the hour. Unprecedented demand from agricultural and construction industry is one of the most prominent factors which has helped in shaping up the global off the road tire market. Likewise there are several other factors which are expected to influence growth in the off the road (OTR) tire market. Some of them are mentioned below –

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  • The increasing demand of off the road tire from the backhoe loaders, forklifts, tipper trucks, dumpers, cranes, excavators, and several other equipment is positive influencing the growth of the global off the road tire market in the coming years In order to meet the growing demand, manufacturers are complimenting their production capacities with rigorous Research & Development (R&D) and innovation. These two factors have emerged as a key to success.

  • Further, increase in the use of low to medium capacity tractors in agriculture and construction equipment has open a lucrative opportunities for radial tires. Radial tires have are known for their property to reduced fuel consumption owing to the less rolling resistance.

  • In addition to this, major players in the off the road tire market are focusing on the advanced integration techniques to increase application of off the road tires. Moreover, increasing population coupled with growing urbanization is boosting demand for tractors in the country, consequently positively influencing the off the road tire market in the coming years market.

  • Along with this, accelerating demand for material handling and concrete mixing is another prominent factor expected to fuel the off the road tire market in the coming years.

  • On the flipside, significant gap between supply and demand for one of the essential component carbon black for the manufacturing of the off the road tire is anticipated to impede the growth of the global off the road tire market. The gap has reached to an extent that several tire manufacturing companies have been forced to shut down units in the last few years.

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  • This is mainly because o f the negative impact of carbon black on the environment. The use of carbon black increases the amount of carbon di oxide emission which is a key contributors towards the global warming.

  • Nevertheless, to overcome the negative factor in the market giant companies have decided to set up a greenfield carbon black plant in several parts of the world. This can be attributed by recent announcement of the Phillips Carbon Black Ltd (PCBL). The company has announced the launch of greenfield carbon black plant set up in Tamil Nadu. This is expected to expand the country’s production to 50%. Similarly, another players Yokohama Rubber has announced to expand production for off-the-road tires by nearly 61 percent in the coming years. All these factors are expected to propel the global off the road tire market.

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