Tire Retreading Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.44 Billion |
| Market Size (2029) | USD 6.41 Billion |
| CAGR (2024 - 2029) | 3.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Tire Retreading Market Analysis
The Tire Retreading Market size is estimated at USD 5.44 billion in 2024, and is expected to reach USD 6.41 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
The global automotive industry witnessed a hit for the year 2020 due to COVID-19 pandemic-associated lockdown. During the lockdown situation, manufacturing activities, including tire retreading activities, were halted for several weeks in the first half of 2020. This, in turn, hampered the growth of the market. However, the automotive industry witnessed significant growth in terms of production in 2022, which in turn is likely to witness major growth for the market during the forecast period.
Over the medium term, The tire retreading market is anticipated to be primarily driven by rising prices of new tires, especially for sports utility vehicle tires, primarily attributed to rising natural rubber costs and fluctuating crude oil prices. The increase in the number of commercial vehicles in operation across the world is anticipated to remain a major driving factor for the market\
Tire manufacturers have also expressed keen interest in exploring new opportunities and market demand for retreading the tires, owing to the increased inclination toward this technology. Major tire manufacturers have also begun research into this technology with a vision to cater to this market. For instance,
The tire retreading market is anticipated to be driven by the eco-friendly nature of retreaded tires and lower cost when compared to new tires. Retreading is highly environment-friendly. When the existing tires are made ready for further use, the manufacturers save landfill space. Also, it reduces carbon dioxide emission and saves millions of gallons of oil which is required to manufacture new tires.
Tire Retreading Market Trends
Overall positive outlook toward Retreading
- The concept of retreading tires has always been among heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles have been noticed. In a light-duty vehicle, single tire manufacturing consumes, on average, 26 liters of oil. However, retreading of the same tire consumes only 9 liters of oil which is almost 34% of the new manufacturing process.
- In addition, growing Commercial fleet operators focus on ensuring a full return on investment in their vehicles and availability of utilizing options such as tire retreading as they look to consolidate their costs further, expected to create a positive outlook for the market.
- Several government bodies have also been exploring new market technologies to cater to the growing demand from the auto industry and its ever-increasing need for reliable tires.
- For instance, in March 2022, Malaysia Rubber Council unveiled the aim to penetrate new markets in countries such as India, Africa, Latin America, the United States, and Europe. The great demand in these countries is largely driven by the need for retreading materials and rubber automotive components promoted in these countries with an exceptional market for the automotive industry.
- Tire manufacturers have also expressed keen interest in exploring new opportunities and market demand for retreading the tires, owing to the increased inclination toward this technology. Major tire manufacturers have also begun research into this technology with a vision to cater to this market.
- For instance, in July 2023, Ceat announced its key partnership with Marangoni to retread trucks and buses tyres in India. As per the agreement, the partnership aims extend growth in India tire industry.
- Bridgestone Corporation also announced the acquisition of REIFF for the expansion of its retail network. REIFF runs a leading network of 42 retail stores in Germany, with a tire retreading plant which was part of the acquisition deal, that is expected to further increase Bridgestone's foothold over the retreading market
- Several players in the market are offering discounts, price-effective policies, product launches, etc., likely to support the growth of the market during the forecast period. For instance,
- The Conti Bharosa program by Continental Tires offers warranty coverage against any manufacturing defects for a period of five years against the coverage of two to three years that has been provided by the tire manufacturers in India traditionally. Moreover, Conti Bharosa also covers the second life of tires by warranting against any manufacturing defects after the first retread for tires used in normal load applications.
- Moreover, tire retreading for various medium-duty vehicles has been growing at a rapid pace as several last-mile delivery fleet service providers, logistic companies, etc., are deploying these tires across the fleet. For instance, The larger parcel-delivery fleets, such as UPS and FedEx, already leverage retreads for their last-mile delivery business, Goodyear agreed that as the medium-duty trucking segment continues to grow, so does their investment in retreads as a cost-saving approach.
Asia-Pacific Continues to be the Largest Market
- China is one of the largest industries in terms of automobiles across the globe. The country has the largest fleet of passenger cars contributing to the growth of tire retreading in the country. The country has the highest production rate of passenger cars and commercial vehicles. The production is growing significantly over the past few years, which will fuel the demand for tire retreading in the future. For instance, China has witnessed overall production (passenger cars and commercial vehicles) of 27.02 million units, an annual growth of 3% in 2022.
- The automotive tire market is being driven by factors such as the fast expansion of the automotive industry and the overall economy, particularly in China, India, and Japan. Growing construction activities, rapid industrial growth, and a surge in demand for fuel-efficient technology may all be attributed to the region's increased automobile tire market needs.
- Furthermore, the automobile tire market is boosted by various raw material suppliers and favorable government guidelines. Because agricultural vehicles are so important in countries like Japan, China, and South Korea, demand for automotive tires for agricultural vehicles is likely to be significant.
- India is one of the renowned names in the automobile industry, with strong automobile manufacturers serving Indian products across the world. The country's passenger car market is growing significantly; the country witnessed a dip in 2020; however, the market is revived and is expected to rise in the future. India is one of the largest automotive and tire markets in the world, where high-quality tire retreading is gaining popularity among commercial vehicles such as trucks. Such factors are driving the tire retreading market in the country.
