Tires that are repaired and retreaded with the help of suitable tread compounds to receive suitable mileage are known as retread tires. Tires gradually wear down due to road travel. The part of tire which wears down is known as tire tread. However, the casing of the tire does not get affected to a great extent while travelling on roads. The tread of the tire can be replaced and this replacement allows the vehicle to run with full potential. This provides economic advantage to the vehicle’s owner and also ensures that the tires are not discarded impulsively. As a matter of fact, significant cost reduction can be attained using retread tires as the cost of a remolded tire is 30%-50% lower than that of a new tire. The retread tire market is anticipated to witness significant transitions in terms of demand. The global retread tire market is anticipated to witness increasing investments from tire manufacturers. On the other hand, fluctuations in raw material prices may act as a hampering factor and cause fluctuating market growth. Since, oil is a key raw material used for tire retreading, any fluctuations in oil prices are capable of causing fluctuations in retread tire market growth.
The low cost of retreaded tires is one of the key factors uplifting the retread tire market growth. This growth is further being boosted by the robust growth of the transportation sector. Moreover, tire retreading is an eco-friendly solution and hence, it is being supported by various regulating bodies. Additionally, continuous growth in vehicle parc is another factor which will upsurge replacement requirements for tires. Large fleet owners prefer tire remolding to ensure cost effectiveness. All of these factors will positively affect the growth of the global retread tire market.
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Global Retread Tire Market: Segmentation
The global retread tire market can be segmented on the basis of tire position, production method, vehicle type and region.
On the basis of tire position, the global retreated tire market can be segmented into:
- Drive Axle
- Trailer Axel
On the basis of production method, the global retreated tire market can be segmented into:
- Pre cure
- Mold Cure
On the basis of vehicle type, the global retreated tire market can be segmented into:
- Passenger cars
- Light Commercial Vehicles
- Heavy Trucks & Buses
- Off-road vehicles
- Commercial Aircrafts
On the basis of region, the global retreated tire market can be segmented into:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- South East Asia and Pacific (India, ASEAN, Australia & New Zealand)
- China
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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Global Retread Tire Market: Regional Outlook
In terms of demand, Asia Pacific is expected to account for highest sales in the global retread tire market during the projected period. This is mainly due to the robustly increasing vehicle sales in the region and growing vehicle parc. China, India and ASEAN are expected to hold major stakes in the overall retread tire market. Moreover, North America is anticipated to be the next big market after Asia Pacific in the global retreat tire market due the favorable regulatory environment and enhanced adoption of retread tires, which will build new growth verticals in this region. The North America market is expected to experience high demand for retread tires due to growth in commercial aircrafts. Furthermore, Europe is anticipated to be next big market followed by North America in the global retreated tire market — EU5 countries are projected to hold a leading share in the market throughout the forecast period.
Global Retread Tire Market: Market Participants
Names of some of the manufacturers engaged in the manufacturing of retread tires in the global retread tire market are:
- Bridgestone Corp.
- Compagnie Generale des Etablissements Michelin SCA
- Valley Tire Company
- Parrish Tire Company
- TreadWright
- REDBURN TIRE COMPANY
- Oliver Rubber Company
- The Goodyear Tire and Rubber Co.
- Marangoni S.p.A
- Michelin North America Inc.
