New York, US, May 17, 2022 (GLOBE NEWSWIRE) -- Automotive Retread Tires Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Retread Tires Market” information by Process Type, by Sales Channel, by Vehicle Type and Region – Forecast to 2027” market size to reach grow at a compound annual growth rate of 5% by 2027.
Automotive Retread Tires Market Scope:
Retreading is a re-fabricating procedure in which worn-out and outdated tire tracks are replaced with new ones. Tire retreading often costs nearly 40% less than new tires, and the cost viability provided by retread tires is an important factor driving market growth, which is further aided by the strong growth of the transportation industry. Furthermore, retread tires and tire retreading are environmentally beneficial alternatives, and as a result, they are receiving support from many governing organizations that allow the use of retread tires. Environmentally friendly and technological progress might be viewed as a market investment opportunity. Retreading is a prime illustration of the circular economy since damaged tires are fixed for reuse rather than discarded. Retreading OTR tires can rescue tires from landfills and allow fleets to run more sustainably as tire makers and mining firms seek to reduce their environmental footprints.
Dominant Key Players in Automotive Retread Tires Market Covered are:
- Bridgestone Corporation (Japan)
- KRAIBURG AUSTRIA GmbH & CO. KG (Austria)
- JK Tyres (India)
- Pilipinas Kai Rubber Corporation (Philippines)
- The Goodyear Tire & Rubber Company (US)
- Michelin (France)
- Marangoni S.p.A. (Italy)
- Nokian Tyres plc (Finland)
- MRF Tyres (India)
- Eastern Treads (India)
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Retreads account for nearly half of all replacement truck tires. Those who opt for retread tires save 30-50 percent on replacement tires. This is money in your pocket that you can spend for further investments and purchases. Retread tires are made using cutting-edge ingredients that help them resist wear and tear. Truckers utilize them for planned delivery times, assured delivery times, small item delivery, and other purposes. Military, education, aerospace, and transportation are just a few industries that use retread tires.
Market USP Exclusively Encompassed:
Automotive Retread Tires Market Drivers
The surge in tire consumption in passenger cars, particularly heavy commercial vehicles, is critical to driving market expansion. Furthermore, with enhanced concern for the environment, rising innovations in components and advancements used in automotive manufacturing, and soaring strict regulatory norms, the normal operational timeframe of vehicles has increased significantly, increasing demand for vehicles and a rise in vehicle production around the world. Intensifying vehicle demand due to population growth and rising disposable income are two significant reasons driving the automotive retread tire industry. The high-cost benefits of retreading worn-out tires will create new chances for new manufacturers in the automotive retread tires market. According to tire companies, retreading old tires will provide at least 30% of the entire cost compared to new tires while also benefiting the environment.
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Automotive Retread Tires Market Restraints:
Less dependability is predicted to stymie industry expansion. Budget tires, imported from Asian countries such as China and available at lower prices, are gaining favor in the market. Due to financial constraints, many car owners select these tires. The availability of these new economical budget tires is limiting the global retreaded tire business.
COVID 19 Analysis
The COVID-19 pandemic has had a significant influence on the world economy at multiple levels, and the effect is being seen in the automotive industry as well. Output and supply chain activities have been slowed due to the rapid COVID-19 epidemic, but demand will rise when the economy recovers from the pandemic's containment period. The pandemic problem is also projected to impact the retread tire market with a significant decline. With several end users affected in regions such as North America, East Asia, and Asia-Pacific, supply and demand shortages are expected to result in a significant decline in growth.
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Segmentation of Automotive Retread Tires Market Covered in the Research:
By Process Type
The Pre-Cure category is projected to drive the demand throughout the forecast period.
By Sales Channel
The OEM segment is projected to expand in the future years.
Automotive Retread Tires Market By Vehicle Type
In the predicted future, passenger cars will dominate the global market. Tire retreading has long been a popular notion for heavy commercial vehicles, but as time has passed, the potential benefits of adopting it for light commercial vehicles have become apparent.
Automotive Retread Tires Market Regional Analysis
The Asia-Pacific automotive retread tire market is predicted to dominate market share, followed by Europe. Because of the considerable cost benefits associated with retread tire production, sales of retread tires are predicted to grow at the fastest CAGR throughout the forecast period. Furthermore, rising environmental concerns resulting from increased automobile consumption will drive up the growth of the automotive retread tires in Asia-Pacific. ASEAN countries like Indonesia and Thailand are large producers of rubber, a necessary raw resource for retreading. This ensures that retreading companies have an uninterrupted supply of raw materials and tire casings.
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Furthermore, expanding industry in the region has increased the number of kilometers traveled by heavy trucks, increasing the need for replacement tires. These reasons contribute to Asia-Pacific's large proportion of the worldwide retreaded tire industry. In Europe, EC Regulation 108 and EC Regulation 109 make the new manufacturing of passenger car tires and commercial vehicle tires mandatory. The EC Regulation will boost retread tire production and consumption in Europe.
Cabot Corporation expanded the reach of its Engineered Elastomer Composites product line for use in off-the-road (OTR) tire retreading applications. E2C solutions for the OTR tire retreading application, enabled by proprietary process technology that combines reinforcing carbons into elastomers, deliver premium performance that increases retread life, enhances the productivity of mining operations, and decreases environmental effects.
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