Tire and rubber machinery sector rebounds with strong growth in 2024 survey

The global tire and rubber machinery sector has rebounded strongly in 2024, according to the European Rubber Journal’s (ERJ) Tire & Rubber Machinery Survey 2024. After flat sales in 2023, respondents reported an 18.6% year-on-year increase in total sales, reaching $3,712 million. This marks a sharp contrast to the 1% growth in 2023 and 20% in 2022, signaling a robust recovery across markets worldwide. The rebound occurred despite ongoing global challenges, including geopolitical tensions in the Middle East and Red Sea, as well as Russia’s war in Ukraine. China played a pivotal role in the sector’s recovery, with sales by Chinese-based rubber machinery manufacturers rising by 12% to $1,605 million. This follows a 3% decline reported in 2023, attributed in part to lingering effects of COVID-19 restrictions in the country. The survey highlights that the positive trends reflect broader market adjustments and strategic shifts within the industry. The data, provided by the Chinese Rubber Machinery Manufacturers Association, underscores China’s dominant position in the global rubber machinery market. The survey results were published on June 9, 2024, in the European Rubber Journal.