Polyurethane Tire Market Trends, Growth & Competitive Outlook 2024-2033

The Business Research Company recently released a comprehensive report on the Global Polyurethane Tire Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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.

Polyurethane Tire Market 2024 Key Insights:

• The polyurethane tire market will grow to $2.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Rise Of E-Commerce And Online Retail To Drive Market Growth
• Product Innovations Transforming The Polyurethane Tires Market
• Asia-Pacific was the largest region in the polyurethane tire market in 2023

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