Driving Forward: Polyurethane Tire Market Analysis 2024 & Forecast 2033 | Trends and Mergers and Acquisitions

The polyurethane tire market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to advancements in material science, increase in demand for sustainable materials, growth in industrial and material handling equipment, advantages in load-bearing capacity, expansion of warehouse and logistics industries..

The polyurethane tire market size is expected to see strong growth in the next few years. It will grow to $2.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to focus on lightweight and fuel-efficient solutions, increased adoption in electric vehicles, growing awareness of tire recycling, customization and tailored solutions, global events and supply chain dynamics.. Major trends in the forecast period include advancements in tire design, technological integration, elasticity and comfort, technological integration for smart tires, advancements in polyurethane formulations, noise reduction..

Market Overview -
Polyurethane tires refer to a type of press-on tire that is lighter than rubber tires and has more resistance to splitting, tearing, or chunking out under load. They have good traction as well as low rolling resistance. Polyurethane tires have roughly twice the lifespan of rubber tires and should only be used indoors for light applications such as warehousing.

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Rise Of E-Commerce And Online Retail To Drive Market Growth
The rapid expansion of the retail and e-commerce industries is expected to propel the growth of the polyurethane tire market going forward. The e-commerce industry refers to businesses and individuals who use the Internet to buy and sell goods and services. Due to the expanding trend of online shopping, the retail and e-commerce industries have experienced significant growth, which has led to an increase in the number of huge warehouses around the world. Polyurethane tires on forklifts are in high demand to transport goods in such warehouses. For instance, in January 2023, according to a report shared by Oberlo, a Germany-based eCommerce platform, global e-commerce growth rates had reached 17.1%, the highest year-over-year gain analysts anticipate between 2021 and 2026. E-commerce sales in the US are anticipated to jump from $907.9 billion in 2022 to $1.4 trillion in 2025, a stunning 50% increase. Therefore, the rapid expansion of the retail and e-commerce industries is driving the growth of the polyurethane tire market.

Competitive Landscape -
Major companies operating in the polyurethane tire market report are Trelleborg AB, Amerityre Corporation, Stellana AB, Thombert Inc., Uremet Corporation, Apexway Products Corp, TVS Group, Albion Casters, Softex Industrial Products Pvt. Ltd., Bermar Associates Inc., FallLine Corporation, Satyanarayan Rubber And Plastic Industries, T. Banerjee Industries, Jyoti Architectural Products Private Limited, Aleader Tire & Wheel Industrial Co. Ltd., BASF SE, Dow Inc., Saudi Basic Industries Corp, LyondellBasell Industries NV, 3M Company., China National Chemical Corp., Sinopec Group, DuPont de Nemours Inc., Mitsubishi Chemical Holdings Corp., Sumitomo Chemical Co Ltd., Acrotech Inc., Advanced Urethane Technologies Inc., American Urethane Inc., Argonics Inc., BNL Industries Inc., Casters of Amarillo Inc., Century Rubber & Cables Industries, Custom Rubber Corp., Dura-Belt Inc. .

Product Innovations Transforming The Polyurethane Tires Market
Major companies operating in the polyurethane tires market are developing new tires with improved thermal performance to gain a competitive edge in the market. Thermal performance refers to the ability of a system, device, material, or component to manage and control heat. For instance, in October 2021, Superior Tire & Rubber Corp., a US-based rubber and polyurethane products manufacturing company launched next generation line of polyurethane load wheels, branded Velocity. This innovative product features a new hub design named HeatSink technology. The redesigned hub effectively manages thermal energy generated during tire use, offering improved heat dissipation and maintaining a reduced maximum operating temperature. This breakthrough enhances the work-life of bearings, tire compounds, and bonding systems by up to 100% compared to traditional wheels. In addition to its heat management capabilities, Velocity wheels are approximately 70% lighter than conventional load wheels, providing ergonomic advantages for technicians and field staff while also reducing shipping costs.

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Key Segments -
The polyurethane tire market covered in this report is segmented -
1) By Type: PPG Polyurethane, PTMEG Polyurethane
2) By Sales Channel: Original Equipment Manufacturer, Aftermarket
3) By Application: Forklifts, Overhead Conveyor Systems, Industrial Carts, Railroads, Industrial Washer Systems, Rollforming Machinery, Elevators, Hyperloops

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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