Press release
Polyurethane Tires Market | Is Projected to Expand at a Steady CAGR over the Forecast by 2027 | Key Player - Amerityre, Stellana, Uremet, APEXWAY, TVS Group, Albion Casters, Xiamen Aleader Tire & Wheel Industrial
Polyurethane tire is made of an artificial rubber that combines the elasticity of rubber and the strength of plastic. Polyurethane tires producelow operational noise and exhibit abrasion resistance. Polyurethane tires have been widely adopted in industrial vehicles and the material handling industry. These tires are different from traditional rubber tires, as they possess enhanced load carrying capacityand are resistance to chemicals. In addition, they are more environmentally friendly than rubber tires. A polyurethane tire can easily support twice the load thana car tire can support, making polyurethanes ideal for heavy weight-bearing lift trucks. Poly tires will last around fourfold as long as rubber tires, as rubber tires tend to affect from longdistance road friction. However, polyurethane tires are notpreferred at high speeds due to their inability to dissipate internal heat efficiently.
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COVID-19 scenario analysis:
• The global market for polyurethane tires is severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of polyurethane tires, which negatively impact the market growth.
• However, government around the world have allowed only few essential industries to operate until situation becomes favorable for resuming other business activities.
• This situation is further expected to improve as government has started relaxing norms around the world for resuming business activities.
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Top impacting factors:market scenario analysis, trends, drivers, and impact analysis
Some of the factors that boost the market growth include increase inadoption from various warehouses and expansion of material handling, supply chain,& logistics industries. However, polyurethane tires need to be replaced on a regular basis due to their short service life, which is anticipated to hamper the growth of the market. Conversely, increase inindustrialization and a high rate of urbanization are expected to provide robust opportunities for the growth of the polyurethane tires market in the forecasting period.
The polyurethane tires market trends are as follows:
Increase in adaption from various warehouses
Electric forklifts which are used to retrieve delivery packages in various warehouses require polyurethane tires. In addition, the tires do not emit carbon and dust, and are being increasingly preferred in diverse industries, such as food and pharma. Hence, polyurethane tires are cost-effective, which further reduce the operational charges, thereby driving the market growth. Moreover, polyurethane tires have longer working life as compared to rubber tires, and hence helpreduce operational losses. Furthermore, rise in demand to control noise pollution in warehouses and industrial shop floors is anticipated to drive the demand for polyurethane tires.
Expansion of material handling, supply chain & logistics industries
Polyurethane tires are chemical-resistant and are widely utilized on shop floors in chemical industries. In addition, rise in awareness among users about the advantages and availability of polyurethane tires is anticipated to drive the growth of the market. In addition, expansion of the e-commerce and retail sector, owing to an increase in consumer preference for online shopping has led to the advent of large warehouses, which will further boost the polyurethane tires market growth.
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Key benefits of the report
• This study presents the analytical depiction of the polyurethane tires market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the polyurethane tires market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the polyurethane tires market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed polyurethane tires market analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the defensive cyber weapons market research report:
• Which are the leading players active in the polyurethane tires market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?
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