STEEL TRACKS AND RUBBER TRACKS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The global Steel Tracks and Rubber Tracks market size was valued at US$ 2.13 billion in 2023 and is expected to reach US$ 3.36 billion by 2030, grow at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2030

Steel Tracks and Rubber Tracks are two essential components in the construction equipment and heavy machinery industry. Both types of tracks serve the purpose of providing traction, stability, and durability for various machines, such as excavators, bulldozers, skid steers, and compact track loaders.

Steel Tracks are known for their robustness and longevity, making them suitable for applications in harsh and challenging terrains like rocky surfaces and rugged landscapes. They offer superior weight-bearing capabilities and are less susceptible to damage from sharp objects, making them ideal for heavy-duty tasks. However, they can be less forgiving on sensitive surfaces and may cause more ground damage compared to their rubber counterparts.

On the other hand, Rubber Tracks have gained popularity for their versatility and reduced ground impact. They offer greater flexibility and a smoother ride, which translates to improved maneuverability and traction on delicate surfaces like asphalt and concrete. Rubber Tracks are also quieter during operation and generally require less maintenance compared to steel tracks.

Steel Tracks and Rubber Tracks Market Regional Insights

• North America: North America is the largest market for Steel Tracks and Rubber Tracks, accounting for a share of over 25% in 2022. North America has a significant market for both Steel Tracks and Rubber Tracks, driven by the construction industry's demand for heavy machinery and equipment. The United States and Canada are major contributors to the market due to ongoing infrastructure projects and the presence of a well-established construction sector. In this region, Rubber Tracks have gained popularity due to their lower ground impact and suitability for urban construction and maintenance projects.
• Europe: Europe is the second-largest market for Steel Tracks and Rubber Tracks, accounting for a share of over 20% in 2022. Europe is another significant market for Steel Tracks and Rubber Tracks, with countries like Germany, France, and the United Kingdom leading the demand. The region's construction industry and agricultural sector contribute to the demand for heavy machinery with both track types. Additionally, the focus on environmentally friendly practices has led to an increased preference for Rubber Tracks, as they offer reduced ground damage and improved fuel efficiency.
• Asia-Pacific: Asia Pacific is the fastest-growing market for Steel Tracks and Rubber Tracks, accounting for a share of over 45% in 2022. The Asia-Pacific region has experienced rapid industrialization and urbanization, leading to substantial growth in the construction and infrastructure sectors. China, India, Japan, and South Korea are major contributors to the market, with a strong demand for both Steel Tracks and Rubber Tracks. The versatility of Rubber Tracks in urban construction projects and agricultural applications has driven their adoption in the region.

Figure 1. Global Steel Tracks and Rubber Tracks Market Share (%), by Region, 2023

Steel Tracks and Rubber Tracks Market Drivers:

• Construction and Infrastructure Development: The growth of the construction and infrastructure sectors is a significant driver for both types of tracks. As countries invest in building roads, bridges, buildings, and other infrastructure projects, the demand for construction equipment, including machinery equipped with steel or rubber tracks, increases.
• Urbanization and Real Estate: The ongoing global trend of urbanization has led to a rise in urban construction and real estate projects. In urban areas, there is a greater need for construction equipment with rubber tracks, as they offer reduced ground damage, increased maneuverability, and lower noise levels, making them suitable for work in confined spaces.
• Heavy Machinery and Agriculture: The use of heavy machinery in industries such as mining, agriculture, and forestry relies on the durability and traction provided by steel tracks. In agricultural applications, rubber tracks are favored for their ability to minimize soil compaction and protect delicate crops.
• Advancements in Technology: Continuous advancements in track technology have improved the performance and efficiency of both steel and rubber tracks. Innovations such as improved track designs, materials, and manufacturing techniques have contributed to enhanced durability, reduced wear, and increased overall productivity.

Steel Tracks and Rubber Tracks Market Opportunities:

• Infrastructure Development Projects: With increasing investments in infrastructure development globally, there are ample opportunities for both types of tracks. Governments and private companies undertaking projects like road construction, bridges, railways, and ports require heavy machinery equipped with steel or rubber tracks for efficient and durable operations.
• Mining and Extractive Industries: The mining and extractive industries often involve challenging terrains that demand heavy-duty equipment with reliable traction. Steel tracks are well-suited for such applications, providing excellent durability and resistance to wear and tear, making them a preferred choice for mining operations.
• Agricultural Sector: In the agricultural sector, rubber tracks have become increasingly popular due to their ability to minimize soil compaction. As farmers seek to improve yields and reduce environmental impact, the demand for machinery equipped with rubber tracks is likely to increase.
• Urban Construction and Renovation: The ongoing urbanization trend and increasing urban construction and renovation projects present opportunities for rubber tracks. These tracks offer reduced ground damage, better maneuverability, and less noise, making them well-suited for construction activities in densely populated areas.

