Mumbai-based manufacturer outlines five-year plan with new market entries and USD 400m investment programme

Balkrishna Industries Ltd (BKT), one of India’s leading tyre manufacturers, has unveiled an ambitious strategic roadmap targeting revenues of USD 2.6 billion by 2030, representing a significant expansion from its current operations focused primarily on off-highway tyres.

The Mumbai-headquartered company presented its five-year plan to the board of directors, outlining total investments of USD 400 million to be funded predominantly through internal resources. The strategy centres on three core pillars: reinforcing its leadership position in off-highway segments, expanding carbon black operations, and entering new tyre categories specifically for the Indian domestic market.

BKT reported record revenues of INR 106.15 billion for fiscal year 2024-25, marking a robust 13 percent increase over the previous year despite challenging global macroeconomic conditions. This performance has provided the foundation for the company’s ambitious expansion plans.

The most significant strategic shift involves BKT’s entry into passenger car radial (PCR) and truck & bus radial (TBR) tyre segments, departing from its traditional focus on agricultural and industrial applications. Both new product lines will target exclusively the Indian market, with TBR pilot launches scheduled for Q4 of FY25-26, followed by PCR pilots in Q3 of FY26-27. The company expects these new verticals to contribute approximately 20 percent of overall sales by 2030.

“With this development plan, we are setting a clear and ambitious vision for BKT’s future—built on solid foundations, modularity, and organic growth. We are entering new product categories with the same focus and consistency that have driven us in the Off-Highway space, backed by the trust we’ve earned worldwide,” said Rajiv Poddar, Joint Managing Director of BKT.

In its established off-highway tyre (OHT) segment, BKT will continue consolidating its global agricultural leadership while strengthening positions in rubber tracks, mining, industrial, and construction applications. Following the successful commercialisation of rubber tracks, the board has approved expanding the dedicated production facility, which is expected to become operational in the second half of 2026.

The company plans to leverage its proprietary All-Steel Radial technology for mining applications, developing tyres up to 57 inches to complement its existing bias range. Geographically, growth efforts will concentrate on the Americas, India, and selected international markets whilst maintaining a steady European presence.

BKT’s carbon black division represents another growth engine. Over the past three years, it has established itself as a strategic partner for major tyre manufacturers domestically and internationally. The company focuses on speciality carbon black segments targeting high-performance non-tyre applications, including speciality and advanced carbon black grades.

Production capacity will expand from 200,000 to 360,000 metric tonnes annually to support this trajectory, incorporating advanced carbon black development. The project is scheduled for completion by early 2026, positioning BKT to capitalise on growing demand in both tyre and non-tyre applications.

The strategic plan emphasises an integrated industrial structure leveraging shared infrastructure, existing synergies between production hubs, and consolidated brand investments. This approach aims to enable scaling without compromising profitability—a critical consideration as BKT diversifies beyond its traditional market segments.

Despite the expansion into new categories, BKT remains committed to its core off-highway vision, targeting a 10% global market share in off-highway tyres by 2030. This goal underpins the company’s strategy of consolidating positions in high-value segments whilst expanding its presence across strategic international markets.

The announcement comes as India’s tyre industry benefits from strong domestic economic growth, providing favourable conditions for BKT’s market expansion. The company’s existing portfolio spans over 3,600 products sold across 163 countries worldwide, primarily serving agricultural, industrial, earthmoving, mining, ATV, and gardening sectors.

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Dow will invest approximately USD 100 million by the end of 2027 to expand its specialty silicones manufacturing and research capabilities in the US, China and Japan, as the chemicals group seeks to meet rising demand from the mobility, electronics and healthcare sectors.

The investments will increase production capacity for liquid silicone rubber and engineered silicone materials, while also expanding research facilities focused on thermal management technologies.

The company said the projects would strengthen regional supply chains and support customers through local manufacturing and technical capabilities.

