New York, US, June 22, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) 's report highlights “Aircraft Tire Retreading Market Information By Process, Aircraft Type And Region - Forecast till 2030”, the market will achieve USD 4.4 billion by 2030 at a 4.1% CAGR.
Aircraft Tire Retreading Market Analysis
The global aircraft tire retreading market will touch USD 4.4 billion at a 4.1% CAGR by 2030, as per the recent Market Research Future report.
COVID-19 Analysis
Due to government-imposed travel restrictions and individual decisions to stay at home, the pandemic resulted in a sharp decline in air traffic. The overall demand for aircraft tires decreased dramatically as a result of fewer flights and a decrease in the demand for air travel. The market for retread aviation tires was directly impacted by this drop in demand. The amount of wear and tear on aeroplane tires decreased as carriers conducted fewer flights.
As a result, there was a lesser need for tire upkeep, tire repair, and replacement. As a result, there was a decrease in demand for tire recycling, repair and tire remolding services. During the epidemic, airlines experienced significant financial difficulties, with many of them battling to survive. Their capacity to spend on tire retreading or remolding services was constrained by their financial situation. Instead, they frequently chose less expensive options like buying new tires or delaying tire maintenance. It is important to note that the aviation tire retreading business, along with tire remolding, repair and recycling sectors, started to revive as vaccination efforts progressed & air travel gradually resumed. The market for tire-related services began to recover as air traffic rose, providing prospects for these companies to pick up steam.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 4.4 Billion |
| CAGR | 4.1% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Process, Aircraft Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand from the military and defense sector |
Key Players
Eminent industry players profiled in the aircraft tire retreading market report include :
- Bridgestone Corporation (Japan)
- The Goodyear Tyre & Rubber Company (US)
- Michelin (France)
- Marangoni SpA (Italy)
- Wilkerson Company Inc. (US)
- Apollo Tyre Ltd (India)
- Aviation Tyre & Treads LLC (US)
- SAIC (China)
- Desser Tire & Rubber Co. LLC (US)
- Oliver Tyre Group (South Africa)
- Dunlop Aircraft Tyre Limited (UK).
- Among others.
Drivers
Performance and Safety Assurance to Boost Market Growth
To guarantee they fulfill industry standards and safety criteria, retreaded tires for aeroplanes go through stringent inspection and retreading procedures. Leading retread producers use cutting-edge technology and quality assurance tire retreading process to create retreaded tires that operate on par with brand-new tires. To make sure they are trustworthy and safe for use in the aviation industry, these tires go through a lot of testing and tire maintenance procedures.
Opportunities
Cost Savings to offer Robust Opportunities
Compared to buying new tires, retreading aircraft tires is a cost-effective solution. Retreaded tires often cost less than new tires while offering the same tire quality, tire durability and performance. Retreading tires rather than purchasing new ones can result in significant savings for airlines and aircraft operators, especially given the price of aviation tires.
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Restraints and Challenges
Stringent Regulatory Standards to act as Market Restraints
The stringent regulatory standards, risk perception, limited acceptance via OEMs, complex certification process, high initial investment, and limited applicability may act as market restraints over the forecast period.
Market Segmentation
The global aircraft tire retreading market is bifurcated based on aircraft type and process.
By process, pre-cure will lead the market over the forecast period.
By aircraft type, commercial will domineer the market over the forecast.
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Regional Analysis
North America to Head Aircraft Tire Retreading Market
It is anticipated that North America would maintain its dominance over the projection period despite having a significant portion of the worldwide market. The reason for this is that there is a greater need for new aircraft because of rising air traffic. The expansion of the local market is being fueled by the presence of major commercial and military aircraft manufacturers like Boeing & Lockheed Martin Corporation within the US. One of the biggest and most advanced marketplaces in the world is that of North America, which consists of the United States, Canada, and Mexico. The area's well-developed infrastructure and economy make it a desirable market for a variety of businesses. Higher levels of innovation, technical development, and robust consumer demand define the North American market.
APAC to Have Admirable Growth in Aircraft Tire Retreading Market
From 2022 to 2030, the APAC market is anticipated to see the quickest CAGR growth. A consequence of the rise in the air passenger traffic within the Asia-Pacific region is the development of the airlines' operational routes to new locations. With their limited fleet of aircraft, airlines presently fly to more locations. This is fueling the demand for new aircraft & fleet upgrades for operational preparedness. This is increasing demand for new aviation tires in the Asia-Pacific area. In addition, China's aviation tire retreading industry had the greatest market share, while the Asia-Pacific region's fastest-growing market was in India. China, Japan, India, South Korea, and Australia are just a few of the nations that make up the Asia Pacific area. The area is a significant hub for industry and trade and is home to some of the fastest-growing economies in the world. Rapid urbanization, a sizable and expanding middle class, and an emphasis on innovation & technology are characteristics of the Asia Pacific market. Additionally, the region has a sizable and youthful population, which is anticipated to increase demand for goods and services in the ensuing years.
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