Press release
Retread Tire Market Projected to Witness Vigorous Expansion by 2028
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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.
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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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