- Various companies are partnering and acquiring to maintain a better position and reach in the market. For instance, In June 2021, the Japanese tire company Bridgestone Corporation plans to invest 700 billion yen in strategic resources by 2023. The focus is to expand the retreading activities at other segments apart from commercial vehicle and OTR tire retreading.
- All the above-mentioned factors, along with the new opening of manufacturing facilities for tire retreading, are expected to enhance the market of tire retreading in the forecast period.
Tire Retreading Industry Overview
The tire retreading market is dominated by several key players such as Bridgestone Corporation., Southern Tire Mart, TreadWright, Goodyear, and others. The major players in the country are entering into different geographies to expand their market share. For instance,
In February 2022, Continental Tires presented its new range of CrossContact AX6 SUV tires in India. The new innovative all-terrain Generation 6 CrossContact AX6 tires with an open tread pattern of tires provide maximized edges and contact areas, helping in additional off-road traction. The tires also include traction grooves with gripping teeth that prevent the loose surface from sliding through the tread grooves. In addition, due to the Silica Tread Compound, the polymer structure that grips the road gives excellent traction and braking on wet and slippery roads.
Tire Retreading Market Leaders
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Bridgestone Corporation
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Goodyear Tire and Rubber Company
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Marangoni S.p.A.
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Michelin SCA
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Southern Tire Mart
*Disclaimer: Major Players sorted in no particular order
Tire Retreading Market News
- July 2022: Hankook Tire & Technology Co., Ltd. (Hankook Tire) announced an investment to extend the Alphatread retreading factory in Hammelburg, Germany, for the first time. With investments in the high millions, the combined production capacity of hot and cold retreaded tires is up to 200,000 per year.
- February 2022: Bridgestone Corporation (Bridgestone) announced that it launched a joint research and development program with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation (ENEOS), and JGC Holdings Corporation. This program aims to develop chemical recycling technologies that utilize used tires to achieve high-yield production of isoprene, a raw material for synthetic rubber.
- February 2022: Bridgestone Corporation announced that its ALENZA 001 was selected as original equipment for the Nissan compact crossover electric vehicle (EV) SUV, Ariya. The ALENZA 001 utilizes the latest pattern technology and specialized structure to ensure high driving performance and low noise. It also reduces rolling resistance by using a new tread rubber.
Tire Retreading Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Environmental Benefits Driving Growth
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4.2 Market Restraints
- 4.2.1 Decreasing Rubber Production And Volatile Raw Material Cost
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value (USD)
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5.1 Vehicle Type
- 5.1.1 Passenger Cars
- 5.1.2 Commercial Vehicles
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5.2 Production Method
- 5.2.1 Pre-cure
- 5.2.2 Mold Cure
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United State
- 5.3.1.2 Canada
- 5.3.1.3 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Rest of the World
- 5.3.4.1 Brazil
- 5.3.4.2 Mexico
- 5.3.4.3 United Arab Emirates
- 5.3.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles*
- 6.2.1 Bridgestone Corporation
- 6.2.2 Goodyear Tire and Rubber Company
- 6.2.3 Marangoni SpA
- 6.2.4 Michelin SCA
- 6.2.5 Oliver Rubber Company
- 6.2.6 Southern Tire Mart
- 6.2.7 Parrish Tire Company
- 6.2.8 Tread Wright
- 6.2.9 Redburn Tire Company
- 6.2.10 Southern Tire Mart
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 New Technologies Into Retreaded Tires
Tire Retreading Industry Segmentation
Tire retreading is a remanufacturing process to replace the worn tread on used tires with new treads to help extend the life of the tire.
The tire retreading market is segmented into vehicle type, production process, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By production method, the market is segmented into pre-cure and mold cure. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, the market sizing and forecasts have been done based on the value (USD).
| Vehicle Type | Passenger Cars | |
| Commercial Vehicles | ||
| Production Method | Pre-cure | |
| Mold Cure | ||
| Geography | North America | United State |
| Canada | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Rest of the World | Brazil |
| Mexico | ||
| United Arab Emirates | ||
| Other Countries |
Tire Retreading Market Research FAQs
How big is the Tire Retreading Market?
The Tire Retreading Market size is expected to reach USD 5.44 billion in 2024 and grow at a CAGR of 3.31% to reach USD 6.41 billion by 2029.
What is the current Tire Retreading Market size?
In 2024, the Tire Retreading Market size is expected to reach USD 5.44 billion.
Who are the key players in Tire Retreading Market?
Bridgestone Corporation, Goodyear Tire and Rubber Company, Marangoni S.p.A., Michelin SCA and Southern Tire Mart are the major companies operating in the Tire Retreading Market.
Which is the fastest growing region in Tire Retreading Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tire Retreading Market?
In 2024, the Asia Pacific accounts for the largest market share in Tire Retreading Market.
What years does this Tire Retreading Market cover, and what was the market size in 2023?
In 2023, the Tire Retreading Market size was estimated at USD 5.26 billion. The report covers the Tire Retreading Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tire Retreading Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Retread Tires Industry Report
Statistics for the 2024 Tire Retreading market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tire Retreading analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