Steel Tracks and Rubber Tracks Market Trends:

• Increased Adoption of Rubber Tracks: The market witnessed a growing preference for rubber tracks over steel tracks, especially in applications that require reduced ground damage and improved maneuverability. Rubber tracks' versatility and suitability for urban construction and delicate terrains have contributed to their increased adoption.
• Technological Advancements: Manufacturers have been investing in research and development to improve the design and performance of both steel and rubber tracks. Advancements in track technology aimed at enhancing durability, reducing wear, and increasing fuel efficiency have been prominent trends in the market.
• Hybrid Track Solutions: Some companies have been exploring hybrid track solutions that combine the benefits of both steel and rubber tracks. These hybrid tracks aim to offer improved traction and durability while minimizing ground damage, catering to customers seeking a balance between the two types of tracks.
• Focus on Eco-Friendly Solutions: Environmental concerns have driven the demand for eco-friendly and sustainable construction equipment. As a result, rubber tracks, with their lower ground pressure and reduced environmental impact, have gained traction in the market.
• Market Expansion in Emerging Economies: The market for steel and rubber tracks has expanded in emerging economies due to rapid urbanization, infrastructure development, and industrial growth. Countries in Asia-Pacific and Latin America have shown significant market growth in recent years.

Steel Tracks and Rubber Tracks Market Restraints:

• High Initial Cost: One of the primary restraints for both steel and rubber tracks is their higher initial cost compared to other types of tracks, such as tires. The initial investment in purchasing or upgrading to steel or rubber tracks can be a significant factor for some equipment owners.
• Maintenance and Replacement Costs: While rubber tracks generally require less maintenance than steel tracks, they can still wear out over time, leading to replacement costs. For heavy-use applications or harsh terrains, both steel and rubber tracks may need frequent maintenance, impacting overall operating expenses.
• Limited Application for Rubber Tracks: While rubber tracks offer advantages in certain applications, they may not be as suitable for heavy-duty tasks or extremely rough terrains as steel tracks. This limitation can restrict their adoption in certain industries or projects.

Recent Developments

New product launches

• Camso (Michelin): In April 2023, Camso (Michelin) launched a new line of rubber tracks for construction equipment. The new tracks are designed to provide superior traction and durability in difficult terrain.
• Bridgestone: In March 2023, Bridgestone launched a new line of rubber tracks for agricultural equipment. The new tracks are designed to provide superior traction and durability in muddy and wet conditions.
• Soucy: In February 2023, Soucy launched a new line of steel tracks for construction equipment. The new tracks are designed to provide superior traction and durability in harsh environments.

Acquisition and partnerships

• Bridgestone partnered with McLaren Industries: In February 2023, Bridgestone partnered with McLaren Industries, a leading manufacturer of steel tracks for construction equipment. The partnership was part of Bridgestone's strategy to expand its product offering and reach new markets.
• Soucy partnered with VMT International: In March 2023, Soucy partnered with VMT International, a leading manufacturer of rubber tracks for agricultural equipment. The partnership was part of Soucy's strategy to expand its product offering and reach new markets.
• All States Ag Parts acquired Steel Tracks, Inc.: In April 2023, All States Ag Parts acquired Steel Tracks, Inc., a leading manufacturer of steel tracks for construction equipment. The acquisition was part of All States Ag Parts' strategy to expand its product offering and reach new markets.

Figure 2. Global Steel Tracks and Rubber Tracks Market Share (%), by Type, 2023

Top companies in Steel Tracks and Rubber Tracks Market

1. Bridgestone Corporation
2. Camso Ltd. (formerly known as Camoplast Solideal)
3. Bridgestone Industrial Products America, Inc.
4. Continental AG
5. Titan International, Inc.
6. Mattracks, Inc.
7. Global Track Warehouse USA
8. VMT International
9. Trelleborg AB
10. McLanahan Corporation
11. Superior Tire & Rubber Corp.
12. TFI Tracks
13. CTS Tire Express
14. Eurotrack Ltd.
15. TuffStuff Australia

*Definition: Steel Tracks and Rubber Tracks are types of traction systems used in heavy machinery and construction equipment. Steel Tracks are made of steel components and are known for their durability and strength, making them suitable for demanding terrains and heavy-duty applications. Rubber Tracks, on the other hand, are composed of rubber and other composite materials, offering reduced ground impact, improved maneuverability, and versatility, making them ideal for sensitive surfaces and urban construction projects.