In 2020, the global solid tires market acquired a market value of about USD 5,995 million and is anticipated to grow up to nearly USD 7,924 million in 2027 with a CAGR of 4.3% during the forecast period from 2021 to 2027.
Global Solid Tires Market, 2020 – 2027 (USD Million)
Tires with no air are gaining more attention now days due to their varied application. These tires are generally referred as solid tires or airless tires. Solid tires are not filled with air instead, tire manufacturers use layers of rubber which are mounted or constructed around the metal frame of wheel. These types of tyers are mostly used in vehicles or trailers working in tough conditions where risk of damage or impact of tire is high. As no air involved these tires provides great stability, also they are puncture resistant and maintenance free which make them choice of tire to work in extreme conditions.
Key Trends in Global Market
Increasing construction activities in developing countries
Rate of residential and commercial construction is significantly increased over last ten years. Number of construction activities has almost doubled in developing and highly populated countries such as India and China. This has directly increased the demand of heavy machineries and high load carrying vehicles to work on the field. Solid tires are primarily used in such vehicles to withstand extreme conditions and high load, which in turn fueling the demand of solid tires in vehicles at construction sites.
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Advantage over air filled tires
Solid Tires are excellent for use in vehicles or trailers especially for tough applications. Compared to air filled tires solid tires are very stable, also they are resistant to puncture and maintenance-free. Further, solid tires possess high loading capacity which is why they are perfect for airport vehicles, platform trucks, forklift trucks, heavy-duty transport vehicles, side-loading forklifts, and other industrial vehicles. Due to such properties these types of tires are in more demand at logistic centers seaports, airports, and other various heavy transport industries. In addition, many sectors where clean environment is important for instance food & beverages and drug manufacturing industries are also major user of clean solid tire based mobilities. These solid tires are designed with smooth surfaces that provides advantage of no marking on the surface, plus they are very stable and durable. Such factors contributing to the high demand of solid tires over air filled tires.
Global Market by Type Insights
Solid tires are mainly categorized as curled on solid tire and pressed on solid tire in this market. Wide application of curled on solid tire in construction, mining, and other heavy-duty application contributing to the major share in the overall solid tire market. Whereas, increasing demand of pressed on solid tires in clean area work places is expected to project rapid growth of the segment over the forecast period.
Global Market by Application Insights
Various applications of solid tires in forklift, tele handler, backhoe and excavators are covered in the global market. Forklift is currently the largest user of solid tires. These short distance movers are widely used in many industries which ultimately contributing to the high demand of solid tires. Whereas, use of solid tires is expected to increase in backhoe over the forecast period. Backhoe mostly used in extreme work conditions where it has to deal with rough surfaces, surface grip, and extreme load. Solid tires provide an excellent option to work in such conditions.
Global Market by Regional Insights
Asia pacific is the largest market for solid tires. Presence of key market players and strong demand of solid tires in local market is triggering the growth of global solid market in this region. Moreover, large construction activities and industrial expansion in emerging countries such as India and China majorly contributing to growth of the market. North America is also expected to provide better growth opportunities to the market over the forecast period.
Global Market Competitive Landscape
Some of the market players with a large share in the global market include Continental AG, CAMSO, Global Rubber industries, NEXEN TIRE, Initial Appearance LLC, Setco Solid Tire & Rim Assembly, Trelleborg, Tube & Solid Tire, TY Cushion Tire, and Superior Tire & Rubber Corp. The report covers very detailed profiles of these key players.
Market Segmentation
Global Solid Tires Market by Type, 2015 – 2027
· Cured-on Solid Tire
· Pressed-on Solid Tire
Global Solid Tires Market by Application, 2015 – 2027
· Forklift
· Tele Handler
· Backhoe
· Excavators
Global Solid Tires Market by Region, 2015 – 2027
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Global Solid Tires Market: Key Players
· Continental AG
· CAMSO
· Global Rubber industries
· NEXEN TIRE
· Initial Appearance LLC
· Setco Solid Tire & Rim Assembly
· Trelleborg, Tube & Solid Tire
· TY Cushion Tire
· Superior Tire & Rubber Corp
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