Excavator Rubber Track Pads Market Size, Share, Growth, and Industry Analysis by Type (Bolt-On Type Rubber Track Pads, Clip-On Type Rubber Track Pads and Chain-On Type Rubber Track Pads) By Application (Excavator OEM and Retail Market) Regional Forecast By 2031

Updated On: 08 April 2024

Excavator Rubber Track Pads Market Report Overview

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The global excavator rubber track pads market size was USD 60 million in 2022, as per our research, the market is expected to reach USD 94.03 million in 2031, exhibiting a CAGR of 5.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The excavator rubber track pads market is a niche segment of the construction industry that caters to the replacement and maintenance needs of excavator tracks. Rubber track pads are used to protect the excavator tracks from wear and tear and provide improved traction, especially in challenging terrain. They are made of durable materials such as rubber, polyurethane, and steel, and are designed to fit a range of excavator models.

The demand for excavator rubber track pads is driven by the increasing use of excavators in construction, mining, and other heavy industries. These machines are often subjected to harsh working conditions, and the tracks can become damaged or worn over time. Replacement of the tracks can be costly, so the use of rubber track pads can help extend the life of the tracks and reduce maintenance costs.

COVID-19 Impact: Decreased Demand and Price Fluctuations to Challenge the Market Demands

The pandemic has caused disruptions in the supply chain of raw materials and finished goods, leading to shortages of excavator rubber track pads. The pandemic has led to a decrease in demand for excavator rubber track pads as construction projects have been delayed or cancelled due to lockdowns and social distancing measures. The fluctuation in demand and supply has caused the price of excavator rubber track pads to fluctuate, leading to uncertainty in the market. Although the construction industry is gradually recovering, the pace of recovery has been slow, leading to a slow recovery in the demand for excavator rubber track pads.

LATEST TRENDS

"Use of Advanced Materials to Boost the Market Growth"

With a greater emphasis on sustainability, there is an increasing demand for rubber track pads that are made from recycled materials and are long-lasting. This trend is likely to continue as more companies strive to reduce their environmental impact. Manufacturers are using advanced materials like polyurethane and high-density rubber to create more durable and efficient rubber track pads. These materials offer better wear resistance, reduce noise levels, and can withstand extreme weather conditions. Non-marking rubber track pads are becoming more popular as they reduce the risk of marking or damaging sensitive surfaces. These track pads are often used in construction sites, indoor facilities, and in other areas where surface damage needs to be minimized. Bolt-on track pads are easy to install and remove, making them a convenient option for contractors who need to switch between different types of track pads for different applications. They are also more durable and provide better traction than traditional clip-on track pads.

Excavator Rubber Track Pads Market Segmentation

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• By Type Analysis

By type, market is segmented into bolt-on type rubber track pads, clip-on type rubber track pads and chain-on type rubber track pads. The bolt-on type rubber track pads type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into excavator OEM and retail market. The excavator OEM segment will lead the global share through 2028.

DRIVING FACTORS

"Cost-Effectiveness to Augment the Market"

The demand for excavators is increasing due to the growth in construction and mining activities globally. This has led to an increase in demand for excavator rubber track pads. Rubber track pads are more durable and have a longer lifespan than traditional steel tracks. They also reduce the amount of damage to surfaces, making them ideal for use in urban areas and environmentally sensitive areas. Rubber track pads are a cost-effective alternative to steel tracks, as they reduce maintenance costs and downtime.

"Technological Advancements and Government Regulations to Push the Market Growth"

The use of rubber track pads helps to reduce the impact of heavy machinery on the environment, as they generate less noise and vibration and cause less damage to surfaces. The development of new materials and technologies has led to the production of high-performance rubber track pads that offer superior durability and performance. Governments around the world are implementing regulations to reduce the environmental impact of construction and mining activities. This has led to an increase in the adoption of rubber track pads, which are more environmentally friendly than traditional steel tracks.

RESTRAINING FACTORS

"Limited Durability and Lack of Awareness to Hinder the Market Growth "

Rubber track pads may wear out faster than steel tracks, especially in harsh conditions, which may result in higher maintenance costs. Not all excavators are compatible with rubber track pads, which may limit the market size. There are alternative solutions available in the market, such as steel tracks, which may compete with rubber track pads. The awareness of the benefits of rubber track pads among customers may be limited, which may hinder market growth. Rubber is not biodegradable and can have a negative impact on the environment. This may cause customers to seek alternative solutions.

Excavator Rubber Track Pads Market Regional Insights

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"North American Market to Grow Exponentially with the Forecasted Period"

The North American market is expected to show steady growth in the excavator rubber track pads market. This growth is mainly due to the increasing number of infrastructure projects in the region, such as road construction, which requires excavators.

The Asia-Pacific region is expected to have the largest market share in the excavator rubber track pads market due to the presence of major construction and mining industries in countries such as China, Japan, and India. The increasing demand for infrastructure development in these countries is also a major driver of market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Rio Rubber Track, Inc. (U.S.)
• Everpads Co., Ltd. (South Korea)
• Superior Tire & Rubber Corp. (U.S.)
• Tuff Stuff Australia (Australia)
• Global Track Warehouse group (Australia)
• Bridgestone Industrial Ltd. (Japan)
• Leach Lewis Rubber Tracks (UK.)
• Cohidrex, S.L. (Spain)
• Zenith Track (China)
• Astrak Group (UK.)
• DST (Defence Service Tracks) (UK.)
• Poly Tek (U.S.)
• Shanghai Puyi Industrial Co., Ltd. (China)
• Art Japan Co., Ltd. (Japan)
• Alpine Track Systems (U.S.)
• KMK Rubber Manufacturing Sdn.Bhd (Malaysia)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.