Global Underground Mining Tire Market Size Expands to Touch USD 10.7 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global underground mining tire market size at USD 6.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global underground mining tire market size to grow at a significant CAGR of 7.3% reaching a value of USD 10.66 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global underground mining tire market size at USD 6.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global underground mining tire market size to grow at a significant CAGR of 7.3% reaching a value of USD 10.66 billion by 2029. Major growth factors of global underground mining tire market include increasing government strategies and activities to promote mining projects and increasing demand for natural minerals in a variety of end-use sectors, along with increased use of radial tires. Growing global need for power generation, as well as increased global population demand for energy and minerals, are predicted to drive industry growth. Over the projection period, an increase in construction activity across regions is expected to drive market penetration. The increased use of mining applications due to its heavy-duty nature has fueled its acceptance rate. The increased number of mines due to key operators' increased attention on exploration projects will result in high installation rates during the projection timeframe. Therefore, all these factors are expected to fuel the expansion of global underground mining tire market. However, changes in raw material prices are anticipated to restrain the growth of global underground mining tire market.
Global Underground Mining Tire Market – Overview
Among the major resources extracted from the earth are coal, iron ore, limestone, silver, bauxite, copper, and gold. The increase in mining production could spur the demand for new mining equipment in the field, which will increase demand for mining tires. The majority of the work is now done in mining areas using various machineries, necessitating tire replacement at regular intervals, which is projected to boost the market further over the forecast period. An increasing demand for retreaded mining tires, increased government initiatives to encourage mining operations, and tire manufacturers extending their distribution and dealership network are some of the causes fueling global demand for underground mining tires. Also, the increasing number of underground mining activities could boost the global sale of underground mining trucks.
Impact of COVID-19 on Global Underground Mining Tire Market
The COVID-19 had a detrimental impact on global underground mining tire market due to which the value of the tire business fell dramatically in 2020. The value of the passenger tire business fell dramatically in 2020, as a result of the global coronavirus pandemic. Temporary halts in various industries' production lines, including the automotive industries, and disruptions in the raw material supply chain halt tire production, negatively impacting passenger tire market growth. Bridgestone and Goodyear were also compelled to halt their manufacturing activities, resulting in decreased tire sales worldwide. However, ongoing development of manufacturing technology and materials by major market players, as well as investment in the underground mining, are projected to give opportunities for market expansion in the near future.
Global Underground Mining Tire Market – By Type
By type, global underground mining tire market is bifurcated into Rim Diameter Below 49 inch and Rim Diameter Above 49 inch segments. The rim diameter above 49 inch segment is expected to hold a higher market share. The Underground Mining Tire is also known as huge mining tires if its diameter exceeds 49 inches. These tires have a rim diameter greater than or equal to 49 inches and are larger than the usual size of 29 inches to 48 inches. They have huge diameters ranging from 51 to 55 inches and can weigh up to 80 tons at its maximum load capacity. They have an overall width of 1,250 mm or larger, rim diameters greater than 780 mm, and tire bead seat diameters ranging from 620 to 780 mm.
Major players operating in global underground mining tire market include Bridgestone, Michelin, Titan Tire, Chem China, Yokohama, Goodyear, Continental, Zhongce Rubber, Guizhou Tire, BKT, Double Coin Holdings, Apollo Tyres, Triangle Tyre, and Techking Tires. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches
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