Solid Tires Market by Type (Cured-on Solid Tire, Pressed-on Solid Tire) by Application (Forklift, Tele Handler, Backhoe, Excavators): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The global solid tires market is projected to attain a market value of USD 7,924 million in 2027 from USD 5,995 million in 2020. The market is estimated to grow at a CAGR of over 4.3% during the forecast period.

Solid tires or airless tires are manufactured using layers of rubber constructed around the metal frame of the tire. Different types of rubber compounds and processes are used to manufacture slid tires. During the procedure, thin layers of rubber are rolled and mounted onto a metal frame which is then pressed over a hydraulic pressure system. This process roughens the structure and holds rubber layers. As a result, the thickness of the rubber layers changes depending on the tire application for several end uses. With the excellent load barring capacity, puncture resistance, and minimum maintenance, solid tires are proven to be an excellent choice for heavy-duty transport vehicles, forklift trucks, and airport vehicles.

Key Market Drivers and Restraints

The crucial factors that can highly impact the growth of the solid tires market will be included in this section. In addition, market challenges and opportunities to pinpoint revenue generation have also been covered.

The disadvantages of the slow movement of vehicles with solid tires may hamper the market's growth.

When an air-filled tire rolls, carcass, and tread deforms, this deformation generates slip; slip is important to generate adequate tractive force. Solid tires cannot create adequate slip to make sufficient longitudinal force as it deforms less, and this is why vehicles fixed with solid tires cannot ride at a fast speed. Moreover, a solid tire deforms in a lesser amount; this deformation is also important for a vehicle to take a turn at high speed, so a vehicle fitted with a solid tire cannot take a turn at high speed. These factors may restrict their use and affect overall market growth.

The Asia Pacific dominates the global market.

Regionally, the global solid tires market consists of six regions, including all key features related to it. Credence Research offers a detailed understanding of the prominent regions of the worldwide market. The global market is the Asia Pacific, with over 35% in 2020.

Global Market is led by the curled on solid tires.

Curled-on solid tires offer better handling, extra grip, and stability. These factors make them more useful for industrial applications. With the growing industrialization, demand for forklifts is continuously increasing, supporting the need for curled solid tires. Similarly, at construction sites, many heavy loads carrying trucks and machineries that require high load barring capacity tires with optimum grip also are augmenting the demand for curled solid tires.

Forklifts continue to dominate the global market in terms of Application.

Forklifts are the major user of solid tires; different types of solid tires are used in forklifts depending on their functions. There is increasing use of forklifts in dockyards, recycling facilities, construction sites, and warehouses. The increasing use of forklifts in several applications directly augments the demand for solid tires. Also, the demand for solid tires for forklifts will remain high during the forecast period.