An investment services provider has been called upon to implement the share buyback programme authorised by Michelin at its Annual Shareholders Meeting on 17 May 2019. An agreement to this effect was signed on 7 January 2020.
The U.S. Tire Manufacturers Association (USTMA) projects 2019 U.S. tire shipments will increase to 333.1 million units compared to 330.4 million units in 2018.
The latest projection is up from the 332.9 million units for 2019 which the USTMA forecast in July.
Original equipment (OE) passenger tire shipments are expected to decrease by 2.1 million units, while passenger tire replacement shipments are projected to increase by 6.4 million units compared to 2018.
NEW YORK, Dec. 2, 2019 /PRNewswire/ — Global Low Rolling Resistance Tire Market: About this market This low rolling resistance tire market analysis considers sales from both aftermarket and OEMs end-users. Our study also finds the sales of low rolling resistance tire in APAC, Europe,…
OTR tire market growth supported by increased activity in emerging markets
Growing mechanization and infrastructure development in emerging markets is increasing demand for agriculture, construction and mining equipment as well as off-the-road tires.
According to a report from Smithers, The Future of Off-the-Road Tires to 2024, the global market for off-the-road (OTR) tires is estimated to be more than 4 million metric tons in 2019, corresponding to a value of $27.5 billion. A five-year compound annual growth rate (CAGR) of 3.8% to 2024 in volume and 4.8% per year in value is expected.
Construction and industrial activity have been leading market supports and drivers in the recent past, but going forward, growth will be more balanced among end-use sectors. For example, improving commodity prices are supporting the mining industry, while economic and population growth are supporting the construction, agriculture, manufacturing and shipping sectors. From an equipment perspective, development of new machines for these industries is driving OTR tire innovation. Products that can handle increased load demands and communicate their condition are now the focus.
Volume from mining and construction sectors
The mining and construction segments will continue to represent more than half of the market by volume. Mining and construction growth over the last several years has been restrained by the effects of soft energy and metals prices, but the aggregate mining segment (aggregate used in construction) has helped the overall market grow. Meanwhile, construction, as well as agriculture and industrial, are performing in line with overall economic growth.
Increased demand for agriculture tractors, and construction and mining equipment is being seen in developing countries. The construction and industrial segments have continued their steady market-leading performances from the prior period, 2014-19. As before, only the growth of the smallest end-use segment, the industrial market, will outpace the market as a whole. The increase in manufacturing in developing economies is projected to drive the market for industrial equipment tires. Increased industrial automation is also projected to influence the OTR tires.
As global economies recover, stabilize and resume growth, all regional markets are expected to grow through 2024. As with many other tire markets, the relatively strong economic performance of developing economies greatly influences the distribution of growth opportunities. With large mining, construction, agricultural and industrial bases in place, the Asia Pacific market is already by far the largest; nearly as large as the more mature North American (including Mexican) and European (including Russian) markets combined. Further growth in Asia Pacific is supported by increasing population, higher levels of agricultural mechanization, recovery in mining, and ongoing construction activity.
Changing end-user requirements
Across end-use segments, load requirements are increasing, and tire product and services are a critical element in avoiding downtime. Equipment automation and the use of Big Data and predictive analytics are transforming the OTR tire business into a closer collaboration between OEMs, tire manufacturers and dealers.
Over the next five years, the industry will be more driven by data use, predictive analytics and automation — shifting from a transactional-focused model to a solutions-oriented approach. The mining and construction OTR segments will drive much of this change with OTR tires using integrated sensors for tire monitoring and management.
Regulation and standardization
Governments play a key role in shaping trade, driving demand and inspiring product evolution (e.g., sustainability, and potentially standardization). Government spending is also a critical supporter of OTR tire demand related to infrastructure projects and agricultural subsidies.
Unlike other segments of the tire industry, there are no regulations or standards for OTR tires in mining and construction — even in North America and Europe. This presents a problem for some customers and an opportunity for manufacturers.
Some OTR equipment manufacturers are interested in uniform OTR performance standards including wear, speed/load, traction and temperature; but so far in the European Union, there is no strong lobby pushing standardization or labelling requirements. It is possible that standardization could be most easily achieved if led by a tire or rim association. Down the road, there is potential for European Whole Body Vibration legislation to provide impetus in this area, because the tires are implicated, especially for skid loaders. Simple tire pressure measurement systems (TPMS) that have been a legal requirement in the US since 2008 could also be a possible standard for OTR tires.
For more information on this market report by Smithers, visit https://www.smithers.com/services/market-reports/transportation/the-future-of-off-the-road-tires-to-2024.
The lofty goal, disclosed in the company’s most recent Corporate Responsibility Report, has a number of benefits.
Using a green technology is more sustainable, the company said, and it can capture a growing section of consumers who factor environmental concerns into their buying decisions. And it will be a boon for the U.S. soybean industry.
Smithers has announced the addition of Mark Shackelford as business development manager of tire and wheel for North America as part of the Smithers Materials Science and Engineering division.
Shackelford is responsible for business development efforts for the tire and wheel industry, connecting clients to tire, wheel and snow traction testing, the Smithers Tire Analysis Report and technical consulting. He will work closely with Smithers laboratory operations managers and subject matter experts.
NEW YORK, Oct. 2, 2019 /PRNewswire/ — Tire Recycling Downstream Products Market – Scope of the Report The analyst, in its recently published study, throws light on the growth of the tire recycling downstream products market over the forecast period of 2019-2027.This business study…
AKRON — Despite movement by some of the other top tire makers, Bridgestone Corp. remains the No. 1 tire maker in the world. Tire Business Editor Don Detore and Special Project Reporter Bruce Davis look beyond the numbers in a livestream broadcast that looks at the Global Tire Report. The event is Thursday, Sept. 12 at 2 p.m.
FINDLAY, Ohio — Cooper Tire & Rubber Co. has published its seventh annual Corporate Social Responsibility and Sustainability report, which outlines the company’s efforts on a number of fronts.
Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders, and synthetic rubber, announced the release of its 2019 Sustainability and Corporate Social Responsibility (CSR) Report, which showcases how Trinseo is meeting or exceeding the highest standards of safety and environmental performance, while developing innovative solutions that benefit our world. This is the ninth report since the Company’s formation in 2010, and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards Core Option.