Though retreaded tires offer advantages of environment conservation, the influx of budget tires is leading to a paradigm shift in the market landscape. This explains why the retreaded tire market is slated to clock a CAGR of 0.26% during the assessment period. Budget tires are less expensive than retreaded tires and freshly made tires that offer better quality than retreaded tires. Thus, apart from retreading, stakeholders must diversify their business capabilities in budget tires to stay relevant in the market and supply retreaded tires for customers that place special requirements.
Manufacturers are establishing robust on-site mixing facilities where manufacturers can work with suppliers to procure new types of oils, polymers, and other materials.
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B2B Online Ordering Systems, Technical Support Significant for Companies
In order to revive growth in the retreaded tire market, owing to a sluggish CAGR, companies are going the extra mile to offer technical support, quality control, and visibility. Marangoni— a worldwide recognized brand in retreading systems is increasing the focus on B2B online ordering systems and technical support on machinery and casings in order to improve finished product quality. Technological innovations are at the forefront for stakeholders in the retreaded tire market. Commercial and managerial tools & courses are being implemented to optimize resources and achieve better results.
Manufacturers are increasing their R&D muscle to develop tires without joints and weak structural points to guarantee perfect adhesion and new-tire-level performance. They are gaining proficiency in tire retreading systems that use spliceless pre-cured rings, which fits perfectly to the casing.
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Online Portals Help Optimize Running Costs for Fleet Managers
With professional management aimed at meeting business needs of customers, Michelin— a France-based multinational tire manufacturing company, is publicizing its MICHELIN Remix® retreaded tires that deliver same performance levels as per safety, robustness, and mileage of new MICHELIN tires. Since commercial vehicles are expected to dictate the highest revenue share compared to all vehicle types in the retreaded tire market, manufacturers are mainly focusing on set up online portals that help to optimize the running costs for fleet managers.
Companies in the retreaded tire market are carrying out retreading as per recommendations from manufacturers and service providers. The decline in raw material consumption is one of the major advantages of retreaded tires. This signals less waste to recycle for a retreaded tire. Retreading is being linked with saving on natural resources.
U.K. Holds Lucrative Growth Opportunities for Retreaders
Apart from trucks, manufacturers in the retreaded tire market are unlocking incremental opportunities by extending supply for civil airliners, since more than 70% of these airliners are fitted with retreaded tires. The U.K. buses are gaining popularity for using retreaded tires. This is evident as an increasing number of end-of-life truck tires is rising in the U.K. every year.
Europe is estimated to dominate the highest revenue share among all regions in the retreaded tire market during the forecast period. More than 90% of the truck tire retreads used in the U.K. are manufactured in the nation. Such findings are grabbing the attention of stakeholders in the market. Moreover, the U.K. retreading industry supports the job of several thousand workers. These jobs are located in deprived areas of the country.
Environment Conservation, Accountability of Processes Create Uniform Retreaded Tire Products
Retreading technologies are emerging as an environment-friendly way to protect bottom lines. This technique helps to reduce the tire total cost of ownership (TCO). Manufacturers in the retreaded tire market are taking advantage of saving on million gallons of oil annually throughout the world. Since end-of-life tires end up in landfills, manufacturers can use them to deploy in trucks and civil airliners.
The low rolling resistance with retreaded tires helps to ensure maximum fuel efficiency. Manufacturers in the retreaded tire market are adopting proprietary technologies that yield multiple retreads. Carefully monitored and audited multi-step manufacturing processes help to deliver uniform results in end products. On-site digital apps are ensuring better manufacturer, supplier, and customer relationships and accountability. There is a demand for consistent and nationwide retread warranty for tires.
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Circular Economy, New Tire Design Technology Offer Revenue Opportunities for Manufacturers
The concept of circular economy is becoming a fast growing phenomena in the Europe retreaded tire market. Laura D’Aprile, Director General for the Circular Economy at the Ministry of the Environment, has stressed on the role played by retreaded tires as products resulting from recovery and restoration of end-of-life tires. Manufacturers are taking advantage of such opportunities since repair, reuse, and eco-design are forming the basis of the European plan for establishing a circular economy.
Advanced tire design technology, proven tread designs, and new tire manufacturing standards are contributing to the growth of the retreaded tire market. Technological innovations are delivering reliable retreads that are designed to meet end-use applications and help maximize tire assets. Manufacturers are focusing on important manufacturing processes such as initial inspection, bussing, and casing integrity analysis (CIA), among others, to increase the availability of high quality products.
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