Global tyre-cutting machine market to total $17.35 billion by 2034
The tyre-cutting machine market is expected to attain a valuation of US$1,316.7 million in 2024. In addition, the market is set to demonstrate a compound annual growth rate (CAGR) of 2.5 per cent between 2024 and 2034. Anticipating a total valuation of approximately US$ 1,735.5 million by 2034, the market indicates growth and encouraging opportunities within its evolving landscape, according to a new report published by Future Market Insights.
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Dongying tyremakers set to build multiple projects in 2024
As an important manufacturing centre for China’s tyre industry, the tyre companies gathered in Dongying City, Shandong Province, have been relatively conservative in recent years and rarely build new projects. Meanwhile, many prominent local enterprises have fallen into the crisis of “interconnection and mutual protection”. Bankruptcy and reorganisation have become common occurrences in the Dongying tyre industry. On the other hand, China pursues policies of high-quality development and carbon emission control. Tyres are a high-energy-consuming industry, and it is not easy for new projects to get approval from the authorities.
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Sailun’s Vietnam plant begins rubber track production
With additions made during the third phase of Sailun Group’s Vietnam factory project now operational, the plant has started manufacturing rubber tracks. Members of the Sailun management team recently invited partners and plant employees to a ceremony celebrating the inauguration of track production.
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Jiangsu General’s overseas factory tyre capacity may usher in breakthrough growth
On 12 January, Jiangsu General held an expansion ceremony for its Cambodian factory expansion project. If we look at the time, the tyre manufacturer just held its shareholders’ meeting on January 12 and approved the proposal to expand the production capacity of its Cambodian production base. Jiangsu General has previously disclosed that the Cambodian factory expansion project is expected to be put into production in the fourth quarter of 2024.
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China to invest $1 billion in Cambodia tyre & rubber projects
A Memorandum of Understanding (MoU) confirmed between Cambodia and China paves the way for major investments in tyre and rubber sector projects. Cambodia’s First Deputy Prime Minister, Sun Chanthol, signed the MoU together with Yuan Zhongxue, director of China’s National Engineering Research Center for Rubber and Tires (NERCRAT), during a visit to the Qingdao-based facility earlier this month.
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Jinyu restarts its car tyre business
On 12 December 2023, Jinyu Tire Group held a groundbreaking ceremony for the company’s new passenger car and light truck tyre production project in Tay Ninh Province, Vietnam. The project is designed to provide tyre production capacity in three phases. The first phase is expected to reach production by early 2025. This project is an expansion of Jinyu (Vietnam) Tire Co., Ltd., which started in Vietnam in 2020 and produces truck and bus radial tyres (TBR).
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SRI utilising hydrogen energy in tyre manufacturing
Since establishing its new long-term sustainability policy in 2021, Sumitomo Rubber Group has piloted and demonstrated proof of concept for the use of hydrogen as a source of energy at its tyre factory in Shirakawa, Japan. Combined with power generated from solar photovoltaic panels installed in the plant’s carpark, Sumitomo Rubber Industries (SRI) claims that the use of hydrogen has led to carbon neutrality (Scopes 1 and 2) for its production at Shirakawa, beginning in January 2023.
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Chinese authorities issue guidance document on tyre industry structural adjustment
The “Guidance Catalog for Industrial Structural Adjustment (2024 Edition)” issued by the Chinese authorities has a guiding role in how China’s tyre industry will develop in the next year. The new guidance document will be effective from February 1, 2024, covering three categories: encouragement, restriction, and elimination.
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Linglong produces first 49-inch giant OTR tyre
Witnessed by chairman and president Wang Feng, Linglong’s Jilin Factory has rolled out its first 27.00 R49 giant engineering radial tyre and hence Linglong can now produce larger volumes 49-inch tyres. The tyre manufacturer said that the 49-inch tyre product “further improves the OTR tyre product system and marks that its OTR tyre development has entered a period of rapid development”.
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Zhongce builds second overseas factory in Indonesia
“The Indonesian factory has been confirmed, and the Mexican factory is under preparation” - An employee of Zhongce Rubber (ZC Rububer) has revealed the latest progress of overseas factories to Tyrepress China. In other words, China’s largest tyre manufacturer has decided to establish a second overseas production base in Indonesia.
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Pirelli’s Italian shareholders increase stakes
Following on from the execution of the Italian government’s golden power directive, which removed Sinochem’s power to appoint a chief executive, Pirelli’s major investors have struck an investment agreement that effectively gives increased control to Pirelli’s Italian shareholders as well as to executive Marco Tronchetti-Proveras eponymous company.
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Yokohama sets up Italian subsidiary to address market directly
Yokohama Group has set up a wholly owned subsidiary to service the Italian market directly. Yokohama Pneumatici Srl is headquartered in Milan. Mentioning the Italian market’s “strategic importance,” Yokohama said the operation’s primary objective is “to get closer to customers, to better and more directly understand the needs of such a relevant market in the European region and to provide solutions with a level of service consistent with the premium positioning of the brand.” It entered operation on 1 January 2024.
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50% more exhibitors expected for “Tire Cologne 2024″
In the middle of this year – more precisely from 4-6 June – “The Tire Cologne” will open its doors again. The leading trade fair for the tyre industry will then take place in Cologne for the third time. But again, the conditions are somehow completely different: If the premiere took place in 2018 and therefore before the corona pandemic, the second edition – actually planned for 2020 - made a very respectable “restart” after being postponed to 2022 due to the pandemic and did so again a step towards normalization, so what exactly follows number three? Our international colleagues at Neue Reifenzeitung spoke about this with Ingo Riedeberger, who acts as “Tire Cologne” director at the organizer Koelnmesse GmbH. According to him, the pandemic has acted “like a turning point” for trade fairs, and the event about tyres/wheels, retreading/recycling and workshop/vehicle service, which starts in Cologne in a few months, is no exception. Nevertheless, it remains an “issue driver in the global tyre industry”. And even if companies plan a possible presence there “more quickly than before the pandemic”, they still expect “the event to be revived”. With the same hall set-up as in 2022, Koelnmesse will have around half more exhibitors than two years ago, when there were 300 and in 2018 there were a good 530.
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Tyroola Europe operations shuttered after Michelin buy-out
Following the news that Michelin has bought Australian e-commerce business Tyroola, Tyres & Accessories observed that the company also operates certain websites in Europe via a Dutch legal entity – Tyroola B.V.
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Prinx Chengshan makes strategic agreement with two steel cord manufacturers
In less than two months, Prinx Chengshan has signed strategic cooperation agreements with two steel cord manufacturers, Xingda and Shougang Century. Jiang Xizhou, executive vice president of Prinx Chengshan, and Yin Nengbo, purchasing director, both attended the two signing ceremonies.
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