by The global Steel Tracks and Rubber Tracks Market is estimated to be valued at US$ 2.13 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steel tracks and rubber tracks are used in heavy equipment such as dozers, excavators, loaders and agriculture applications. They provide better traction and floatation in soft or uneven terrain. They distribute the weight of equipment over a larger surface area to reduce ground pressure.
Market key trends:
The growth of construction industry, agriculture sector as well as mining activities are driving the growth of steel tracks and rubber tracks market. Rubber tracks provide better traction and performance than steel tracks in various applications. They are corrosion resistant and offer low noise and vibration characteristics compared to steel tracks. Increased usage of heavy machinery especially in compact equipment and growing infrastructure projects are fueling the demand for rubber tracks globally. Better performance, high load carrying capacity and longer life are boosting the preference for rubber tracks among end-use industries.
Market key trends:
The steel tracks and rubber tracks market has been witnessing rising demand from the construction and agricultural industries in recent years. One of the key trends in this market is the growing popularity of rubber tracks as an alternative to steel tracks. Rubber tracks offer advantages such as better traction, lower ground pressure, and vibration dampening compared to steel tracks. They cause minimal disturbance to the terrain. These properties have resulted in their increasing adoption in machinery used for Applications like dozer machines.
SWOT Analysis
Strength: Track systems such as steel tracks and rubber tracks provide high traction and floatation. This makes them suitable for use in muddy, rocky and soft terrains.
Weakness: Steel tracks are heavier and more expensive compared to rubber tracks. Rubber tracks require periodic replacement of rubber elements.
Opportunity: Growing construction activities in developing regions of Asia and Africa are expected to boost demand. Also, the advantages of rubber tracks over conventional steel tracks could drive their adoption.
Threats: Volatility in raw material prices affects the costs of manufacturers. Introduction of alternative products such as track pads and treaded tires by new entrants.
Key Takeaways
The Global Steel Tracks And Rubber Tracks Market Size was valued at US$ 2.13 Bn in 2023 and is expected to reach US$ 3.51 Bn by 2030, growing at a CAGR of 6.7% during the forecast period. The market is driven by rising construction activities and increasing mechanization in agriculture.
Regionally, Asia Pacific dominated the market with a share of over 35% in 2023 owing to rapid infrastructure development projects underway in major economies such as China and India. North America is another prominent market for track systems growing at 5%.
Key players operating in the Steel Tracks and Rubber Tracks market are Bridgestone Corporation, Camso Ltd. (formerly known as Camoplast Solideal), Bridgestone Industrial Products America, Inc., Continental AG, Titan International, Inc.,Mattracks, Inc., Global Track Warehouse USA, VMT International, Trelleborg AB, McLanahan Corporation, Superior Tire & Rubber Corp., TFI Tracks, CTS Tire Express, Eurotrack Ltd., TuffStuff Australia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
