What is Global Tire Retreading Market?
The Global Tire Retreading Market is a significant segment of the automotive industry that focuses on extending the lifespan of tires. This process involves replacing the worn-out tread on used tires with new tread, thereby making them as good as new. The practice of tire retreading is not only cost-effective but also environmentally friendly as it reduces the need for manufacturing new tires, which in turn, reduces the demand for raw materials and energy consumption. The market for tire retreading has been gaining traction globally due to these benefits. However, the market's growth is also influenced by various factors such as the increasing number of vehicles on the road, the rising cost of new tires, and the growing awareness about the environmental impact of tire disposal. Despite these factors, the market faces challenges such as the availability of cheap new tires and the negative perception about the safety and quality of retreaded tires. Nevertheless, advancements in retreading technology and stringent environmental regulations are expected to provide growth opportunities for the market in the coming years.
Pre Cure, Mold Cure in the Global Tire Retreading Market:
The Global Tire Retreading Market is segmented based on the type of retreading process into Pre Cure and Mold Cure. The Pre Cure process involves applying a pre-cured tread onto the buffed tire casing and then curing it in a chamber. This process is widely used due to its flexibility and cost-effectiveness. On the other hand, the Mold Cure process involves applying uncured tread rubber onto the buffed tire casing and then curing it in a mold. This process provides a better finish and is preferred for high-speed applications. However, it is more expensive and time-consuming than the Pre Cure process. Despite these differences, both processes are crucial to the tire retreading market as they provide a cost-effective and environmentally friendly alternative to new tires.
Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars, Other in the Global Tire Retreading Market:
The Global Tire Retreading Market finds its application in various types of vehicles including Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars, and others. In Heavy Commercial Vehicles, tire retreading is essential due to the high cost of new tires and the heavy wear and tear these vehicles undergo. Similarly, in Light Commercial Vehicles, tire retreading helps in reducing operating costs. In Passenger Cars, although the use of retreaded tires is less common due to safety concerns, it is gradually gaining acceptance due to advancements in retreading technology and the increasing cost of new tires. In other types of vehicles such as motorcycles and bicycles, tire retreading is less prevalent due to the lower cost of new tires and the smaller size of the tires. However, with the growing awareness about the environmental benefits of tire retreading, its application in these vehicles is expected to increase in the future.
Global Tire Retreading Market Outlook:
The Global Tire Retreading Market, which was valued at US$ 5591 million in 2022, is projected to reach a value of US$ 6433 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 2.0% during the forecast period from 2023 to 2029. The market is dominated by the top five manufacturers who collectively hold a Sales Market Share of over 30%. In terms of product, Pre Cure is the largest segment, accounting for a Sales Market Share of over 90%. This dominance of the Pre Cure segment can be attributed to its cost-effectiveness and flexibility, which make it a preferred choice for many tire retreading companies.
| Report Metric | Details |
| Report Name | Tire Retreading Market |
| Accounted market size in 2022 | US$ 5591 in million |
| Forecasted market size in 2029 | US$ 6433 million |
| CAGR | 2.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Bridgestone, Michelin, GoodYear, Marangoni, Continental, TreadWright |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
