Mining Tires Market Report
Mining Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Mining Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Mining Tires Market is Segmented by Application Type (Surface Mining and Underground Mining), by Tire Type (Radial Tires and Bias Tires), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Turkey, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, South Africa, and Others]).
Coal, iron ore, limestone, silver, bauxite, copper, and gold are among the major resources being mined out of the earth. The growth in mining production is expected to stimulate the demand for new mining machinery in fields, which will boost the demand for mining tires. Most of the work is currently done utilizing various machines in the mining areas, necessitating tire replacement at regular intervals, which is expected to further propel the market throughout the forecast period.
The demand for natural minerals has increased because of increased industrial production, infrastructure development, and power generation. The unexpected emergence of the COVID-19 pandemic imposed strict lockdowns in several countries, causing a halt in mining activities and a decrease in mining tire production and supply. These factors led to a -8.8% decline in the mining tires market in 2020.
However, increasing government plans and programs aimed at boosting mining projects, rising demand for natural minerals in various end-use industries, coupled with the growing adoption of radial tires are one of the major factors driving the mining tires market across regions. Overall, the mining tires market is likely to grow at a promising CAGR of 5.1% in the long run to reach a value of US$ 5.3 Billion in 2027.
Based on the application type, the mining tires market is segmented into surface mining and underground mining. Surface mining is expected to remain the dominant as well as the faster-growing application type in the market during the forecast period. Extensive usage of haul trucks/mining trucks, graders, and loaders creates a huge demand for mining tires in the market. These equipment are more prone to wear and tear due to uneven surfaces in the mining field, creating a frequent need for tire replacement.
Based on the tire type, the market is segmented into radial tires and bias tires. Bias tires are expected to be the dominant tire type in the market during the forecast period. Bias tires have long been used in the industry because they have a thicker sidewall than radial tires, making them more resistant to cracks, cuts, and tears. They also provide a smooth ride in rough conditions and are less expensive than radial tires.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market during the forecast period. As mining equipment generates a large amount of heat at the wheel end, due to the heavy loads it frequently transports, this heat causes faster tire wear and other problems, resulting in a shorter mining tire replacement cycle. Furthermore, the growing mining industry is expected to boost the demand for these tires even further in the coming years.
In terms of regions, Asia-Pacific is expected to remain the largest market for mining tires during the forecast period. Because of its favorable geographical conditions, the region has a rich mineral resource. India and China are two of the region's most mineral-rich countries. In order to meet the rising energy demand, coal extraction is being increased for power generation. The region's mining industry is expanding rapidly, which is likely to drive the demand for mining tires over the forecast period.
The mining tires market is relatively consolidated than other tire markets with a higher share captured by key players and the following are the key players (arranged alphabetically) in the mining tires market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s mining tires market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The mining tires market is segmented into the following categories.
Mining Tires Market, by Application Type
Mining Tires Market, by Tire Type
Mining Tires Market, by End-User Type
Mining Tires Market, by Region
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Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to email@example.com
The mining tires market is estimated to grow at a CAGR of 5.1% to reach a value of US$ 5.3 Billion in 2027. The growth in mining production is expected to stimulate the demand for new mining machinery in fields, which will boost the demand for mining tires.
Balkrishna Industries Limited (BKT), Bridgestone Corporation, Compagnie Generale Des Etablissements Michelin S.C.A., Continental AG, Goodyear Tire and Rubber Company, JK Tyre & Industries, MRF Tyres, Titan International, Trelleborg AB, Yokohama Rubber Co. Ltd. are the leading players in the mining tires market (arranged alphabetically).
Asia-Pacific is estimated to remain dominant in the mining tires market in the foreseen future, owing to its favorable geographical conditions. The region has a rich mineral resource, with India and China being the region's most mineral-rich countries.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years. A large number of underground mining activities are likely to drive the overall region's market dynamics.
Surface mining is likely to maintain its dominance in the mining tires market in the next five years. Extensive usage of haul trucks/mining trucks, graders, and loaders creates a huge demand for mining tires in the market. These equipment are more prone to wear and tear due to uneven surfaces in the mining field, creating a frequent need for tire replacement.