Rising investments toward construction sector to accelerate off-road tires market outlook over 2019-2025
Ongoing technological advancements in product manufacturing will stimulate off-road tires market trends. New generation tires will boast of enhanced tread patterns and performance attributes and will provide higher durability and heat resistance over the predecessor. Consistently expanding distributor & dealership network across the globe will also foster product penetration over the study timeline.
Furthermore, growing innovations to develop advanced product portfolio featuring self-sealing tires, and Self-Supporting Runflat (SSR) tire systems will positively influence business growth. The implementation of SSR system improves the safety of vehicle as it prevents the damage to side walls of tires in crunch situations. Rising adoption of advanced tire manufacturing techniques among the prominent Industry players including Michelin, Continental AG, and Pirelli will help expanding the consumer base for these specialty tires.
However, consistently changing regional trade policies and fluctuating raw material prices may negatively affect the product demand over the forecast timeframe. Some countries levy high import tariffs on rubber raw materials which should increase the product price, restricting the industry expansion. For instance, in 2018, China increased the import duties on synthetic rubber coming from the U.S., Singapore, and the European Union. Though the current scenario of global trade war may restrain off-road tires market demand, the expansion of production facilities across the globe will help countering this negativity.
Based on raw materials, synthetic rubber segment is projected to substantially grow over 7.5% CAGR through 2025. The growth is attributed to superior heat and abrasion resistance provided by the material during vehicle operations. Moreover, the tires built from synthetic rubber exhibits longer lifecycle owing to lesser wear and tear. The way these products withstand variable temperatures and permit strong hold over slippery surfaces, it will support the segment penetration over the forecast timeframe.
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Considering the tire height, above 45 inches segment is likely to register significant gains due to the increased demand from bigger vehicles such as tractors, harvesters, rock trucks, dozers and excavators. The expansion of construction activities along with the proliferating agriculture sector will drive the segmental demand. Tire manufacturers are consistently involved in new product launches for OTR (off-the-road) applications which should foster revenue generation over the forecast period. For instance, in April 2018, Alliance Tire Group launched new galaxy brand radial tires for OTR vehicles.
The product is utilized for several off road vehicle types such as SUV, UTV, 4WD, HDT, Dirt Bikes & Quad and OTR. Pertaining to rising recreational activities and dirt bike events hosted across the globe, the Dirt Bikes & Quad segment is presumed to witness substantial gains in the off-road tires market. The increasing development of recreational parks and tracks for ATV will escalate the product demand.
Increasing investment to enhance the product attributes will positively impact the market growth. For instance, in April 2016, Speedways Rubber Co. revealed that it will invest around USD 68 million to manufacture tires for quads.
Author Name : Amol Kothekar
APAC Recycled Elastomers market to amass tremendous remuneration from infrastructure development, agricultural applications to enhance the industry outlook over 2018-2025
Increased utilization of recycled materials by manufacturing and infrastructure segments has boosted the global recycled elastomers market, enabling the formation of low-cost and good quality composite products. High elastic deformation combined with exceptional vibration and noise dampening properties have created a wide application base for these materials for improving work environments and transportation networks. Growing awareness among producers around the world for undertaking eco-friendly waste disposal initiatives to reduce pollution caused by landfills has invariably promoted the recycled elastomers industry. Consumers, wanting to ensure that they contribute towards saving the environment, are increasingly accepting and demanding products which incorporate recycled ingredients. Subsequent rise in recycling activities of waste like tires and other rubber products to make building composites, agricultural sheds, artificial playgrounds and auto parts has tremendously propagated the recycled elastomers market, which in 2017 garnered a global revenue of over USD 2.5 billion.
U.S. Recycled Elastomers Market Size, By Application, 2014 – 2025 (USD Million)
Several durable products using recycled elastomers are manufactured depending on the properties most suitable for a particular use in any of the industry segments, such as chemical resistant gloves or athletic turfs for sporting events. In terms of large-scale applications that benefit a varied demographic over time, transport infrastructure has sprouted to become a leading source of revenue for the recycled elastomers market. As compared to traditional paving materials, modified asphalt mixed with recycled rubber allows for a high performance solution to extend the lifespan of roads and highways. Asphalt binding with recycled elastomers, mostly sourced from scrapped tires, provide a safer, eco-friendlier and less expensive alternative. The excellent elasticity and dampening features of such asphalt help to reduce the occurrence of surface cracking, temperature fluctuations and movement caused by traffic loads. The lowering of waste by recycling scrap tires, along with a continuous and reliable raw material supply have strengthened the recycled elastomers market stance within the infrastructure segment.
The Asia-Pacific (APAC) is known to be a rapidly developing region with countries like China, India, Malaysia and Indonesia showing remarkable progress in infrastructure spending. In China, for instance, the total road length increased from 3.7 million kilometers in 2008 to 4.8 million kilometers by the end of 2017, while the total length of highway reached a figure of 136,500 km during the same period. The large transportation infrastructure indicates the growth potential of the recycled elastomers market from asphalt binders. As the population and consequent automobile consumption in APAC countries is expected to rise at an incredible pace, a surge in government expenses to develop road connectivity will further encourage recycling initiatives, fueled by an incessant supply of waste rubber materials. It is observed that building a single lane pavement of one mile, 500 to 2,000 scrap tires need to be recycled, presenting the advantage of the recycled elastomers industry in cutting down on land pollution.
