14th March 2023
Heavy-duty vehicles with off-road capabilities, such as those used in mining, agriculture, logistics, and housing, frequently use off-the-road (OTR) tires. Off-the-road (OTR) tires are made with grip on a variety of unpaved conditions, including sand, mud, dirt, and others, in mind. They also have improved performance and stability. The need for construction and material handling equipment has increased as a result of the development of the housing market in emerging nations, and this is anticipated to have a large positive impact on the market for off-road tires. Off-the-road (OTR) tires are frequently used in the building of dams, civil engineering projects, mining for sand and gravel, the agricultural industry, and other areas. The usage of off-the-road vehicles such tractors, cranes, wheel loaders, telescopic handlers, and special purpose vehicles is also increasing, which is fueling the market's expansion.
OTR tires’ lifespan can be extended by retreading. Through this procedure, the tire tread is replaced with a fresh one after a thorough inspection. Following the application of fresh tread over the polished old tires with an adhesive layer, the mold cure or pre-cure procedure is carried out. These tires are more economical than producing new tires, saving between 30% and 50% of the cost and labor. Retreading is a green approach that respects environmental protection laws. In comparison, the creation of new tires helps cut emissions and the 740 liters of oil needed to make one tire.
For tire remolding when their tires are worn out and to raise knowledge about the retreading process, several retread tire producers have been in touch with fleet owners. Retread tire programs like this will lessen the amount of old, worn-out tires that are dumped, lowering environmental risks. Because of the government's various makeshift restrictions for worn-out tires, the US represents a prospective market for retreading tires.
A major aspect that is anticipated to provide plenty of business chances for firms in the market is the high adoption of off-the-road (OTR) tires in heavy-duty vehicles that are utilized in construction and mining operations. The construction of roads and other forms of public infrastructure makes extensive use of heavy-duty vehicles. Off-the-road (OTR) tire market size is expected to increase due to the surge in off-highway vehicle demand in these sectors.
Major players in the off-the-road (OTR) tires market are Continental AG, Bridgestone Corporation, Michelin, Goodyear, Pirelli, and others.
Due to its sizable population and high demand for minerals and metals, Asia Pacific dominates the industry. Throughout the last ten years, the economy of the area has grown quickly. It is home to sizable emerging nations like China, India, and Indonesia, where sizable mining and building projects are being approved to boost economies. This has increased demand for mining and construction equipment, as well as for the OTR tires used in such equipment. With 173 newly found minerals and 163 confirmed reserves, China comes in third after the US and Russia. The demand for minerals will continue to rise as China implements the Made in China 2025 goal and the economy moves to a more advanced level.
Off-the-road (OTR) tire use is projected to expand as off-highway vehicle demand picks up speed in a number of end-use sectors. A positive market trend is the ongoing trend of automation in the industrial industry. The forklift and warehouse truck industries' consistent need for tires with high cut and wear resistance is a major reason expected to drive the off-the-road (OTR) tire market. The need for OTR tires is projected to increase as agricultural equipment becomes more mechanized. The past few years have seen large expenditures made in infrastructure and building projects in emerging nations, which is expected to expand the outlook for the off-the-road (OTR) tire market.