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Automotive Retread Tires Market Size Hit US$ 7.68 billion by 2031, Propelled by Factors like Economic Efficiency

Automotive Retread Tires Market 2024

Automotive Retread Tires Market 2024

Automotive Retread Tires Market Size, Share, Growth Analysis, Industry Scope and Forecast 2024-2031

The Automotive Retread Tires Market is experiencing significant growth, driven by the economic efficiency and sustainability offered by retread tire solutions.”
— SNS Insider
AUSTIN, TEXAS, UNITED STATES, April 16, 2024 / -- The Automotive Retread Tires Market, according to the SNS Insider report, reached a value of USD 5.61 Billion in 2023. Looking ahead, the market is forecast to climb to USD 7.68 Billion by 2031, reflecting a compound annual growth rate (CAGR) of 4% during the forecast period from 2024 to 2031.

Market Report Scope
Retreading offers a cost-effective and sustainable alternative to purchasing new tires. This process involves replacing the worn-out tread on a used tire casing that has been thoroughly inspected and repaired. Essentially, retreading is a form of tire re-fabrication, where a new tread is applied to the existing casing, resulting in a retreaded tire that can deliver the same mileage as a new one. Retreading typically involves subjecting a tire casing to controlled pressure and temperature variations to create a new tread pattern that can then be safely used for extended periods.

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Major Key Players of Automotive Retread Tires Market
Continental AG
Bridgestone Corporation
Nokian Tires plc (Finland).
MRF Tires
The Goodyear Tire & Rubber Company
Marangoni S.p.A.
Pilipinas Kai Rubber Corporation
JK Tires
Eastern Treads

Growth Opportunities
The substantial cost savings associated with retreading compared to buying new tires are a key driver of market growth. Fleet operators, in particular, are increasingly turning to retreading as a way to optimize their operational costs while maintaining a safe and reliable fleet.

The retreading process helps reduce waste by extending the lifespan of existing tires, thereby minimizing the environmental impact of tire production and disposal. This focus on sustainability is attracting environmentally conscious consumers, further driving market expansion.

Recent advancements in retreading technology have significantly improved the quality and performance of retreaded tires. This enhanced quality, coupled with growing consumer awareness, is fostering greater trust and adoption of retreaded tires.

Market Segmentation
The automotive retread tire market caters to various tire types, processes, and vehicles. Radial tires, dominant due to their prevalence in modern cars, lead the tire type segment. Bias-ply tires find use in off-road vehicles, while solid tires are specific to industrial applications. Retreading methods include pre-cure (cold treading) using pre-made tread strips and mold-cure (hot treading), the traditional method involving uncured rubber and molds. While passenger cars traditionally dominated the vehicle segment, their share is declining as commercial vehicles, particularly those operated by fleets seeking cost savings, increasingly utilize retreading.

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Market Segmentation of Automotive Retread Tires
By Tire Type:

By Process:
Pre-cure (Cold Treading)
Mold-cure (Hot Treading)

By Vehicle Type:
Passenger Cars
Commercial Vehicles

By Region
North America
The Middle East & Africa
Latin America

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Impact of Russia-Ukraine War
The ongoing conflict between Russia and Ukraine is expected to have a moderate impact on the automotive retread tires market. Potential disruptions in the supply chain for raw materials like rubber and chemicals could lead to price fluctuations and production delays. Furthermore, rising energy costs could translate to higher manufacturing costs for retreaded tires. However, the long-term growth prospects of the market remain positive, driven by the aforementioned growth factors. Market participants may look for alternative suppliers to mitigate the war's impact on their production schedules.

Impact of Economic Slowdown
An economic slowdown could lead to a decline in demand for retreaded tires, as businesses and consumers may tighten their spending and delay non-essential purchases. However, the market is expected to show resilience due to the cost-saving benefits of retreading. Fleet operators and budget-conscious consumers may increasingly turn to retreading as a cost-effective alternative during economic downturns.

Key Regional Developments
The automotive retread tires market is thriving across several key regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. The Asia-Pacific region is anticipated to dominate the market throughout the forecast period due to its booming automotive industry and growing focus on cost-effectiveness. Furthermore, rising environmental concerns in the region are driving demand for sustainable solutions like retreading. Europe is expected to emerge as the second-largest market, driven by stringent regulations mandating the remanufacture and reuse of tires.

Key Takeaways for Automotive Retread Tires Market Study
The affordability and environmental benefits of retreading are fueling significant market growth, driven by rising consumer awareness and adoption.
Advancements in retreading technology are enhancing the quality and performance of retreaded tires, fostering greater trust and market acceptance.
The commercial vehicle segment is witnessing increasing demand for retreading due to cost-savings advantages for fleet operators.

Recent Developments
In July 2022, Hankook Tire & Technology Co., Ltd. (Hankook Tire) announced a significant investment to expand its Alphatread retreading facility in Hammelburg, Germany. This expansion will increase the combined production capacity of hot and cold retreaded tires to 200,000 per year.
In February 2022, Bridgestone Corporation (Bridgestone)launched a joint research and development program with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation (ENEOS), and JGC Holdings Corporation.

Table of Content- Major Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Automotive Retread Tires Market Segmentation, By Tire Type
9. Automotive Retread Tires Market Segmentation, By Process
10. Automotive Retread Tires Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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