Industry news

Recent market analysis has revealed a substantial surge in the spot prices of natural rubber in China over the past week, indicating a robust trend that is likely to impact the tire industry. As of September 18, domestic natural rubber prices hovered around RMB 16,237 per ton, marking a notable increase of 6.60% compared to the previous week.

Shanghai, September 19 – The 22nd China International Rubber Technology Exhibition (CIRTE) opened its doors today at the Shanghai New International Expo Centre, showcasing the latest advancements and innovations in the rubber industry. With over 800 exhibitors gathered under one roof, occupying nearly 60,000 square meters of exhibition space, this year's event has solidified its position as a leading international trade show in the industry.

Tractor tires, as crucial components of wheeled tractors, have evolved alongside the advancements in agricultural mechanization and global economic growth. In recent years, the tractor tire market has demonstrated steady growth, fueled by increased support for agricultural modernization worldwide.

Non-highway tires (OTR), also known as off-road tires, are specifically designed for heavy-duty vehicles and equipment operating in rugged and uneven terrains.

The continuous advancement of mechanization and infrastructure construction in emerging markets has driven the demand for agricultural, construction, mining equipment, and engineering machinery tires. According to Smithers' report "The Future of Off-The-Road (OTR) Tires to 2024," the global OTR tire market size was estimated to exceed 4 million metric tons in 2019, valued at USD 27.5 billion. It was projected that the five-year compound annual growth rate (CAGR) for OTR tire sales would be 3.8% and the CAGR for value would be 4.8% by 2024.

According to market research agency Smithers' projections, the global OTR (Off-The-Road) tire market will continue to demonstrate robust growth momentum, anticipated to expand at a compound annual growth rate (CAGR) of 4.9% until 2029, further enlarging the market size. This forecast indicates that the OTR tire market holds significant potential for growth in the coming years.