Steel tracks and rubber tracks are industrial machines and vehicle tracks made of steel or rubber. These tracks provide superior traction and ground-pressure distribution for reliable flotation in muddy, rocky, sandy or soft terrains compared to wheels. They are commonly used in bulldozers, excavators, forest machinery, military tanks and construction vehicles to navigate challenging work sites.

The global steel tracks and rubber tracks market is estimated to be valued at US$ 2.13 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The steel tracks and rubber tracks market is primarily driven by increasing demand from the construction industry. Construction projects require machineries like bulldozers, excavators and loaders that can operate in all types of terrains. Steel and rubber tracks provide better traction and terrain maneuverability compared to wheels, thereby finding widespread adoption in construction sites. Another major driver is the growing infrastructure development activities across both developed and developing regions. Governments are investing heavily in development of roads, bridges, buildings, airports etc which spurs the demand for tracks used in construction equipment. With rapid urbanization and industrialization, infrastructure projects are expected to grow manifold in the coming years, further fueling the tracks market growth over the forecast period.

SWOT Analysis

Strength: Steel tracks offer high load bearing capacity and durability which makes them ideal for heavy machinery applications. They provide excellent traction and are less prone to slipping. Rubber tracks offer better traction than wheels on various terrains which makes them suitable for agricultural and construction equipment. Their self-cleaning ability allows them to perform efficiently even in muddy conditions.

Weakness: Steel tracks are heavier than rubber tracks which reduces fuel efficiency of equipment. They require frequent maintenance activities like greasing and track adjustment. Rubber tracks have a shorter life than steel tracks and need periodic replacement. High replacement costs make them less economical over long run.

Opportunity: Growing construction and agricultural industries in emerging countries of Asia and Africa are increasing demand for earthmoving and farming equipment. This is driving the need for robust tracks that can withstand tough working conditions. Advancements in rubber compound technologies are leading to development of longer lasting rubber tracks.

Threats: Fluctuations in raw material prices especially steel and rubber can negatively impact production costs. Increased trade barriers and geopolitical tensions globally may disrupt supply chains. Electric and hybrid construction equipment are gaining popularity which can reduce demand for track systems in coming years.

Key players operating in the steel 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., and TuffStuff Australia.

Key Takeaways

The global steel tracks and rubber tracks market is expected to witness high growth over the forecast period supported by increased infrastructure development and mechanization of agriculture.

The Asia Pacific region currently dominates the market and is expected to continue its dominance owing to large number of ongoing construction projects and growth in farm mechanization in China, India and other Asian countries.

The steel tracks segment accounts for major share currently due to high load bearing capacity and durability. However, rubber tracks segment is expected to witness fastest growth during the forecast period supported by their self-cleaning ability and better traction on various terrains. The Asia Pacific region is currently the dominant as well as the fastest growing regional market supported by increasing construction and farm mechanization activities particularly in China, India, Indonesia and other Asian countries. Key players are focusing on expanding their manufacturing facilities in Asia to leverage growth opportunities in the region.