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Use of recycled elastomers in manufacturing agricultural equipment and flooring has additionally maintained the dominance of APAC in the recycled elastomers market, holding over 50% of the global share in 2017. The region encompasses some of world’s leading agri-based developing nations that need constant supply of food and livestock products to cater to an exponentiating population, creating a demand for weather resistant products that support agriculture productivity. For example, India is the second most populated country in the world and as of 2015 had approx. 60.4% of overall land under agricultural occupation. Advancing technologies associated with increasing the crop output have been buoyed by robust water hoses, belts, sheds, windbreaks and vegetation protecting equipment made from recycled elastomers.
The recycled elastomers market has experienced prolific returns from the demand for livestock mats as well, derived from the fact that APAC has major dairy and meat producing nations. Stalls and floors housing livestock need to be able to counter weather abuse and seasonal wear, requiring them to be built of durable and flexible materials. Agricultural mats made using recycled elastomers offer a mix of strength and softness that is necessary for safe sheltering of livestock animals, ensuring an up thrust in the total yield. With agricultural income forming a significant part of GDP in China, India, Thailand and other South East Asian countries, the recycled elastomers industry is deemed to witness enormous proceeds from the agriculture segment.
All in all, use in infrastructure and agricultural areas due to vital properties like elasticity, durability, UV and chemical resistance, among others have propelled the recycled elastomers industry, with American Tire Recycling, GRP Ltd., West Coast Rubber Recycling, Liberty Tire Recycling, Genan Holding, J. Allcock & Sons Limited, Klean Industries and Emanuel Tire Co. being some key market contenders. Additional applications such as developing medical devices in combination with FDA approved raw materials will generate supplementary earnings for the global recycled elastomers market, anticipated to register a CAGR of more than 12% from 2018 to 2025.
Author Name : Pankaj Singh
Polymer modified bitumen market to accrue substantial revenue through road construction applications over 2017 to 2024
Polymer modified bitumen market is growing exponentially subject to the shifting focus of the infrastructural developers toward the adoption of PMB material to enhance the performance properties of road and pavement constructions. Superior binding capability and excellent cohesive characteristic of the material make it applicable for residential and commercial construction applications, which, in turn, will stimulate polymer modified bitumen industry size. Increasing per capita income and rising spending capability is also certain to propel the product demand over the years ahead. As per the report by Global Market Insights, Inc., “Worldwide Polymer Modified Bitumen (PMB) Market having had a revenue of USD 9.5 billion in 2016, is slated to witness an annual growth rate of above 4% over the coming seven years.”
U.S. Polymer Modified Bitumen (PMB) Market size, by Application, 2013 – 2024 (USD Million)
Increasing population is also a favoring factor toward the infrastructural developments. India and China are the major countries witnessing a rapid growth in population as well as GDP. This is bound to fuel the housing demand on large scale, which will stimulate polymer modified bitumen market share over the years ahead. To provide luxurious facilities to civilians, the governments across APAC have been investing heavily in new infrastructural development projects such as road construction, which will also favor polymer modified bitumen industry growth.
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Polymer modified bitumen industry share from road construction is likely to contribute considerably toward the overall market growth pertaining to the growing road construction activities mainly across North America and developing countries such as India and China. Emerging trends in the automotive sector such as autonomous cars will propel the product demand, as such cars require high-grade roads. PMB material helps to reduce deformation and cracks caused by gradual pressure applied on land, which supports the adoption of this product for road construction developments. The industry biggies across European countries are focusing on the commercialization of PMB material, which will also augment PMB industry size over the coming timeframe.
To prevent the hazardous impact of non-degradable products on the environment and increase the reusability of the material, manufacturers are giving preference to thermoplastic materials, which are chemically inert. Polymer modified bitumen industry size from thermoplastic elastomers will collect a sizable revenue by 2024, owing to the escalating use of this product pertaining to lower costs and superior quality. Shifting trends toward the development of eco-friendly residential buildings to reduce carbon footprints in the environment are expected to enhance the product demand. Apart from this, PMB material is extensively used to control the leakages of ceilings and walls, owing to its cohesion and waterproofing characteristics, which will stimulate PMB market share noticeably.
Industry giants are investing heavily in the R&D activities to explore alternative raw materials to manufacture PMB. IKA group, Tiki Tar Industries, AMT Techno, Space Petro Energy Pvt. Limited, Offshore Petrochem Pvt Ltd., Gulf Petrochem, MBD Industries, Marini S.P.A., L. N. Petro Chem Private Limited., MBD Industries, Ratnamani Industries, RoadStar, Allied Bitumen Complex, Bitumat Co. Ltd., Ooms Avenhorn Holding India Pvt Ltd., Allied Bitumen Complex, Veekay Industries, The Richmond Group, Royal Dutch Shell, Maruti Group, and Bitumat Co. Ltd., are the prominent players in polymer modified bitumen market.
Author Name : Sunil Hebbalkar