Development of High Strength Tires, Economic Benefits of Retreading Fosters Growth of Retreaded Tire Market - TMR Insights

- Emergence of advanced technologies such as 3D printing and tire monitoring is expected to fuel market growth

- Growth trends, opportunities, and innovations are anticipated to drive the retreaded tire market to attain US$ 7.44 Bn by 2031

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Transparency Market Research

Aug 04, 2021, 10:30 ET

ALBANY, N.Y., Aug. 4, 2021 /PRNewswire/ -- Retreaded Tire Market: Overview

Retreaded tires are fabricated through the process of retreading of old tires. For the retreading process, a worn casing of a tire with good structural quality is detached from the car, and furnished with refurbished tread and sidewall rubber. The revamped tire, thus, obtained is then subject to a curing process that causes the new rubber to vulcanize to the original casing. This results in the new tire with a new tread pattern.

Primarily, retreaded tires face quality concerns, as the history of the original tire is unknown. The strength of retreaded tires is always a question compared to a new tire; however, if they are from a reputed manufacturer and fitter, the reliability and safety standard testing is assured.

Over the years, with technological advancements in the manufacture of tires, processes for the manufacture of retreaded tires have also improved. This has helped consumers to gain confidence in the use of retreaded tires, thus translating into growth opportunities in the retreaded tire market.

Retreaded Tire Market – Key Findings of Report

Online B2B Ordering, Technical Support amid COVID-19 Favors Market Growth

With COVID-19 still prevalent, the demand for tires for all types of vehicles has witnessed a slump. The slowdown of economies in most parts of the world has led to decline in the demand for all types of tires, including retreaded tires.

Thus, to revive growth of the retreaded tire market, companies are going the extra mile to offer technical support and online ordering, which is also helping them gain visibility. For instance, Marangoni– a worldwide recognized manufacturer for tire retreading systems, is mainly focusing on expanding B2B online ordering system and offering after-purchase technical support.

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Furthermore, amid the pandemic, players in the retreaded tire market are adopting contingency plans to revive sales. Manufacturers of retreaded tires are collaborating with fleet operators to serve them directly for these products. For instance, Bandvulc Tyres Ltd, Plymouth – a vendor of recycled and retreaded tires for commercial trucks and lorries, is gaining recognition for administering sales with such arrangements during the pandemic.

Knowledge Sharing Pursuits to Drive Sales

Several players in the retreaded tire market are undertaking efforts to increase the understanding of retreaded tires. For instance, Michelin– a French multinational tire manufacturing company is striving to expand consumer knowledge about MICHELIN Remix retreaded tires. The company is emphasizing on performance levels, safety, robustness, and mileage of the product same as that of new MICHELIN tires.

For best results of such efforts, manufacturers in the retreaded tire market are setting up online portals for knowledge sharing and helping optimize running costs of fleet companies as an added service – the latter being the leading revenue contributor to the said market.

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Large Manufacturing Base Makes U.K. Prominent Market for Retreaded Tires

The public transportation system in the U.K., of which buses are prominent, are mostly fitted with retreaded tires. The increasing number of end-of-life truck tires in the country each year is evident of the rising popularity of retreaded tires. Furthermore, more than 90% of retreaded tires for trucks used in the country are manufactured domestically.

The high volume demand for retreaded tires in the U.K. also provides employment opportunities to several thousand workers. This is grabbing the attention of stakeholders in the retreaded tire market to expand operations in the U.K.

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Retreaded Tire Market – Growth Drivers

Proven environmental benefits of reuse of old tires, governments supporting effective tire waste management, and recycling of worn-out tires to be used for retreading are factors fueling market growth
Improvements in manufacturing techniques and use of novel materials for long life of tire casing are propelling product demand

Retreaded Tire Market – Key Players

Some of the key players in the retreaded tire market are listed below;

Akarmak
Bridgestone Corporation
Kal Tire
Melion Industry Co. Ltd.
Parrish Tire and Automotive
Service Tire Truck Centers
THE YOKOHAMA RUBBER CO. LTD.
Apollo
Continental AG
Marangoni S.p.A.
MICHELIN
MRF Limited
RDH Tire & Retread Co.
The Goodyear Tire & Rubber Company
Tyresoles
West End Tire

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