The global retread tire industry is projected to reach USD 11.2 billion in 2023, with expectations to grow to USD 20 billion by 2033, achieving a CAGR of 6% during this period.

Industry Drivers

This significant growth is primarily driven by rising prices of new tires, particularly for sports utility vehicles, due to increasing natural rubber costs and volatile crude oil prices. Additionally, the expanding number of commercial vehicles worldwide is expected to act as a major catalyst for industry expansion.

Tire manufacturers are increasingly recognizing the potential within the retread tire Industryand are working to meet the growing demand. The popularity of retread tires among consumers has prompted major tire companies to invest in research and development to align with this trend.

Innovations in the Industry

In September 2021, Bridgestone Corporation launched its latest commercial vehicle portfolio, featuring advanced mobility solutions and innovative tire retreading concepts. A highlight was the Bridgestone Duravis R002 premium tire, known for its exceptional wet grip, optimal fuel efficiency, and durable carcass. Bridgestone anticipates that this retreaded tire will meet the performance and reliability needs of commercial vehicle users.

Sustainability and Cost-Effectiveness

The eco-friendly attributes and cost-effectiveness of retreaded tires are expected to further propel Industrygrowth. Retreading allows for the reuse of existing tires, significantly reducing landfill waste, lowering carbon dioxide emissions, and conserving oil resources that would otherwise be required for new tire production. These factors contribute to sustainability and resource conservation in the tire industry, making retread tires an increasingly attractive option for consumers and businesses alike.

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Key Takeaways from the Retread Tire IndustryReport:

• United States retread tire Industryis expected to grow with a CAGR of 5.8% during the forecast period.
• The Industryin China is expected to grow with a CAGR of 6.2% during the forecast period.
• By vehicle type, heavy commercial vehicle is projected to dominate the retread tire industry. It is expected to grow with a significant CAGR of 6.5% during the forecast period.
• By process, pre-cure retreading segment is expected to grow with a CAGR of 6.6% throughout the forecast period.