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Global agricultural tire market projected to reach $15 billion by 2030

  7/31/2020 - Albany, NY - According to the report from www.transparencymarketresearch.com, the global agricultural tire market is projected to reach ~$15 billion by 2030, expanding at a CAGR of ~5 percent during the forecast period. The population boom around the world is boosting the demand for better agricultural yield, which is a key factor propelling the global agricultural tire market. Attractive financing options on the purchase of new tractors and subsidies on agricultural tractors and equipment by governments are driving the demand for agricultural tires. Government stimulus such as Common Agriculture Policy (CAP) by the European Union (EU) for EU member countries, funding by the Food and Agriculture Organization (FAO) and other African food organizations in the Middle East and Africa are providing financial support to develop and help purchase agricultural machinery for farms in these regions, which, in turn, is estimated to propel the agricultural tire market. Rapid urbanization and economic expansion have fueled the demand for utilization of harvesters, combines and tractors. The shift from subsistence to larger commercial farming has necessitated the use of tractors, which in turn is boosting the demand for agricultural tires. Based on tire type, the bias segment held a dominant share of the global agricultural tire market, as they are cost-effective as compared to radial tires and less susceptible to wear and tear. The radial segment accounted for a notable share of the market in Europe and North America in 2019. These tires provide 10 percent to 15 percent more traction as compared to that offered by bias tires. However, Asia Pacific accounts for a prominent share of the global agricultural tire market, and the market in the region is dominated by bias tires, thus the bias segment accounted for a dominant share of the global market. In terms of sales channel, the aftermarket segment is projected to hold a leading share of the market during the forecast period. It is imperative to maintain good health of agricultural tires and replace them periodically due to wear and tear. Damaged tires erode soil and cause more compaction, which leads to poor yield. The rise in consumer awareness and expansion of tire dealers and retailers in developing countries is expected to further propel the demand for agricultural tires in the aftermarket segment. In terms of region, the global agricultural tire market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific held a leading share of the global agricultural tire market, with China and India witnessing significantly high sales of tractors and a large number of tractors in use. North America accounted for a considerable share of the global agricultural tire market in 2019, owing to high rate of mechanization of farms in the U.S. and consumer awareness about periodic replacement of tires. The market in the Middle East and Africa is projected to expand at a notable growth rate during the forecast period, owing to the increase in income among farmers and government subsidies boosting the adoption of agricultural machinery, which in turn is driving the demand for agricultural tires. Prominent players operating in the global agricultural tire market include Balkrishna Industries Limited (BKT), Bridgestone Corporation, Continental AG, Michelin, Mitas, China National Rubber & Tire Co., Titan International, Inc., Trelleborg AB, Sumitomo Rubber Industries Ltd. and Pirelli & C. S.p.A.

Thursday, August 6, 2020

Right Lane Industries acquires Belt Concepts from Contitech - click to expand

Continental expands research and development operations in northeast Indiana - click to expand

Cooper Tire announces 194th consecutive quarterly dividend - click to expand

Latin American & Caribbean Tyre Expo postponed until 2021 - click to expand

Apollo Tyres reports record June sales for replacement tires in India - click to expand

Wednesday, August 5, 2020

Davis-Standard markets elastomer solutions at RubberTech China - click to expand

Magna Tyres opens Czech Republic office - click to expand

Morgan Polymer Seals designs capless refueling seal for General Motors Cadillac CT6 - click to expand

Global liquid silicone rubber market to reach $3.5 billion by 2027 - click to expand

Bridgestone names Charlie Rule president of Latin America operations - click to expand

USTMA projects U.S. tire shipments will decrease to 279.4 million units in 2020 - click to expand

Tuesday, August 4, 2020

Global automotive aftermarket forecast at $638 billion by 2027 - click to expand

Cooper Tire reports $6 million loss for second quarter - click to expand

BASF opens distribution center for Colors & Effects brand in Germany - click to expand

TBC Corporation donates 200 computers to local schools - click to expand

Sterling Systems & Controls introduces customized system for rubber compounding applications - click to expand

Shin-Etsu Chemical develops improved silicone emulsions - click to expand

Monday, August 3, 2020

Siempelkamp adds two executives to management team - click to expand

Electronic adhesives market size projected at $4.9 billion by 2025 - click to expand

ACE Products & Consulting acquires GEOAnalytical - click to expand

Goodyear reports second quarter sales results - click to expand

Continental partners with CoxReels to provide hose management solutions - click to expand

Arkema reports second quarter 2020 results - click to expand

Friday, July 31, 2020

Dow honored with two awards at 2020 Ringier Technology Innovation Awards - click to expand

Global agricultural tire market projected to reach $15 billion by 2030 - click to expand

Orion Engineered Carbons to present at Jefferies Virtual Industrials Conference - click to expand

Impressio and MedShape awarded National Science Foundation grant to develop liquid crystal elastomer - click to expand

Top Glove petitions against U.S. import ban - click to expand

Global fluorine silicone rubber market forecast at $232 million by 2027 - click to expand

Thursday, July 30, 2020

Rubber Division, ACS, takes 2020 International Elastomer Conference virtual - click to expand

Dow reports lower second quarter 2020 results, announces 6 percent reduction in workforce - click to expand

Global silicone market forecast with a CAGR of 6 percent through 2024 - click to expand

International Rubber Study Group estimates sharp decline in global rubber demand - click to expand

Global OTR tire market size projected to reach $26 billion by 2027 - click to expand

Michelin moves export supply chain distribution center to Inland Port Greer, SC - click to expand

Market Reports

Global automotive rubber molding components market forecast at $57 billion by 2026 - click to expand

Global Liquid Silicone Rubber Market to Reach $3.5 Billion by 2027 - click to expand

USTMA projects U.S. tire shipments will decrease to 279.4 million units in 2020 - click to expand

Global automotive aftermarket forecast at $638 billion by 2027 - click to expand

International Rubber Studies Group estimates sharp decline in global rubber demand - click to expand

Global agriculture tire market is projected to reach $15 billion by 2030 - click to expand

Global silicone market forecast with a CAGR of 6 percent through 2024 - click to expand

Electronic Adhesives Market size for electronics is projected at $4.9 billion by 2025 - click to expand

Global OTR tire market size is projected to reach $26 billion by 2027 - click to expand

Global fluorine silicone rubber market forecast at $232 million by 2027 - click to expand

Global industrial rubber products market forecast with a CAGR of 6 percent through 2027 - click to expand

Global low rolling resistance tire market is anticipated to record a CAGR of 12.3% - click to expand

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