Steel and Rubber Tracks Market

The growing implementation of Steel and Rubber Tracks in construction machinery is anticipated to open up new avenues for the Steel Tracks and Rubber Tracks market

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The Steel Tracks and Rubber Tracks Market is estimated to be valued at US$ 2.13 Bn or Billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Steel tracks and rubber tracks are used in heavy construction machinery such as bulldozers, excavators and loaders to provide traction and stability over soft and rugged terrains. Steel tracks are rigid and durable but increase the weight of the vehicle. On the other hand, rubber tracks are lighter and offer better maneuverability and ground pressure distribution compared to steel tracks. They are corrosion resistant and reduce noise pollution at construction sites.

Market Dynamics:

The growth of the steel tracks and rubber tracks market is driven by the growing infrastructure and construction activities globally. According to the Global Infrastructure Outlook, the world will need to spend $94 trillion by 2040 on infrastructure to support urbanization and rising incomes in emerging markets. This increased spending on infrastructure development will augment the demand for heavy construction machinery equipped with steel and rubber tracks. Additionally, advancements in rubber track technology have enhanced their performance in rugged terrains. Newer rubber tracks are more durable and long-lasting than conventional ones. This has boosted their adoption over rigid steel tracks in recent years.

Segment Analysis

The steel tracks segment currently dominates the steel tracks and rubber tracks market owing to its high durability and load carrying capacity. Steel tracks are preferred for heavy machinery and equipment used in mining, construction and defense sectors. Within steel tracks, track system with replaceable track pads is the largest sub-segment as it allows for replacement of worn pads instead of the entire track chain, reducing maintenance costs.

PEST Analysis

Political: Favorable government policies supporting infrastructure development and mining sector expansion are driving demand.
Economic: High investments in construction, mining and defense globally are supporting market growth. Rising industrialization is also boosting demand.
Social: Increasing urbanization and focus on improving transportation infrastructure particularly in developing countries is a key factor.
Technological: Advancements in track design for higher load bearing capacity and reduced maintenance are gaining traction. Telematics solutions for track maintenance are also being adopted.

Key Takeaways

The Global Steel Tracks And Rubber Tracks Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investment in construction and mining sector worldwide.

The North America region currently dominates the market owing to strong presence of tier 1 players and high demand from agriculture and construction equipment sectors in the US and Canada. Growth in Latin America is projected to be fastest during the forecast period led by infrastructure projects in Brazil, Mexico and Argentina.

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., TuffStuff Australia.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it