“These investments underscore Dow’s focus on scaling specialty silicones materials and bringing innovation closer and faster to our customers,” said Brendy Lange, president of Performance Materials & Coatings. “By expanding manufacturing and innovation capabilities in these strategic regions, we are investing to meet increasing consumer demand, strengthening our global supply chain capabilities, and enabling customers to move faster from innovation to commercialisation.”

Dow plans to expand liquid silicone rubber manufacturing facilities in Carrollton, Kentucky, and Zhangjiagang, China. The facilities are expected to begin operations in 2027 and will support applications in mobility, electronics and healthcare.

The company is also increasing capacity for engineered silicone materials used in electronics applications, including power electronics, semiconductor packaging, thermal management and electrical protection.

New capacity in Songjiang, China, and Fukui, Japan, is scheduled to come on stream this year. Additional expansions in Auburn, Michigan, and Zhangjiagang are expected to be completed in 2027.

Dow expanded its Cooling Science Labs in Shanghai earlier this year and opened additional facilities in Midland, Michigan, in June. The facilities are intended to support the development and scale-up of thermal management technologies.

The investments complete the series of silicones projects outlined during Dow’s 2024 investor day. The company said project timelines had been updated to reflect market conditions and affordability considerations.

Dow said demand for specialty silicones continues to grow in mobility, electronics and medical applications, where supply reliability, technical support and product performance remain important considerations.

In mobility and electronics markets, the expanded capabilities are intended to support applications including mobility intelligence modules, data centres, microelectronics, energy electronics, consumer electronics components and advanced safety systems.

In medical applications, the company said regional manufacturing capabilities support local supply requirements for regulated products.

Dow said local manufacturing and technical support would help customers improve supply reliability, accelerate commercialisation and meet evolving qualification requirements.

The company said its integrated silicones manufacturing network across the Americas, Europe and Asia positions it to serve growing demand in specialty materials markets.

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CEAT Kelani Holdings has been recognised as the Best Tyre Manufacturer in the Component Manufacturer category at Sri Lanka’s inaugural Automobile Industry Awards, a distinction that underscores its dominant role within the nation’s expanding vehicle assembly sector. The awards, organised by the newly established Automobile Industry Council, were presented during a formal ceremony at Temple Trees, drawing a distinguished audience of government ministers, senior bureaucrats and key industry stakeholders.

The company’s commanding presence is particularly evident in the original equipment segment, where it supplies tyres for over 90 percent of all vehicles assembled domestically. Since initiating its original equipment supply chain in 2012, CEAT Kelani has grown to become the preferred partner for assemblers, delivering more than 150,000 tyres annually for a broad spectrum of vehicles, from passenger cars to commercial trucks. Its products are now fitted as standard equipment on more than 30 locally assembled models across 11 international brands.

This position of strength is further validated by the company’s attainment of the IATF 16949:2016 certification, marking it as the first tyre manufacturer in Sri Lanka to achieve this globally respected automotive quality standard. The tyres supplied to vehicle makers undergo exhaustive validation processes, demonstrating superior outcomes in critical areas such as safety, braking performance and durability while also exhibiting low rolling resistance to improve driving efficiency.

Beyond its industrial achievements, CEAT Kelani contributes substantially to the national economy by conserving foreign exchange through import substitution and sustaining the livelihoods of over 10,000 rubber cultivator families through domestic natural rubber sourcing. The Automobile Industry Council, which hosted the awards, functions as a private-sector-led entity established with government support to foster sustainable growth and collaboration between public and private stakeholders.

The inaugural awards ceremony forms part of the Council's broader mission to promote global best practices and governance standards within the local industry. As Sri Lanka's leading tyre brand, the company sells over 1.2 million tyres annually and maintains a presence in more than 110 countries, including US and Europe.

