Tire Protection Chains Market Size, Share, Growth, and Industry Analysis, By Type (Link-Ring-System, Ring-Ring-System and Ring-Locking-System), By Application (Slag and Scrap Handling, Quarrying, Mining and Tunneling, Forestry and Agriculture and Transporting/Traction), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Tire Protection Chains Market Report Overview

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The global tire protection chains market size was USD 255.1 million in 2022 and is projected to touch USD 356.88 million by 2031, exhibiting a CAGR of 3.8% during the forecast period.

Tire protection chain is like a close mesh which is fitted over the face and the sidewalls of the tire to form a barrier against damaging materials in extreme applications. The tire protection chain is made up of high-alloy, drop-forged, steel, wear links that helps in protecting the tread and sidewalls of the tire. This closed mesh is very flexible which enables the tire protection chain to adjust to the tire as it gets deformed due to several conditions like loading or hauling. It also has an impressive self-cleaning feature which helps in preventing the tread mesh to become filled and clogged. Both of these features contribute to achieve the best possible road-holding and traction. 

By protecting tires from extreme damage and wear-tear of the tread and sidewalls of the tire such as excessive abrasion, punctures, etc. use of tire protection chains have saved thousands of dollars in tire replacement costs. Due to this, its demand has increased even more across the globe. it has a wide range of application that ranges over slag and scrap handling, quarrying, mining and tunneling, forestry and agriculture and transporting/traction, etc. use of these tire protection has increased the efficiency and productivity of numerous vehicles like truck, bus, etc.

COVID-19 Impact: Disturbance in Supply Chains Results to Market Derailment 

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

A lot of business and market sector were negatively impacted and were forced to shut down due to coronavirus pandemic. Likewise, tire protection chains market also had to face harsh consequences. Governments of all the impacted countries imposed lockdowns and laid down strict protocols like social distancing to contain the deadly virus and keep people safe. Since, all the outdoor activities were strictly prohibited till conditions got better, demand for tire protection chains decreased miserably. With the surge of COVID-19 even the production and transportation processes got severely disrupted. As a result, the respected market faced a substantial loss. However, as soon as conditions started improving  worldwide and socio-economic conditions got better,  tire protection chains market started to gain consumer attention that uplifted the market economy.

LATEST TRENDS  

"Rise in Advanced Technologies leads to Development of Market Economy"

It is quite evident, that every day new technologies are being introduced to the world. Even advanced gadgets and tools are being made each day to somehow help the public in one way or other. Production of these latest technologies is expected to immensely aid the market to grow. As a result, end results will be more desirable and satisfactory which boasts market sales. Furthermore, it is highly anticipated that by stable funding and proper marketing, the respected market is most likely to grow more.

Tire Protection Chains Market Segmentation

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• By Type

The market categorizes into Link-Ring-System, Ring-Ring-System and Ring-Locking-System.

Link-Ring-System is the largest part of the type segment.

• By Application

The market categorizes into Slag and Scrap Handling, Quarrying, Mining and Tunneling, Forestry and Agriculture and Transporting/Traction.

Slag and Scrap Handling is the largest part of application segment.

DRIVING FACTORS

"Technological Advancement Leads to Enhanced Market Growth"

In the recent years, several exciting and technologies have been introduced to the world that proves to be extremely useful for the enhanced development of market. These advanced technologies and hi-tech are considered nothing but lucrative sources which makes the products quality even better resulting in increased market sales. With the incorporation of these tools is highly expected to propel tire protection chains market growth by increasing product sales due to high quality products.

RESTRAINING FACTORS

"Economic Slowdown Due to COVID-19 Outbreak to Hamper Market Growth"

The coronavirus had an adverse effect on tire protection chains market growth. The market was compelled to shut down temporarily which dipped the market sales by a huge margin. Even the transportation rates were badly derailed. Now, when the situations are much better, market is finding it extremely difficult to regain its stability. A strong advertising source as well as funding is required to gain market attention and restart production of goods to increase market sales.

Tire Protection Chains Market Regional Insights

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"Asia Pacific to Overshadow the Market Owing to High Production Rate"

Asia Pacifc is the largest tire protection chains market with about 38% of market share. The key manufacturers are Rud, Pewag, Las Zirh, Nordic Traction Group, Laclede Chain, Trygg, Veriga Lesce, KSN precision forging technology, retezarna, OMEGA CHAINS, Tianjin Shanxing Metal Products, TPC Tyre Protection Chains, Tongwei Metal Product and others.

Moreover, it is obvious that this region supports a massive amount workforce, suitable for working in all the different work sectors. Not only this, but this region has great networking links with almost all the parts of the world, making transportation easier and efficient. A lot of big and powerful companies are situation in asia-pacific which can result in getting required financial aid to fortify the market.

KEY INDUSTRY PLAYERS

"Key Market Faces to Focus on Product Improvement"

Some of the key manufacturers belonging from different are Rud, Pewag, Las Zirh, Nordic Traction Group, Laclede Chain, Trygg, Veriga Lesce, OMEGA CHAINS, Tianjin Shanxing Metal Products, TPC Tyre Protection Chains, Tongwei Metal Product etc. and, the top 3 major companies occupy about 50% of the overall market share. It is expected that the prime industry faces will work into improving their product quality which will help in both attracting consumer attention as well as increasing market sales to boast market growth. They will also launch profitable schemes with interest of the public. Various strategies are anticipated to come in force that increases market expansion so that product can be transported to more places, resulting in higher market rate.

List of Market Players Profiled

• Rud (India)
• Pewag (Austria)
• Las Zirh (Turkey)
• Nordic Traction Group (Finland)
• Laclede Chain (U.S.)
• Trygg (U.K.[PS1] )
• Veriga Lesce (Slovenia)
• KSN precision forging technology (China)
• Retezarna (Czech Republic)
• OMEGA CHAINS (India)
• Tianjin Shanxing Metal Products (China)
• TPC Tyre Protection Chains (South Africa)
• Tongwei Metal Product (Vietnam)

REPORT COVERAGE

All the crucial market characteristics such as consumer behavior, industry relations, market trends, business patterns, etc of the tire protection chains market are effectively covered by this report. In addition, all possible market restrainers, opportunities, challenges and risks have also been highlighted briefly. Furthermore, this report brilliantly manages to brief its readers about during the review period of 2022-2028. Moreover, this report aids its readers to gain a competitive edge over their industry competitors and ensure long-lasting success working in tire protection chains market. Key manufacturers around the world of the respected market have also been efficiently listed. This market also studies market segmentation of the market on the basis of both on region level and global level; on the basis of company, type and application.