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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.

Friday, September 25, 2020

Composites for Europe rescheduled to November 9-11, 2021, in Stuttgart, Germany - click to expand

Global isoprene rubber latex market to exceed $340 million by 2025 - click to expand

TIA going online with GTE/SEMA show events - click to expand

Cooper Tire recalls CS5 and Mastercraft LSR Grand Touring tires - click to expand

Book of the day: Thermoplastic Elastomers - click to expand

ARP Materials continues commitment to going green - click to expand

Thursday, September 24, 2020

TIA adds virtual OSHA compliant training classes - click to expand

Cooper Tire to add nearly 100 production workers at its Tupelo, MS, tire manufacturing plant - click to expand

Global Platform for Sustainable Natural Rubber’s policy framework drives member commitment to sustainable rubber production - click to expand

Arkema supports wind power industry in transition towards sustainable energy - click to expand

BASF SE is to invest €16 million into Pyrum Innovations for the pyrolysis of waste tires - click to expand

KB Industries wins additional Yellowstone National Park crumb rubber paving project - click to expand

Wednesday, September 23, 2020

Huber prepares for major sustainability project - click to expand

Researchers develop rubber material made from cheap and plentiful industrial waste - click to expand

Cooper Tire & Rubber issues 2019 global sustainability report - click to expand

Michelin donates 75 tool kits to mechatronics students in Greenville County, SC - click to expand

PureSil ORG01 elastomer gel from Elkem Silicones wins 2020 Ringier Technology Innovation Award - click to expand

Core Molding Technologies elects Sandra Kowaleski to board of directors - click to expand

ARP Materials' key vendor, Keli Chemical, increases CPE production to accommodate U.S. demand - click to expand

Tuesday, September 22, 2020

Safic-Alcan appoints Domenico Lo Curto business development director for plastics - click to expand

Rubber Division, ACS, enhances international educational outreach program for students - click to expand

Rubber & Tire Research announces free webinars - click to expand

Myers Industries announces CFO transition - click to expand

Huntsman announces launch of Araldite 2000 adhesive core range - click to expand

Monday, September 21, 2020

Bridgestone to close passenger tire plant in France - click to expand

Continental's TractionSkin technology utilized in Korbach motorcycle tires - click to expand

Dow wins four 2020 Edison Awards for breakthrough technologies - click to expand

Evonik develops membrane technology for separation of volatile organic compounds - click to expand

Arkema announces start-up of industrial adhesives plant in Japan - click to expand

Ashland increases prices for 1-4 butanediol and derivatives in North America - click to expand

Market Reports

Olefinic thermoplastic elastomers market size is forecast to reach $7.26 billion by 2025 - click to expand

Global isoprene rubber latex market to exceed $340 million by 2025 - click to expand

Global silanes market forecast at $2.4 billion by 2026 - click to expand

Global natural rubber market forecast at $27.8 billion by 2026 - click to expand

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