The global rubber tracks for defense and security market is apprehended to follow gradual growth over a 10-year forecast period 2017-2027. According to a recently published research report by Future Market Insights, titled “Rubber Tracks for Defense and Security Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017-2027,” the market is poised for a CAGR of 3.9% over the assessment period and will reach US$ 144.5 Mn by 2027 end, up from US$ 98.4 Mn registered in 2017. Volatile rubber pricing scenario is considered to be a predominant factor restraining rubber sales, ultimately affecting the rubber tracks market performance.
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North America to Retain Dominance Led by US
North America currently holds the largest market share of over 31%, followed by MEA with a share of over 20% in terms of value. Europe is another key market for rubber tracks for defense and security. In terms of volume, Future Market Insights identifies dominance of EMEA and North America in the global market in 2017. In terms of basis points, North American and Eastern European markets are projected for a considerable gain, whereas all other regions are expected to see a slight decline in near future. North America will reportedly retain the dominance with a promising CAGR of over 5%; Eastern Europe will be a steadily growing market over the next decade.
North America has been dealing with immense pressure due to internal as well as external terrorism since the past few years. This has been detected as a key factor driving the demand for military vehicles within the North American market. Increasing investment of the US Army in battle tanks and other vehicles is predicted to directly boost the sales of rubber tracks in this region, the US being the leading market in this region.
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Top Global Players Based in North America to Maintain Maximum Revenue Shares
Soucy International Inc., Ocean Rubber Factory LLC, COECA SA, William Cook Holding Limited (Cook Defense Systems), LS Mtron Ltd., GMT Rubber and Metal Technic Ltd, Martin’s Rubber Company Ltd., Cauchos Puntes S.L, Mackay Consolidated Rubber Technology, Northern Plains Track (Camso Group), and TGL SP Industries Ltd. are some of the major companies actively operating in the competitive landscape of the global rubber tracks for defense and security market.