The global OTR tires market is projected to grow from USD 4.8 billion in 2024 to USD 7.0 billion by 2030, at a CAGR of 6.5% during the forecast period. Growing infrastructure development activities, increased mining activities, & farm mechanization, and growing investments in new ports and extension of existing ports will drive the demand for off-highway equipment. This is projected to drive the OTR tires market in the coming years.
Mold cure tires are expected to be the fastest-growing retreading process for OTR tires. Retreading offers a cost-effective method for consumers to reuse existing tires. The mold cure retreading method is often preferred over the pre-cure process due to its ability to better customize the tread patterns according to specific tire requirements. The customization capability made in mold cure is of higher quality and durability than the finished products, making the mold cure retreading particularly suitable for the large and heavy tires used in construction, mining, and other off-road environments. As a result, mold cure retreading has become the fastest-growing market segment, as operators seek cost-effective solutions without compromising performance or safety. Initially, retreading of tires was done by local players; however, considering the massive potential in the retreading tires market, Continental AG (Germany), Michelin (France), and Goodyear (US) established their respective business units for retreading.
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Retreading of the tire can be done 2 to 3 times maximum at a specific time interval with the help of the pre-cure and mold-cure process. The quality of retreaded tires can never be restored to new ones. According to Easter Tire Centre from Australia, the new tire weighs around 70 kg, but only 20 kilograms of new material is added over the buffed tire when retreading. This is better for the environment and reduces the carbon footprint on land fields.
The construction and mining equipment OTR tires are retreaded more, which is constructed by the dump trucks and loaders tires as these vehicles bear the brunt of harsh operating conditions and carry heavy loads, which wear out tires quickly. Given the substantial cost of new OTR tires for such heavy machinery, retreading offers a cost-efficient solution to extend the life of the tires. The process saves money and helps manage the environmental impact by reducing the number of tires disposed of. Consequently, retreading is highly valued and widely adopted for tires of dump trucks and loaders due to their significant size, expense, and the extreme conditions under which they operate.
Radial tires are thefastest-growing tire type segment for construction equipment.
Compared to bias tires, radial off-road tires have a more significant load-carrying capability, produce less heat when hauling over longer distances and at higher speeds, and are more resilient. Because they last longer, consume less fuel, and transfer more horsepower to the ground, radial OTR tires are the better choice for use in grading, earthmoving, and construction operations. Due to their lower cost compared to radial tires, bias tires dominate the cost-sensitive Asia Pacific market. In the upcoming years, the market for bias tires is anticipated to contract due to the rise in demand for radial tires. Chinese companies’ inexpensive radial tires pose a severe threat to bias tires. According to Bridgestone, the bias tire manufacturing facility in South Africa is to close.
In the construction equipment sector, radial tires are increasingly popular in Asia due to their efficiency, safety, and cost-effectiveness. They offer enhanced performance characteristics that align with the needs of modern construction equipment, supporting the industry’s move towards more productive and sustainable practices.
In Asia, the demand for radial tires in construction applications is expected to grow with the introduction of IF and VF radial tires. These tires increase the road-to-surface contact area, imparting improved stability to the vehicle. They also absorb shocks and bumps efficiently due to their flexibility, making them suitable for vehicles designed for off-road areas.
Major companies in the radial tire market in the Asia region include Apollo Tyres Ltd., Bridgestone Corporation, CEAT LTD., Continental Corporation, The Goodyear Tire & Rubber Company, JK Tyre & Industries, Michelin Tyres, MRF Limited, Nexen Tire Corporation, Yokohama Tire Corporation, and Pirelli. Many key players have invested in expanding their manufacturing plants, which has boosted the market for radial tires in terms of volume and value. During the forecast period, Asia Pacific will have the highest market share in terms of volume for radial tires.
The Middle East, Africa, and South America are projected to be the most prominent in the OTR tires market, with Brazil leading the rest of the world’s OTR tires market, which Suadi Arabia follows. Brazil, Argentina, South Africa, Peru, Chile, UAE, and Saudi Arabia are other prominent markets for OTR Tires. Government initiatives in infrastructural developments for sports events and mega exhibitions in these countries have tremendously bolstered the infrastructural spending in the region. Investments from the private sector in countries like Brazil are boosting infrastructure development, whereas the mining industry in South Africa will create higher demand for mining equipment. Similarly, the growing population generated the demand for higher output from the agricultural sector, which has changed preferences toward farm mechanization. These factors are likely to grow the demand for off-highway vehicles. Since the industry depends on the OEM market, sales of off-highway vehicles will increase demand for OTR tires during the forecast period.
Brazil is one of the prospective markets for the construction and mining industry, where wheeled loaders have the highest market share, followed by backhoe loaders. The backhoe loaders typically use tire sizes ranging from 24–30 inches, while wheeled loaders often use larger tires, around 17.5 to 25.5 inches, to accommodate their heavier loads and demanding work environments. The growth in Brazil’s infrastructure projects, agricultural activities, and mining operations has significantly increased the demand for OTR tires. Also, the rigid dump truck is Brazil’s fastest-growing equipment type. The market is high due to the increasing demand for high-speed trucks for loading and unloading. The most prevalent tire sizes for these vehicles include 24.00R49 (49-inch diameter), 27.00R51 (51-inch diameter), and 40.00R57 (57-inch diameter). These sizes are favored due to their capacity to support significant weight and endure the tough conditions of extensive mining operations, ensuring operational efficiency and safety. Hence, these tire sizes will be in demand in the coming years.
Key Players
Major manufacturers in the OTR tire market include Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tire & Rubber Company (US), and Pirelli C . S.p.A (Italy).
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