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Steel tracks and rubber tracks are integral components of heavy machinery used in construction, mining, and agriculture. Steel tracks provide strong traction and load-bearing capabilities, while being durable and highly resistant to wear and tear. Rubber tracks offer superior flotation to reduce turf damage and increase maneuverability in soft ground conditions.
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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing construction and mining industries have greatly augmented the demand for heavy machinery such as bulldozers, excavators, loaders and tractors that employ steel tracks and rubber tracks. Construction activities around key infrastructure projects and increasing mineral extractions are driving the need for reliable track systems. Manufacturers are witnessing significant growth opportunities in developing track solutions customized for specific applications in these industries. Advancements in material sciences are also allowing improved track designs for enhanced durability and service life.
Key players analysis comprising:
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., and TuffStuff Australia. These manufacturers offer an extensive portfolio of rubber and steel track systems for earthmoving and construction equipment. The market remains moderately fragmented with top vendors accounting for around 35-40% of overall shares.
SWOT Analysis
Strength: Steel and rubber tracks are durable in nature and provide maximum traction in all-weather conditions and terrains. They have load bearing capacities suitable for heavy machinery.
Weakness: They are heavy and expensive to transport. Frequent repairs and replacements are required to maintain performance.
Opportunity: Increasing construction and mining activities in emerging economies of Asia Pacific and Latin America will boost demand. Growing infrastructure development projects also offer new areas of application.
Threats: Availability of alternative traction solutions like tires can limit market growth. Economic slowdowns can negatively impact industries relying on earthmoving machinery.
Key Takeaways
The global steel tracks and rubber tracks market is expected to witness high growth. 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 6.9% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to high ongoing infrastructure activities in major economies like China and India. The region’s market is forecast to expand at over 7% annually through 2030. North America and Europe are other major steel tracks and rubber tracks consuming areas with extensive mining and construction sectors.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
