Global Polyurethane Tire Market Report 2024: Growth Rate, Major Segments And Regions

The Polyurethane Tire  by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Polyurethane Tire , 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..

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.

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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

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.

The polyurethane tire  market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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