Rubber Journal Asia Tyre Industry
Tyre retreading sector in good shape The market for cost-effective and sustainable
The retread tyre market in China is expected to represent significantly high incremental opportunity from 2018-2028; and sales of retread tyres in Southeast Asia and the Pacific are projected to exceed US$469 million over the same period, FMI noted. The global sales of retread tyres is estimated to be valued at US$8 billion by the end of 2018, with the China retread tyre market estimated to account for a value share of 29.6% by 2018 end and is anticipated to retain its dominance throughout the forecast period, said FMI. Sales of retread tyres are directly related to vehicle production. Despite unstable economic conditions in the market in the recent past, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase with a modest CAGR of 3%-3.5% during the forecast period, explained FMI.
retread tyres is growing with companies
joining forces and launching innovations, says Angelica Buan in this report.
ajor tyre suppliers including Firestone, Cooper Tyre, Goodyear Tyre & Rubber, Camso and others have increased their prices of select tyres this year amid the rising demand. Tyre retreading and retread tyres offer cost effective, at the same time, environment-friendly solutions to tyre price hikes. Retreading is a re-manufacturing process through which, old and worn-out tyre treads are replaced by new ones. Retreading is applied to casings of old tyres after inspection. Retreading of tyres costs at least 40% less than the cost of a new tyre, Future Market Insights (FMI) intoned in a latest retread tyre market report. It forecast that the value of the market is set to reach over US$13.6 billion in 2028, growing at a CAGR of 4.6% from 2018.
Innovation is key to advancing the sector Development of advanced tyre retreading processes and technologies is a key emerging trend in the global automotive retreaded tyre market, and this, Technavio purported is a major factor that has the potential to significantly impact the market and contribute to its growth or decline. Adoption of retreaded tyres in the commercial vehicle market, and the improved retread designs are helping to drive the growth momentum of the market, Technavio reported. Marangoni GRP Private Limited (MGPL), the joint venture between Italy’s Marangoni and India’s GRP, and active in the commercial vehicle retreading sector in India, has launched its first full service Ringtread franchisee in India, Autobahn Retreading, part of Autobahn Trucking Corporation, located at Cochin, Kerala.
Retreading of tyres costs at least 40% less than the cost of a new tyre
The development of advanced retread designs, quality of retread compounds and eco-friendly tyres is highlighted in the global automotive retread market, which is expected to incur revenues of nearly US$8 billion by 2022, Technavio indicated in its 2018-2022 market report. It reiterated that retread tyre’s cost-advantage is a main growth driver in the market, as it finds high adoption in commercial vehicles, especially HCVs. Demand for replacement tyres will increase on the growing vehicle parc and large fleet owners of commercial vehicles prefer tyre remoulding to ensure cost effectiveness. Hence, growth in automobile, forestry and construction is expected to create growth opportunities for the retread tyres market, FMI added.
Marangoni GRP launched its first full service Ringtread franchisee in India
Giuseppe Marangoni, Vice President, Marangoni Group stressed that Marangoni’s splice-less retreading technology, also known as Ringtread, offers a solution for India, a key growth market for the company, to reduce operating costs of fleets in the country.
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