Transparency Market Research has published a study titled “Tire Machinery Market” forecasting that from a revenue perspective, the global tire machinery market is estimated to expand at a CAGR of about 4 percent during the forecast period and will reach USD 880 million on a global basis.
The term tire machinery refers to different types of machinery related to the production of tires such as belt building machines, belt building drums, automatic belt servers, automatic ply servers, transfer stations, bead setting & pushing, tire building drums & units, reel tread servers, and automatic reel treads. Such equipment can be used for the production of two types of tires, i.e. radial tires and bias tires, which are used for various vehicles. The tires referred to in the study include tires for passenger vehicles, light trucks, truck & bus tires, agriculture tires, off road tires, industrial truck tires, aircraft carrier tires, motorcycle tires, etc.
The study that TMR published predicts that, the cutting machinery segment will outpace other product types by the end of 2027 in the tire machinery market and attributes the projected growth in demand for tire machinery across the world to increasing networks of public transport in many countries. Governments across the globe are also revealing plans to offer more support to increase public transport infrastructure and this is expected to drive the growth of the tire machinery market during the period from 2019 to 2027.
For example, many leading countries in the Asia Pacific region have experienced significant growth of population. Their governments have procured buses and other vehicles to provide better public transport in order to cater to the needs of the growing population. All these factors are giving rise to the demand for tire machinery. The use of tubeless tires has also increased over the years, and this is expected to lead to greater demand for tires, and hence eventually in the demand for tire machinery during the forecast period.
Another factor that will spur the market is the adoption of tire machinery in passenger cars, aircraft, and industrial machinery applications.
Tire manufacturers prefer to use high production capacity machinery in order to meet customer requirements. Continuous repair and maintenance of the machinery is expected to hamper the growth of the tire machinery market over the forecast period.
Tire Machinery Market: Prominent Regions
The main market that is expected to grow at a fast pace is the Asia Pacific region owing to its growing aircraft, industrial, and agricultural sectors. The growing public transport network in the region is also expected to boost the growth of the tire machinery market. In the developing countries of Asia Pacific, the growing automotive industry should drive the sales of tire machinery. This scenario has led to tremendous growth in the demand for multi extrusion lines, inner liner lines, extruders, cooling units etc., due to their high durability and reliability. The Middle East and Latin America markets are expected to experience moderate growth rates in the tire machinery market in the near future.
The main manufacturers in the tire machinery market are engaging in close cooperation and collaborations in the areas of sales, marketing, and production to sharpen their competitive edge. Manufacturers in the tire machinery market are also expanding through organic methods such as increasing production capacity, so as to meet the growing demand.
Tire Machinery Market: Key Players
Key players operating in the global tire machinery market include All Well Industry Co., Ltd., Bartell Machinery Systems LLC., Erhardt+Leimer GmbH, Guilin Zhonghao Mechl&Elec Equipment Co. Ltd., Herbert Maschinenbau Gmbh& Co., KONŠTRUKTA-TireTech, a.s., Larsen & Toubro Limited, MESNAC, Mitsubishi Heavy Industries, Ltd. Nakata Engineering Co. Ltd., Pelmar Group Ltd., Shenyang Blue Silver Industry Automatic Equipment Co., Ltd., Tianjin Saixiang Technology Co., Ltd. TKH Group NV, and VMI Holland BV.
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