The development of the global tyre protection chain market is primarily being driven by expanding infrastructure and building activity, increased acceptance of cutting-edge technology across various industries, fast urbanisation, and industrialisation. Over the course of the forecast period, government programmes like Make in India, Digital India, and Start-Up India are also anticipated to fuel the demand for tyre protection chains.
One of the main causes boosting the need for tyre protection chains around the world is the growing requirement for infrastructure development. Another is the spike in the manufacturing of off-highway vehicles. Additionally, governments in developing nations are taking a number of steps to strengthen their infrastructure, and this development is anticipated to support the market for tyre protection chains in the years to come.
Compared to conventional tyre protection systems, tyre protection chains have a number of benefits. Due to the unique chain design, the main benefit is that it improves traction while also improving stability and control for heavy machinery. The chains are also extremely reliable and strong, providing long-term use in even the harshest circumstances. Chains for tyre protection offer greater resistance to deterioration, lowering the frequency of tyre replacement. Additionally, the chains are made to easily fit any tyre size and model, providing the consumer with a tailored option. This lessens the work needed for routine maintenance while also saving time and money in the long run.
Tire protection chains are one sort of tyre attachment that helps lower the possibility of tyre damage from extreme circumstances, such as navigating rocky terrain and ascending steep slopes. The chain's metal links provide longevity and strength, shielding the tyres from any harm. To provide the greatest amount of traction and stability of the vehicle, tyre protection chains are typically mounted on the rear wheels.
The market for tyre protection chains is anticipated to reach USD 1.05 million by 2031 and expand at a CAGR of 4.2% between 2021 and 2031.
Several reasons, including the high cost of installation and maintenance, are anticipated to limit the growth of the worldwide tyre protection chains market. Additionally, the market's expansion during the projected period is likely to be constrained by some regions' lack of knowledge regarding the benefits and availability of these items. However, the market is anticipated to present enormous prospects due to the growing need for tyre protection chains in mining and quarrying applications. Additionally, manufacturers are concentrating on the development of improved tyre protection chains in order to fulfil the growing demand from end users, which is anticipated to soon open up additional potential for the tyre protection chains market to flourish.
The market for tyre protection chains is quite competitive and has several significant players. The market leaders at the moment are Bridgestone Corporation, Tsubaki Kabelschlepp GmbH, Bekaert Corporation, TIREX Chain System GmbH, Carlisle Companies Incorporated, and Hutchinson.
The Link-Ring-System Type to Emerge as the Most Lucrative Segment
According to type, the market for tyre protection chains is divided into link-ring-system, ring-ring-system, and ring-locking-system segments. The most widely used tyre protection chain has a link-ring arrangement, which provides maximum stability, great abrasion resistance, and outstanding grip. It offers the best traction for driving in muddy, snowy, and slick conditions. Due to its easy construction and light weight, the ring-ring system tyre protection chain is also gaining popularity. Tire protection chains with ring-locking systems are built with a unique locking mechanism that increases the chain's stability and load carrying capacity in comparison to other types.
The Most Popular Application Segment is Slag and Scrap Handling
Based on application, the market for tyre protection chains is divided into handling slag and scrap, quarrying and mining, tunnelling, forestry and agricultural, and transporting/traction. Due to its widespread usage in managing scrap and slag from manufacturing activities, the slag and scrap handling sector is anticipated to dominate the market throughout the forecast period. Furthermore, due to their expanding use in the construction industry, quarrying and mining applications are anticipated to experience a significant growth rate. Due to their improved stability and grip, tyre protection chains are frequently utilised for the transportation of cargo.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
The market for tyre protection chains is divided into North America, South America, Asia Pacific, Europe, the Middle East, and Africa depending on location. China, India, and Japan are the three countries that contribute the most to the Asia Pacific market, which is anticipated to be the most lucrative. Their rapidly growing construction sector is to blame for this, which has raised demand for tyre protection chains for quarrying and mining applications. Due to its sizable automotive industry and rising demand for tyre protection chains, North America is predicted to experience a solid growth rate. Europe is anticipated to increase significantly as a result of the abundance of manufacturers there. Due to the rising need for tyre protection chains in nations like Saudi Arabia, the United Arab Emirates, and Qatar, the Middle East and Africa are predicted to have constant growth rates.
COVID-19 Impact and Market Status
The COVID-19 has opened up enormous opportunities for the expansion of the automobile sector, and it is predicted that these opportunities will lead to a boom in demand for tyre protection chains. The coronavirus pandemic, which first appeared in 2020, has significantly altered the global political, social, and economic landscape. As a result, supply chains and industrial procedures have been severely disrupted. In addition, the lockdown imposed in several nations caused a halt in the production of automobiles, which decreased sales. However, the global market for tyre protection chains is anticipated to grow favourably during the post-pandemic recovery phase as governments are likely to prioritise infrastructure upgrades and the upgrading of public transportation networks.
Latest Innovations in the Global Tire Protection Chains Market: A Snapshot
• MaxiFlex Slag chains were introduced by Bekaert Corporation in April 2021 for use in slag and scrap handling applications. The brand-new tyre protection chains have a robust design and are appropriate for demanding situations.
• The ScraperTireSystem, a tyre protection chain with an integrated scraper, was introduced by TIREX Chain System GmbH in December 2020. The chain has a robust construction and is made to withstand harsh environments.
Tire Protection Chains Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.05 million|
|Growth Rate||CAGR of 4.2% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Bridgestone Corporation, Tsubaki Kabelschlepp GmbH, Bekaert Corporation, TIREX Chain System GmbH, Carlisle Companies Incorporated, and Hutchinson.|
Key Segments of theTire Protection Chains
By Application Overview, 2021-2031 (USD Billion)
• Slag and Scrap Handling
• Mining and Tunnelling
• Forestry and Agriculture
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa