Press release
Europe Specialty Tire Market Size, Share, Industry, Forecast and Outlook (2024-2031)
The Europe Specialty Tire Market attained a value of US$ 3.2 billion in 2023 and is forecasted to achieve US$ 4.4 billion by 2031, with a compound annual growth rate (CAGR) of 4.0% during 2024-2031. Advancements in tire technology, shifts in production dynamics, and economic challenges shape the market landscape. Rising defense procurement among European nations, a shift in tire production to eastern Europe, and high energy costs are key market trends. OEMs remain the dominant distribution channel, while Germany faces challenges amidst rising energy prices. Major players include Nasaleze International Ltd, Ecology Works, Spectrum Brands, Inc., Bayer AG, and more.
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Market Trends
Rise in Defense Procurement Among European Nations
European nations, prompted by geopolitical tensions, are increasing defense procurements, driving demand for specialty tires used in military vehicles. Notably, countries like Poland have signed significant agreements to bolster their military capabilities, necessitating the acquisition of specialty tires.
Shift in Tire Production
Tire manufacturers are relocating production facilities from western to eastern Europe due to factors like bureaucratic hurdles and rising energy costs. Eastern European countries such as Poland, Hungary, and Slovakia are emerging as preferred destinations for tire production, attracting investments from foreign manufacturers.
High Energy Costs
Europe's energy crisis, exacerbated by geopolitical events, has led to soaring energy costs, impacting tire manufacturing. Rising expenses have forced manufacturers to consider factory closures and layoffs, with some contemplating relocating operations to regions with lower energy costs.
Market Segmentation
By Type: Liquid Filling Machine, Paste Filling Machine, Powder Filling Machine, Granular Filling Machine
By Distribution Channel: Vacuum Distribution Channels, Piston Distribution Channels, Spray, Others By Application: Industry Vehicles,Utility Vehicles
By End-User: Agriculture, Distribution Channels, Construction and Mining, Military, Off-Roading
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Geographical Analysis
The German Market is Likely to Witness Challenges to Growth
Germany will continue to account for the largest share in the European specialty tire market, since it is the hub of automotive production in the region. However, German manufacturers are currently struggling with high energy prices, which have led to a sustained decline in the country's industrial output. In November 2023, Michelin announced plans to close a few factories and lay off 1500 employees in Germany.
Most of the specialty tire manufacturers are shifting to eastern European countries like Slovakia, Poland and Hungary, which have slightly lower production costs. Even as the European tire industry battles growth headwinds, Germany is likely to continue holding the top position, simply because of its extensive supply chains and strategic location in the middle of Europe. However, future growth is likely to be lower than historical trends.
Competitive Landscape
Major players in the European specialty tire market include Nasaleze International Ltd, Ecology Works, Spectrum Brands, Inc., Bayer AG, Sanofi SA, Hudson Scientific LLC, Prestige Consumer Healthcare Inc., Stallergenes Greer, NasalGuard Airborne Particle Blocker, and Haleon plc, among others.
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