According to a new market research report published by Credence Research “Aircraft Retread Tires Market ((By Process Type – Pre Cure and Mold Cure), (By Aircraft Type- Commercial and Defense), (By Tire Type – Type III, Type VII, Type VIII (Three Part Type), and Metric), (By Design – Bias Ply Tires and Radial Ply Tires), (By Tire Assembly- Tubeless Tires and Tubed Tires), (By Geography (North America, Europe, Asia Pacific and Rest of World (RoW)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall retread tires market worldwide was valued at US$ 692.3 Mn in 2018 and is set to grow with 4.2% CAGR during the forecast period.
Rising air traffic and concentrating on low operating costs are driving the growth of the aircraft tire retraining industry. In 2017, according to the Airports Council International (ACI), about 118 Mn of cargo and almost 8.2 Bn of passengers are accommodated at world airports. Flexibility, eco-friendly, less time-consuming, healthy and other advantages of retreading tires to fuel demand for the tire retreading aircraft industry. The growing need for commercial aircraft and the adoption of retreaded tires in the defense sector will also boost market growth. Strict government regulations for tire rereading in the aircraft industry are also helping to increase the market. According to the Federal Aviation Administration (FAA), the reprocessing of aircraft tires should be carried out at certified repair stations and under the guidance of certified technicians. As a result, we project that the global tire retraining market will show significant growth throughout the forecast period.
Based on the aircraft type, the global tire retraining market was led by the commercial segment in 2018, contributing more than 60 per cent of the global revenue share in the same year. Rising passenger traffic and international tourism worldwide are key factors in the dominance of the commercial market. Passenger traffic will rise at a CAGR of about 3% in the coming years, according to the International Air Transport Authority (IATA). The introduction and expansion of new routes by airlines to increase their market dominance will also contribute to the growth of the segment. As a result, we expect that the commercial segment will show significant growth during the forecast period. On the other hand, we are projecting that the defense segment will grow with the fastest CAGR due to increased defense expenditure by emerging economies and increased use of retreaded tires in defense aircraft.
Based on the region, North America dominated the global market for tire retraining in 2018. North America contributed more than 60% of the market share of revenue in the same year. The U.S. is the major contributor to the North American tire retraining market due to strict government regulations and the highest commercial and defense fleet of aircraft. In the U.S., more than 65 percent of the tires used in the aircraft are retreaded tires. We therefore believe that North America will continue to dominate the tire retraining market for aircraft. On the other hand, it is expected that Asia Pacific will be the fastest-growing region due to rising government investment in the defense and aviation industry and growing domestic and international air passenger traffic in the region.
Some of the major companies profiled in the report include, Bridgestone Corporation, Goodyear Tire & Rubber Company, Desser Tire & Rubber Co LLC, Marangoni S.p.A., Michelin Group, Oliver Rubber Company, Qingdao Sentury Tire Co., Ltd., Dunlop Aircraft Tyres Ltd. , Wilkerson Co, Inc. and others.