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Tire Retreading Market Size
- Report ID: GMI7550
- Published Date: Nov 2023
- Report Format: PDF
Tire Retreading Market Size
Tire Retreading Market was valued at USD 5.8 billion in 2022 and is projected to grow at a CAGR of over 5.5% between 2023 and 2032. The market is growing due to increasing investments in retread tire plants. As industries recognize the economic and environmental benefits of retreading, they invest in advanced facilities. For instance, in May 2023, Bridgestone Americas announced retread tire plant expansion in Abilene, Texas. This investment aims to meet the growing demand for sustainable tire solutions, boosting the industry expansion. The expanded plant will contribute to enhanced production capabilities, offering more retreaded tires to meet the market's increasing needs.
Automation is driving the overall market growth by streamlining production processes. Automated equipment including advanced machinery for tire inspection, buffing, and tread application enhances efficiency and precision. For instance, in February 2023, Bridgestone launched a new Bandag Buffer 8550E, which is a fully automatic retreading machine aimed at overcoming the key challenge of adopting and optimizing automation in the industry. The advanced machine streamlines the retreading process, addressing efficiency concerns. By automating critical steps such as buffing, Bandag enhances productivity, reduces labor dependency, and fuels the industry's evolution toward more automated & efficient retreading solutions. Additionally, tire changing machines play a crucial role in the tire retreading process, ensuring efficient and accurate removal and mounting of tires. As the demand for tire retreading grows, the demand for tire changing machines is expected to increase as well.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Tire Retreading Market Size in 2022: | USD 5.8 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.5% |
| 2032 Value Projection: | USD 10.1 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 293 |
| Tables, Charts & Figures: | 380 |
| Segments covered: | Vehicle Type, Tire Type, Sales Channel, Process, End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The tire retreading industry faces challenges due to the varying quality of used tires. Inconsistent conditions of collected tires can impact the retreading process, leading to quality variations in the final retreaded products. Ensuring a consistent supply of high-quality used tires is crucial for maintaining the integrity & reliability of the retreading process and for addressing concerns related to the performance & longevity of retreaded tires in the market.
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Tire Retreading Market Scope
