Vulkollan Wheels Market Size, Share, Growth, and Industry Analysis By Type (Guiding Wheels, Forklift Wheels, and Traction Wheels) By Application (Mechanical Engineering, Materials Handling, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Vulkollan Wheels Market REPORT OVERVIEW

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The global vulkollan wheels market size was USD 25930 million in 2021 and is projected to touch USD 39519.04 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

Vulkollan Wheels are built of high-strength, abrasion-resistant materials. When properly built, the wheels give a good surface polish, chemical resistance, and weight savings over steel counterparts. Vulkollan Wheels are built using an elastomer developed from Bayer MaterialScience raw materials such as Desmodur® 15 and unique polyester polyols. The rubber-elastic material's mechanical load-bearing qualities and dynamic load resistance are exceptional. Vulkollan is one of the most performance-oriented elastomers on the market. Its exceptional capabilities are always solving new challenges and providing users with cost savings and optimization.

Increasing demand from emerging economies such as India and China due to their industrial growth, particularly in the manufacturing sector; technological advancements that have resulted in improved performance of material handling equipment such as trucks and forklifts; and increased use of wheel systems by mechanical engineering sectors due to their lightweight nature, which makes them highly suitable for use on various terrains. These factors are expected to drive vulkollan wheels market growth in the coming years.

COVID-19 Impact: Halt on Manufacturing and Stringent Lockdown Regulations to Hinder Industry Growth

The sudden emergence of the COVID-19 pandemic prompted the imposition of strict lockdown laws in various countries, causing Vulkollan Wheels import and export activity to be disrupted. The global COVID-19 epidemic had a detrimental influence on economies around the world, and all industries were affected, but mechanical engineering was particularly hard hit. In many instances, the challenges that have arisen due to the global lockdown are enormous and impossible to overcome. Lockdowns have caused several supply chain disruptions in the manufacturing sector. The market is likely to recover and grow positively during the forecast period as the situation returns to normal.

LATEST TRENDS

"Increasing Demand for Commercial Vehicles to Foster Market Growth"

The construction and engineering industries are increasing their demand for very robust wheels. India, China, and other emerging economies are expanding their industries. Demand for commercial vehicles such as trucks and buses are increasing. The increase in the number of e-commerce platforms. Due to its lightweight construction, it accounted for half of the mechanical wheel market share in the manufacturing sector. To reduce cracking in the event of extreme loads/pressure, vulkollan wheels are produced from cast polyurethanes. These wheels are made using two processes: casting and molding. The easy availability of commodity materials, combined with their corrosion resistance, will provide the industry with high development potential. Lightweight, superior heat conductivity, and anti-corrosive qualities will also boost demand.

Vulkollan Wheels Market Segmentation

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• By Type Analysis

By type, the market is segmented into Guiding Wheels, Forklift Wheels, and Traction Wheels

Forklift is the leading segment because it is designed to sustain the weight and torque of forklift trucks. Each wheel is made up of two parts: an inner liner that connects to the axle or studs directly, and a separate outer tread portion made of rubber-compound materials similar to those used in vehicle tires. These factors are likely to boost the vulkollan wheel market. 

• By Application Analysis

Based on applications, the market is classified into the Mechanical Engineering, Materials Handling, and Others

The mechanical engineering sector is expected to hold the largest market share. Vulkollan Wheels are used to support large weights in mechanical engineering. It improves traction and minimizes the need for forklifts or other vehicles to manually handle things when transporting them from one area to another.

DRIVING FACTORS

"Increase Demand for Lightweight Material to Enhance Market Expansion"

Lightweight wheels were introduced due to several government rules governing large vehicles, resulting in a significant weight reduction in the vehicle while maintaining a greater level of durability. The weight of a vehicle increases its fuel consumption, and the amount of pollution it emits and the speed at which it travels. Many automakers are putting money into the creation of lightweight, fuel-efficient vehicles. Commercial automobile manufacturers have already begun to scale up their manufacturing of fuel-efficient cars by adopting lightweight steel wheels to reduce weight. Therefore, rising demand for vulkollan wheels will propel the market forward.

"Research and Development Activities to Stimulate Growth "

Manufacturers are reinventing their strategy to make 3D printing of metals more resource-efficient, combining it with intelligent lightweight design. Key players are manufacturing lightweight components using additive technologies, resulting in a significant reduction in resources and materials used in manufacturing per component compared to traditional industrial methods, due to increased research and development in the field of vulkollan manufacturing. Newer component designs with complicated shapes, and weight reduction, are some of the primary causes driving a paradigm change in the manufacturing of vulkollan wheels.

RESTRAINING FACTORS

"Fluctuations in Raw Material Pricing and Environmental Concerns to Impede Market Growth"

The vulkollan wheels market growth would be hampered by high raw material acquisition prices for high-performance wheels, and the downsides associated with inaccurate sensor feedback provided due to aftermarket wheel integration. The industry demand will be negatively impacted by the temporary closure of manufacturing facilities to minimize the spread of the COVID-19 virus. Manufacturing costs will continue to be a key stumbling block to industry profitability and viability, as will advances to boost performance while decreasing vehicle weight for better fuel efficiency.

Vulkollan Wheels Market REGIONAL INSIGHTS

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"Increasing R&D Activities to Promote Growth in North America"

North America is projected to dominate the largest revenue contributor to the vulkollan wheels market share. The increased demand for forklift wheels from the manufacturing and automotive industries in this region can be ascribed to the region's expansion. The Latin American area is likely to provide substantial chances for the worldwide Vulkollan wheel market to expand. This is owing to increased expenditures in several end-use sectors in this region, such as automotive and mechanical engineering.

Europe is the second-largest market to expand at a prominent growth rate. Increased demand for low-cost wheels, such as metal wheels, has been driven by an increase in the number of first-time car buyers in emerging nations. Vulkollan wheels are becoming more popular in the low-end section of the market, boosting demand. The development of high-strength steel wheels due to technological and design developments has resulted in an increase in demand in the manufacturing sector.

KEY INDUSTRY PLAYERS

"Manufacturers Focus on R&D Investments to Strengthen their Position"

Manufacturers are able to introduce the latest features in wheels thanks to technological developments in materials and manufacturing processes. To reinvent wheels, the automobile wheel market is using new design tools and materials such as high-strength steel. To design high-performance car wheels, many wheel manufacturers are using structural analysis methodologies and simulation software.

INDUSTRY DEVELOPMENT

Rio Tinto created Revolution-AlTM, a new high strength aluminium alloy developed to make lighter-weight automotive wheels, in February 2020. The wheel's greater robustness allows for a 7% weight reduction, which can help the vehicle achieve higher fuel efficiency or battery range.

List of Market Players Profiled

• Finn-Valve Oy (Finland)
• Revvo Caster (U.S.)
• Acorn Industrial Products (U.S.)
• Wicke (Germany)
• RWM Casters (North Carolina)
• Vulkoprin (Belgium)
• KUNDERT AG (Switzerland)
• CERVELLATI (Italy)
• TELLURE (Italy)
• Brauer (U.K.)
• Pleiger (Germany)

REPORT COVERAGE

To discover prospective investment opportunities, this research gives an analytical representation of the market industry, current trends, and future forecasts. The research provides information on significant drivers, restraints, and opportunities, and comprehensive analysis of the vulkollan wheels market share. Porter's five forces model displays the market's buyer and provider strength. The study examines the aviation carbon brake discs market in terms of competitive intensity and how the market will evolve in the coming years.