The global
retread tire market was valued at USD10.02 billion in 2020 and is anticipated to register a steady CAGR of 3.76% by value in the forecast period, 2022-2026, to reach USD12.43 billion by 2026. With the ongoing advancements in the automotive industry and the use of advanced technologies and materials in the manufacturing of automobiles, the average age of vehicles is increasing at a rapid rate.
Vehicle and fleet owners prefer retreat tires while replacing the existing tires in the automobile as they are profitable and are environment-friendly. Retread tires last as long as new tires and are safe, and they undergo the same testing process as new tires. There is a massive demand for retread tires from the mining industry as there is a need for huge tires to complete the operations used in the mining process. Market players involved in the retread tire industry are making high-end investments to find new innovative solutions to enhance the performance of retread tires.
Nanotechnology is a recent innovation in the retreading tire industry and helps lower the wear and tear in tires. Nanotechnology also ensures that the tire is able to operate in a wide range of temperatures with superior heat resistance. Also, the market players are using automation technology in the manufacturing process to lower operational costs and increase the number of retread tires manufactured in a certain time.
Some of the major market players operating in the global retread tire market are Bridgestone Americas Tire Operations, LLC. (Bandag), Goodyear Tire & Rubber Company, Michelin Tire Company, Marangoni S.p.A., Vipal Tire, Elgi Rubber Company Limited, Indag Rubber Ltd., MRF Ltd., Midas Mileage, and TVS Tread.