Retread Tire Market Poised to Reach US$ 15.61 Billion at a 3.76% CAGR by 2032

The retread tire market in North America is poised for increased demand, primarily driven by the growth in the commercial aircraft sector. Additionally, Europe is foreseen as the subsequent significant market after North America in the global retreaded tire market. The EU5 countries are expected to maintain a prominent market share throughout the forecast period. Moreover, the pandemic-induced reduction in transportation, leading to less wear and tear on tires, has had an impact on this market.

The global retread tire market is currently valued at USD 10.79 billion in 2022. It is expected to experience significant growth and surpass a valuation of USD 15.61 billion by the year 2032. The retread tire industry is forecasted to expand at a compound annual growth rate (CAGR) of 3.76% during the forecast period.

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The Rise of Environmental Concerns

With climate change and environmental degradation at the forefront of global discussions, consumers, businesses, and governments are seeking ways to reduce their carbon footprint and minimize the negative impact on the planet. One area that has come under scrutiny is the automotive industry, known for its significant contributions to pollution and resource consumption. In this context, retread tires have emerged as a sustainable alternative to new tires.

The Environmental Benefits of Retread Tires

1. Waste Reduction: One of the primary reasons behind the resurgence of the retread tire market is its contribution to waste reduction. When a tire is retreaded, it undergoes a process that replaces the worn-out tread with a new layer of rubber. This extends the tire’s lifespan, reducing the need for tire disposal and cutting down on the massive pileup of discarded tires in landfills.
2. Resource Conservation: Producing a new tire consumes a significant amount of natural resources, including rubber and petroleum. Retreading tires consumes fewer resources as it only requires new tread material, making it a more environmentally sustainable option. This conservation of resources aligns with the global push to reduce resource depletion.
3. Carbon Footprint Reduction: Retread tires also play a role in reducing the carbon footprint associated with tire manufacturing. The production of new tires generates substantial greenhouse gas emissions. In contrast, the retreading process is more energy-efficient and emits fewer pollutants, making it an environmentally responsible choice.

Industry Growth and Innovation

The resurgence of the retread tire market has prompted manufacturers to invest in research and development. They are continually innovating to enhance the performance and quality of retreaded tires. Modern retreaded tires now offer similar levels of safety and performance as their new counterparts, making them a viable choice for commercial and personal vehicle owners alike.

Key Companies Profiled

• Bridgestone Corp.
• Compagnie Generale des Etablissements Michelin SCA
• Valley Tire Company
• Parrish Tire Company
• TreadWright
• REDBURN TIRE COMPANY
• Oliver Rubber Company
• The Goodyear Tire and Rubber Co.
• Marangoni S.p.A
• Michelin North America Inc.

Retread Tire Market: Segmentation

• By Type :
  • Radial
  • Bias
  • Solid
• By Vehicle Type :
  • Two-wheelers
  • Commercial vehicles
  • Passenger vehicles
• By Region :
  • North America
    • U.S.
    • Canada
  • Latin America
    • Mexico
    • Brazil
  • Western Europe
    • Germany
    • Italy
    • France
    • U.K
    • Spain
  • Eastern Europe
    • Poland
    • Russia
  • Asia Pacific
    • China
    • India
    • ASEAN
    • Australia
    • New Zealand
  • Japan
  • Middle East and Africa
    • GCC
    • S. Africa
    • N. Africa

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Competitive Landscape

The retread tire market is witnessing an increase in market share, driven by major companies’ business expansion strategies. Collaboration and mergers are pivotal tactics employed by these industry players to sustain their competitive advantage. In 2020, Apollo, for instance, expanded its warehouse operations in India, while Bridgestone Corporation announced a merger with REIFF reifen on a comparable scale. These strategic moves have facilitated the growth and competitive positioning of both companies, particularly in the German market.

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