The demand for natural minerals has increased because of increased industrial production, infrastructure development, and power generation. The unexpected emergence of the COVID-19 pandemic imposed strict lockdowns in several countries, causing a halt in mining activities and a decrease in mining tire production and supply. These factors led to a -8.8% decline in the mining tires market in 2020.
However, increasing government plans and programs aimed at boosting mining projects, rising demand for natural minerals in various end-use industries, coupled with the growing adoption of radial tires are one of the major factors driving the mining tires market across regions. Overall, the mining tires market is likely to grow at a promising CAGR of 5.1% in the long run to reach a value of US$ 5.3 Billion in 2027.
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