Ranked as the country's most valuable tyre brand by Brand Finance, CEAT Kelani has invested over INR 8.5 billion in Sri Lanka over the past decade, with a further INR 4.5 billion recently committed. The manufacturer supplies approximately half of Sri Lanka's automotive tyre demand while exporting around 20 percent of its output to 16 nations, reinforcing its status as a vital contributor to the national economy.

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Vittoria has expanded its Gravel Endurance Range by introducing new 700×50c and 700×55c tyre sizes across the Terreno T10, T30, T50 and T70 models. The gravel cycling discipline has transformed from a niche mixed-terrain activity into a multifaceted sport encompassing competitive racing, multi-day journeys, bikepacking and increasingly technical routes.

Although 40 mm and 45 mm options remain effective benchmarks in certain conditions, adoption of 50 mm and 55 mm widths is accelerating across racing and adventure circles. A wider footprint delivers improved traction on loose terrain, greater stability on descents, lower pressure capabilities and enhanced comfort during prolonged rides.

Within the racing segment, the trend towards larger tyres is unmistakable, with some competitors turning to mountain bike rubber for rugged courses. Tyre pressure management emerges as critical, as reduced pressure absorbs vibrations and maintains control on unpredictable surfaces. The average weight increase of approximately 70 grammes represents a modest compromise relative to performance gains.

For bikepacking and touring, wider tyres prove invaluable for managing heavier loads, delivering superior stability and cushioning over extended distances. The flexibility to adjust pressure enables navigation of both paved roads and isolated gravel routes. This preference aligns with frame design developments, as manufacturers produce bicycles with ample tire clearance to accommodate diverse styles.

The Terreno tread patterns are purpose-built for gravel surfaces and outperform traditional mountain bike designs. With the new sizes, the Vittoria Gravel Endurance Range now addresses the full spectrum from competitive racing to wilderness adventures, empowering cyclists to select optimal configurations for their ambitions across any terrain.

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Titan International has introduced the ITP CrossTrax tyre, a new product developed to enhance utility task vehicle performance in demanding agricultural settings. The company translated direct feedback from dealers and farmers into engineering specifications, addressing the specific operational challenges faced on modern farms. This initiative underscores a strategic move to tailor equipment for the evolving role of UTVs as essential workhorses beyond simple transportation.

The genesis of the CrossTrax tyre stemmed from field observations rather than laboratory work. During the Titan University Summit in early 2025, dealers highlighted persistent issues with tyre durability and machine downtime. Concurrently, farmers at agricultural shows reinforced these concerns, emphasising the need for a tyre built exclusively for farm work, distinct from recreational models, given that UTVs are now routinely used for hauling heavy supplies across fields, gravel and hard-packed roads.

The engineering response targeted the most frequent user complaints, namely flats from crop stubble and accelerated wear from mixed-terrain use. To combat these issues, the CrossTrax features an aramid-reinforced ply layer for enhanced puncture resistance against debris. It also incorporates a low void-to-tread ratio to improve stability across varying surfaces and utilises large tread blocks to promote even wear, thereby extending service life and reducing operational disruptions.

Reinforcing Titan’s commitment to customer-driven development, the new tyre line is now available in nine sizes, covering popular models like the Polaris Ranger, Kawasaki Mule and John Deere Gator, with three additional sizes forthcoming. Early field evaluations have reportedly affirmed the design priorities, with positive feedback on improved ride stability and durability. The CrossTrax ultimately aims to increase operator confidence while minimising downtime and replacement frequency.

Todd Hinson, Powersports Product Manager, Titan Specialty Division, said, “Hearing this input directly from dealers and farmers was really eye opening. CrossTrax is the result of taking those conversations seriously and acting on them. We built a tyre around what is actually needed for farm work today. CrossTrax reflects who Titan is, a tyre manufacturer with boots on the ground, staying close to our dealers and customers. We spend a lot of time understanding how equipment is actually being used on farms and building solutions around those needs. That approach has always shaped how we innovate, and it will continue guiding us moving forward.”

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