North America Solid Tires Market Statistics and Analysis Report (2022-2027) – Astute Analytica


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CHICAGO, UNITED STATES, November 3, 2022 /EINPresswire.com/ — North America Solid Tires Market revenue was US$ 387.9 Mn in 2021. North America Solid Tires Market revenue is forecast to reach US$ 540.1 Mn by 2027, growing at a CAGR of 5.7% during the forecast period from 2022 to 2027. On the basis of volume, the market is experiencing a growth of 5.3 % over the projection period 2022-2027.

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Market Definition

Solid tires have a high loading capacity, are cost-effective, exceptionally stable, maintenance-free, and puncture-resistant. Solid tires, which can be produced on a frame or metal wheel construction, are also known as airless tires. Additionally, tires offer a footprint known as a contact patch that is created to balance a vehicle’s weight with the strength of the surface it rolls over.

Raw Materials utilized in Solid Tires

Natural Rubber- Due to its exceptional crack resistance and tear, natural rubber is the primary raw material used to make tires. The liquid latex that drops from the bark of some tropical and subtropical trees is combined with acids to solidify natural rubber. This rubber polymer determines each component’s chemical and physical properties in the tire and its across-the-board performance, including wear, rolling resistance, and traction.

Steel- Steel wire is utilized in tire belts, beads, and truck tire plies throughout the manufacturing process. The belts beneath the tread improve tire handling and wear performance by stiffening the tire casing. The tire is secured to the wheel and locked in place by the beading wire, which is coated with specific bronze or brass alloys.

Synthetic Rubber- Tire uses synthetic rubber extensively, produced from polymers contained in crude oil. This rubber needs to be chemically processed to solidify before being pressed, squeezed to remove extra water, and formed into sheets for use in tire manufacture. They are inexpensive, non-oil-resistant materials that can be utilized to make a variety of rubber products. Moreover, examples of synthetic rubber include styrene-butadiene and Neoprene.

Market Trends, Restraints, and Drivers

The primary factor driving the market growth includes the continuing construction movements in the region and growing demand from different applications.

The rise in demand for solid tires with the increasing military spending offers a lucrative development possibility for the market.

The increase in expansion of technical material in tire manufacturing on account of rising insistence on lower emission levels and a choice to purchase eco-friendly products is developing demand for solid tires and creating lucrative opportunities for the market.

The growing problem considering ride protection and road accidents mainly induced by tire punctures is a leading trend factor for the market’s growth.

However, the accessibility of solid tire alternates (pneumatic tires and others) may have a negative impact on the market’s development.

Region’s Overview

In 2021, the U.S. led the market with 85.2% share due to the growing construction and warehouse activities. In addition, the U.S. is likely to exhibit the highest CAGR throughout the analysis period. The rising industrialization and increasing vehicle sales and production across different countries, including Canada and the U.S. boost the market growth.

Segmentation Insights

Based on assembly type, the segment made-on frame/wheel accounted for the highest share of 76.4% and is likely to rise at the highest CAGR over the projected period. In addition, on the basis of vehicles, the forklift segment held dominant, with a share of 40.2% in the market in 2021, due to their solid rubber construction. However, airport passenger boarding bridges will exhibit the second-highest CAGR over the projection period. Also, in terms of application, the warehouse machinery segment acquired a notable market share of 43.3% in 2021. However, the military vehicle segment will see the highest growth rate in the market in the coming years due to its off-road capability. Furthermore, the revenue of the North America solid tires market decreased in 2020 following the outbreak of COVID-19 as a result of a massive drop in commercial activities and retail spending.

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Companies Profile

The Industrial Rubber Company has a broad distribution network and excellent customer support. It enables users to connect all facets of logistics and transportation, such as trucks, drivers, back offices, freight, and assets, and to take advantage of the quickly evolving technology goods in the market.

An engineering company with an emphasis on polymer technologies is Trelleborg AB. The goal of the company’s approach is to take the top spots in a few niche markets. It indicates that the business looks for markets, product categories, and market segments where it can lead due to its market knowledge, core competencies, and availability of cutting-edge goods and services.

Trident International Pvt. Ltd. engages in several business activities, including developing, producing, and distributing industrial and off-road tires and tracks. The business focuses on creating new products and enhancing its capacity to gain a foothold in both domestic and international markets.

Segmentation Analysis

The North America solid tires market segmentation focuses on assembly type, vehicle, application, and country.

By Assembly Type Segment

Made on Frame /Wheel

Made on Rim

By Vehicle Segment

Forklift

Tractor

Crane & Lifts

Container Trailer

Airport Passenger Boarding Bridges

Others

By Application Segment

Construction Machinery

Warehouse Machinery

Agriculture Equipment

Military Vehicles

Air & Sea Ports Machinery

Others (Transport)

By Country Segment

U.S.

Canada

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About Astute Analytica

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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