The Global Retread Tires Market size is projected to grow from USD 44.8 billion in 2020 to USD 51.1 billion by 2025, at a CAGR of 2%. The growth can be attributed due to the high demand for retreading as an eco-friendly process and the increase in vehicle production. Retreading offers financial benefits such as cost savings and increased tire life which are driving its adoption from OEMs worldwide.
Retread tires are a type of reused tire that has been re-manufactured. The retreading process involves stripping off the worn tread from the tire and applying new tread using specialized equipment to make it as good as new. In addition, there is no change in dimensions or technical specifications of these rubber products when they get refurbished which makes them an economical alternative to buying a brand new product while avoiding waste generation that would happen if you throw away old assets completely. Retreading tires is a process that involves recapping or retreading an existing tire. Retreaded tires are produced from the used original equipment manufacturer (OEM) and aftermarket automobile tires, which have been repaired by placing another tread over the worn-out or damaged one. Retreads provide equivalent safety to new-tire performance at a lower cost compared with buying new tires for vehicles in Europe and North America. It also drastically reduces the disposal fee as 90% of a truck tire can be reused according to estimates.
On the basis of Type, the global retread tires market is segmented into Pre Cure Process and Mold Cure Process.
The Pre Cure Process is a type of retreading process which involves the application of rubber on top of an existing tire. This process is carried out before immobilizing the old tread with glue and it helps in providing additional adhesion between tread compounds, body ply cords, sub-treads, bead filler, etc. The pre-cure process is done by using a preform, which is the tire’s initial form, inflated with pressurized air. The molding cavity on top of it is filled with rubber compounds and then heated to high temperatures. This makes slides more easily over the surface of the curing chamber wall.
The mold Cure Process consists of applying heat and pressure to the tire in order to bond the new tread rubber compound with the existing one. This process is known as Retreading, which increases longevity by up to 40% over standard tires. This process requires the remanufacturer to remove the tire's tread and then clean it on a wheel lathe. The heat is applied directly onto the scorched areas on both sides of the new or used rubber, this ensures that no air bubbles remain in the retreaded area. Once cooled down, one can apply additional layers of compounds for further curing purposes if required.
On the basis of Application, the global retread tires market is segmented into OEM & Aftermarket.
Retread tires are used as original equipment (OEM) in the automotive industry for autos, light commercial vehicles, and trucks. The best use of retreads is to manage cost by reusing an old tire rather than purchasing a new one. This reduces the expenditure incurred on the purchase of replacement parts and also saves fuel that would have been otherwise consumed while using a new tire. Retread tires are used in the OEM sector for their high efficiency and long-lasting performance. They not only reduce vehicle downtime but also help to lower maintenance costs throughout its life cycle, helping original equipment manufacturers (OEMs) gain a competitive advantage over others.
Retread tires can be used in the Aftermarket sector for different applications such as trailers, heavy trucks, and buses. It is estimated that 45% of retreads are produced as replacement units i.e., they replace worn-out conventional tires on commercial vehicles (trucks, buses, etc.). Retread tires are used in the Aftermarket sector to replace original equipment manufacturer (OEM) all-season radial, light truck, and medium truck tires. Retreads have several advantages over new tires, including longer tread life by about three times as compared with new OEM tires, less impact on the environment due to their reduced scrap rate of approximately 50 percent or more when reusing an existing casing instead of manufacturing a new one for each tire replacement.
On the basis of Region, the global retread tires market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America held the largest share of the global retread tires market in 2017 owing to the increasing number of accidents on high-speed roads resulting in huge demand for new tires. The Asia Pacific is projected to be the fastest-growing region during the forecast period 2018 – 2028 due to rapidly increasing vehicle production across countries such as India, China, and Japan. In addition, a rise in disposable income along with an increase in the middle-class population will fuel growth over the next seven years. Europe accounted second-largest revenue share after North America by end of the year 2017 followed closely by Latin American regions largely driven by the widespread use of advanced technology tire manufacturing across countries.
The growth of the global retread tire market can be attributed to rising demand for fuel-efficient cars, aging road infrastructure coupled with rising disposable income among consumers across emerging economies are some key drivers that support the growth of this market globally. Furthermore, The increasing demand for retreading in developed regions, such as North America and Europe, Government initiatives to reduce road accidents by enforcing safety regulations on vehicles with defective or worn-out tires, High demand from the tire manufacturing industry, fuel this market growth.
Up Market Research published a new report titled “Retread Tires Market research report which is segmented by Types (Pre Cure Process, Mold Cure Process), By Applications (OEM, Aftermarket), By Players/Companies Tire Recappers, Canton Bandag Tire Co, New England Truck Tire Centers, Marangoni, Southside Tire”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
| Report Attributes | Report Details |
| Report Title | Retread Tires Market Research Report |
| By Type | Pre Cure Process, Mold Cure Process |
| By Application | OEM, Aftermarket |
| By Companies | Tire Recappers, Canton Bandag Tire Co, New England Truck Tire Centers, Marangoni, Southside Tire |
| Regions Covered | North America, Europe, APAC, Latin America, MEA |
| Base Year | 2020 |
| Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
| Forecast Year | 2028 |
| Number of Pages | 227 |
| Number of Tables & Figures | 159 |
| Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Pre Cure Process, Mold Cure Process and By Application OEM, Aftermarket.
Some of the companies that are profiled in this report are:
Retread Tires Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Retread Tires Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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