Retreaded Tire Market is projected to reach US$ 7.5 Bn by 2031
According to the report, the global retreaded tire market is projected to reach US$ 7.5 Bn by 2031, expanding at a CAGR of 0.26% during the forecast period. Tire retreading is the process wherein selected and inspected tires receive a new tread. It is also called tire remolding. In this process, a worn casing of a tire that possesses good structural quality is passed through a series of processes until it receives a completely renewed tread and sidewall rubber. Subsequently, the revamped tire is taken for the curing process in which the new rubber is vulcanized to the original casing and hence, the tire gets a newly made tread pattern.
The increasing demand for effectively managing automotive tire waste by recycling and reusing is a major concern expressed in developed and developing countries worldwide. Government agencies, along with tire makers are focusing on effective tire waste management and recycling to overcome these challenges. Retreading is a potential solution for effective recycling of worn-out tires and saves considerable energy consumed in the manufacture of new tires. Government agencies have initiated several programs to enhance the retreading technology and businesses in their respective countries. For instance, the European Union initiated RETYRE project under the CORDIS program to boost the retreading sector in Europe. Thus, a rise in awareness about tire waste management is boosting the global retreaded tire market.
The recent outbreak of COVID-19 pandemic hampered most of the industries and trade activities across the globe, as government entities imposed restrictions and lockdowns to curb the spread of the virus. This resulted in decline in miles travelled by vehicles, thus slowing the wear of tires and consequently, hampering the demand for retreading. However, as vaccination drives have been initiated, commercial as well as daily activities are returning to normalcy, which is anticipated to increase the demand for retreaded tires over the next few years.
Expansion of Retreaded Tire Market
The development of high strength tires is positively impacting the tire retreading sector. Good condition casing is an important prerequisite for retreading, as these casings are mounted with new treads and reused in vehicles. Thus, to avoid any failure of retreaded tires when the vehicle is running, good strength casing is required. High standard and quality tires manufactured using premium technologies and novel materials ensure the casing of tire remains suitable for retreading after its first life. Hence, the retreaded tire market is expanding, as stronger tire casings are made through enhanced manufacturing techniques and high quality rubber compounds.
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Based on tire type, the radial tire segment held a dominant share of the global retreaded tire market, in terms of revenue, in 2020. Radial tire have been standard type of tires fitted on passenger and commercial vehicles sold in multiple countries. Radial tires being one of the most popular tires and contribute more than 50% of all tires sold across globe, a high number of cases of radial tires are available for retreading. Hence, most of the retreaded tires available in market are radial tires.
In terms of process, the pre-cure (cold treading) segment held a major share of the retreaded tire market in 2020. The treads in pre-cure process are manufactured in a manufacturing plant, which ensures high quality of treads, and lowers the pressure and temperature during curing, which leads to less stress on the casing. This process is faster and easier, which makes it popular and hence, the pre-cure (cold treading) segment holds a major share of retreaded tire market.
Regional Analysis of Retreaded Tire Market
In terms of region, the global retreaded tire market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global retreaded tire market in 2020. The high share held by Asia Pacific can be attributed to the high number of on-road vehicles, which fuels the demand for replacement tires. Moreover, the high presence of tire manufacturers, rubber manufacturers, and other companies in the supply chain of retreading industry further propels the retreaded tire market in Asia Pacific.
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