Rubber Tracks for Defense & Security Market will reach US$ 144.5 Mn by 2027 end

The global rubber tracks for defense and security market is apprehended to follow gradual growth over a 10-year forecast period 2017-2027. According to a recently published research report by Future Market Insights, titled “Rubber Tracks for Defense and Security Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017-2027,” the market is poised for a CAGR of 3.9% over the assessment period and will reach US$ 144.5 Mn by 2027 end, up from US$ 98.4 Mn registered in 2017. Volatile rubber pricing scenario is considered to be a predominant factor restraining rubber sales, ultimately affecting the rubber tracks market performance.

North America to Retain Dominance Led by US

North America currently holds the largest market share of over 31%, followed by MEA with a share of over 20% in terms of value. Europe is another key market for rubber tracks for defense and security. In terms of volume, Future Market Insights identifies dominance of EMEA and North America in the global market in 2017. In terms of basis points, North American and Eastern European markets are projected for a considerable gain, whereas all other regions are expected to see a slight decline in near future. North America will reportedly retain the dominance with a promising CAGR of over 5%; Eastern Europe will be a steadily growing market over the next decade.

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North America has been dealing with immense pressure due to internal as well as external terrorism since the past few years. This has been detected as a key factor driving the demand for military vehicles within the North American market. Increasing investment of the US Army in battle tanks and other vehicles is predicted to directly boost the sales of rubber tracks in this region, the US being the leading market in this region.

Top Global Players Based in North America to Maintain Maximum Revenue Shares

Soucy International Inc., Ocean Rubber Factory LLC, COECA SA, William Cook Holding Limited (Cook Defense Systems), LS Mtron Ltd., GMT Rubber and Metal Technic Ltd, Martin’s Rubber Company Ltd., Cauchos Puntes S.L, Mackay Consolidated Rubber Technology, Northern Plains Track (Camso Group), and TGL SP Industries Ltd. are some of the major companies actively operating in the competitive landscape of the global rubber tracks for defense and security market.

Key companies are focusing more on:

Enhanced lifespan and improved efficiency

Reduced weight and operational costs

Long-term contracts with end-use industries

Product innovation

As far as North America-based players are considered, Soucy International Inc. has been the global leader and Camso Group is identified to be striving to enter the military vehicle market for rubber band. Soucy has been the largest rubber tracks supplier for leading OEMs and various Ministry of Defense departments over the years. The company concentrates more on strategic collaborations and is likely to capitalize on opportunities presented by end-users operating in snowy areas and deserts. Camso Groups stands out on account of its expertise in designing, engineering, and manufacturing the most mature technology specifically for mission survivability in hostile environments.

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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.

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This release was published on openPR.