PUBLISHER: The Business Research Company | PRODUCT CODE: 1455340
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455340
Tire retreading is a re-manufacturing process that involves adding fresh tread to used tires, effectively extending their lifespan. This practice is employed to provide fleet owners and other vehicle operators with a cost-effective, reliable, and environmentally friendly solution for managing tire replacement expenses and reducing their ecological footprint.
The primary methods of tire retreading include pre-cure and mold cure. In pre-cure tire retreading, the process utilizes rubber that has already undergone vulcanization and carries the imprint of the new tread pattern. These methods find applications across various vehicle types such as heavy trucks and buses, light commercial vehicles, off-road vehicles, and passenger cars. Additionally, they cater to diverse end-users, including automobiles and heavy machinery.
The tire retreading market research report is one of a series of new reports from The Business Research Company that provides tire retreading market statistics, including tire retreading industry global market size, regional shares, competitors with a tire retreading market share, detailed tire retreading market segments, market trends, and opportunities, and any further data you may need to thrive in the tire retreading industry. This tire-retreading market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tire retreading market size has grown steadily in recent years. It will grow from $7.32 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed in the historical period can be ascribed to the realization of cost savings and economic advantages, increased awareness of environmental sustainability, the imposition of strict regulations on tire disposal, global economic factors, and a heightened emphasis on fleet maintenance and efficiency.
The tire retreading market size is expected to see steady growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be linked to circular economy initiatives, the expansion of commercial vehicle fleets, government incentives promoting sustainable practices, global endeavors to minimize carbon emissions, and heightened consumer awareness. Key trends expected in the forecast period encompass progress in retreading technology, the creation of high-performance retreaded tires, the application of cold retreading techniques, the introduction of intelligent retreading solutions, and an emphasis on quality certification and standards, along with the adoption of computerized tread design.
The anticipated growth in the tire retreading market is expected to be fueled by the increasing number of transport and passenger vehicles. Transport vehicles, designed for moving goods or people, and passenger vehicles, which carry no more than 10 individuals, witness a rising demand for retread tires. This cost-effective option not only reduces expenses for passenger car owners but also contributes to waste reduction and the conservation of natural resources. For example, a report by MarkLines Co. Ltd. in September 2023 revealed a 12.7% increase in passenger car sales in August, reaching a total of 280,223 units and a market share of 20.9% in the U.S. The growing fleet of transport and passenger vehicles is thus propelling the tire retreading market.
The expansion of the logistics sector is poised to drive the growth of the tire retreading market. This sector, responsible for the movement, storage, and management of goods within the supply chain, benefits significantly from tire retreading. This practice lowers operational costs by extending tire lifespan, improving fuel efficiency, and reducing environmental impact. For instance, a Logistics UK report in January 2022 highlighted the substantial contribution of the logistics sector to the UK economy, adding $176.30 billion (£139 billion) in gross value added (GVA) in 2021. Accounting for around 11% of the UK's nonfinancial business economy, the logistics sector plays a crucial role in boosting the tire retreading market.
The growth of the tire retreading market may face hindrances due to a shortage of highly trained and skilled manpower. Tire retreading involves intricate processes such as inspection, buffing, repairing, and curing, requiring skilled technicians for accurate execution. A lack of diversity in the tire technician workforce, as seen in the majority being men, can be indicative of a scarcity of qualified workers in the tire care and maintenance industry. The shortage of highly trained and skilled manpower poses a restraint on the tire retreading market going forward.
Leading companies in the tire retreading market are introducing innovative products such as bead-to-bead retreads, aiming to cater to broader customer bases, boost sales, and increase revenue. Bead-to-bead retreading involves applying the retreading process not only to the tread but also to the sidewalls of the tire. For example, in October 2021, The Goodyear Tire & Rubber Company, a prominent US-based tire retreading company, unveiled the RT-3B bead-to-bead retread. This product stands out for delivering optimal performance across various underfoot conditions, suitable for loaders or graders. It expands Goodyear's retread tire offerings, providing operators in the USA and Canada with additional choices for improving efficiency, reducing costs, and minimizing environmental impact in two standard sizes, 20.5R25 and 23.5R25.
In April 2022, Pomp's Tire Service Inc., a tire and wheel company based in the US, successfully acquired Dale's Tire & Retreading Inc. The strategic acquisition is geared towards enhancing Pomp's tire service portfolio by leveraging its retreading network, ultimately offering improved services to customers. Dale's Tire & Retreading Inc., the acquired company, is also based in the US and specializes in tire retreading.
Major companies operating in the tire retreading market report are Bridgestone Corp., Michelin SCA, Goodyear Tire and Rubber Co., Yokohama Rubber Co, Hankook Tire & Technology Co. Ltd., Apollo Tyres Limited, Giti Tire Pte. Ltd., MRF Ltd., Southern Tire Mart LLC, Nokian Tyres PLC, JK Tyre & Industries Ltd., CEAT Limited, Pomp's Tire Service Inc., Marangoni S.p.A, Kraiburg Austria Gmbh & Co.Kg, BestDrive LLC, Oliver Rubber Company, Parrish Tire Company, Rosler Tyre Innovators Pty Ltd., Valley Tire Company, Redburn Tire Company, TreadWright Tires L.L.C., Tolins Tyres Pvt. Ltd., Easters Treads Limited, Dale's Tire & Retreading Inc., Pilipinas Kai Rubber Corporation
Asia-Pacific was the largest region in the tire retreading market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tire retreading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tire retreading market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tire retreading market consists of revenues earned by entities by provide services such as tire repair, inspection, testing, disposal, recycling, and tire management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The tire retreading market also includes sales of rubber compounds, cushion gum, envelopes, rubber ribs, and curing tubes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Tire Retreading Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tire retreading market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tire retreading ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tire retreading market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.