Automotive Retread Tires Market Snapshot
Retread tires are remanufactured tires which also known as “remold tires”. The manufacturing of retread tires can be carried out through pre-cure and mold cure process, which enhance the stability and toughness of the spent tires. Retread tires preserve about 40% from the overall cost of the new tires and save 20% of the material cost while remanufacturing of old tires. According to OICA, there is a continuous increase in the consumption of retread tires in the heavy commercial vehicles. High prices for the tire in the vehicles will grow the demand for the retread tires.
Moreover, increased investment for the development and improvement of retread tire safety level from the manufacturers such as Bridgestone Corporation and the Goodyear is expected to increase the market size of the retread tires. Growing strict regulations regarding the retreading of automobile tires will influence the sales for the automotive retread tires in the market globally during the forecast period.
The US National Highway Traffic Safety Administration (NHTSA) identifies the consumer behavior about the knowledge of retread tires. The NHTSA is continuing research about the proportion of tire condition from retreading and comparison with new tires. However, retread tires lower the use of raw materials and also reduced the use of oil in the vehicles. As per the US EPA estimated that using retread tires saves 70% of oil when compared to new tires. This also significantly reduce the greenhouse gas emissions from vehicles..
The prominent players in the Automotive Retread Tires Market are-
Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), and Nokian Tyres plc (Finland). MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), JK Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), and Eastern Treads (India) are among others.
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