Brazil Retread Tire Market to be Dominated By Passenger Car Segment During the Forecast Period
Increasing demand for cost effective tires for large fleets of automobiles to drive the growth of Brazil Retread Tire Market in the forecast period 2024-2028
According to TechSci Research report, “Brazil Retread Tire Market- By Region, Competition Forecast & Opportunities, 2018- 2028F,” the Brazil Retread Tire Market is projected to grow at a considerable rate in the initial years of the forecast period. Automobile tires are an integral part of keeping the car running smoothly on the road. The development of the tire business in Brazil has been driven by the development of the automotive industry over the past decade. Retread tires are an environmentally friendly and sustainable alternative to new tires. Retreading is the process of giving new life to an old worn tire by sticking new tread rubber on top of the old worn casing. The retread system consists of six main processes, including initial evaluation, buffing, tread preparation and building, enveloping, vulcanizing and visual inspection. In addition, there are two main types of tire retreads: mold cure profiling and precure. In mold-cured retreading, the uncured rubber tread is first applied directly to the top of the buffed tire. The tires are then forwarded to retreading process. Pre-cured tire retreads use already vulcanized rubber in new tread designs. Mold cure retreading doesn't provide side wall lining and is considered as good as new. Additionally, many customers tend to take advantage of retreads when using used tires rather than purchasing different tires as they can offer a similar base at a lower cost over a period.
The Brazil retread tire market is growing due to the development of commercial and passenger vehicle business supported by growth in national financial activity and transportation industry. The retreading process has evolved over time in terms of quality and manufacturability, making it a reasonable idea for the majority of companies. In addition, many organizations have established new purchasing and sales networks for their retread business in the country, further strengthening the Brazilian retread tire market. Retread tires perform just like new tires, but at a fraction of the cost. Retread tires sell for about 30-50 percent of the price of comparable new tires, a significant savings for a vehicle. Additionally, making a retread tire uses up to 30% less energy and 15 gallons less oil than a new tire resulting in being more environment friendly. Moreover, the current trend of the industry can be attributed to many factors such as increasing car sales and development of public transport infrastructure. The rapid growth of the automotive industry has also increased the demand for smart and sustainable retread tires.
Many manufacturers are investing in partnerships and new technologies to drive growth in the retread tire market. For example, Hankook has entered into a five-year agreement with Vacurag to manufacture retread tires for Hankook’s AlphaTread brand in order to expand the company’s vehicle tire retread segment. Also, in May 2022, Bridgestone launched a new tire profile, Bandag Drive, with enhanced durability.
The Brazil Retread Tire Market can be segmented by vehicle type, retreading method, region and competitive landscape. Based on vehicle type, the market is Passenger Car, Light Commercial Vehicle (LCV), Medium and Heavy Commercial Vehicle (M&HCV), Off-the-road (OTR). Passenger car segment is leading the market due to large volume of vehicles on road. Further on the basis of retreading method the market is divided into Pre Cure and Mold Cure. The market analysis also studies the region wise segmentation into South-East, North-East, South, Central-West, North.
Some of the major
companies operating in the Brazil Retread Tire Market include:
- Bridgestone do Brasil Industria e Comercio Ltd. (Bridgestone)
- Borrachas Vipal S.A
- Rubbernew Produtos de Borracha Ltd.
- Rede Recapex Pneus Ltd.
- Borrachas Tipler Ltd.
- Marangoni Tread Latino America Ltd
- Moreflex Borrachas Ltd
- ABC Artefatos de Borracha Coelho Ltd. (Brazil)
- GVT Reformas e Reciclagem de Pneus Ltd. (Brazil)
- Prometeon Tire Group Indústria Brasil Ltd
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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With an increase in the number of automobiles fleet on the road and a rapidly growing electrical vehicle industry, demand for automobile retread tires is increasing rapidly in Brazil. Furthermore, the investment in latest technological machinery and improving dealership network across the country is expected to contribute majorly in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Brazil Retread Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Medium and Heavy Commercial Vehicle (M&HCV), Off-the-road (OTR), By Retreading Method (Pre Cure and Mold Cure), By Region, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the future growth potential of Brazil Retread Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Brazil Retread Tire Market.
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