Aircraft Tire Retreading Market Scenario
Aircraft Tire Retreading Market Size Valued at USD 4.04 Billion, market Grow at a CAGR Of 4.1% by 2020 -2030
Tire retreading, also known as remold or recap, is the process of remanufacturing tires to replace the tread or rubber on worn tires. Aircraft tire retreading offer numerous benefits such as safety, lower maintenance costs and eco-friendliness.
Increasing air traffic and the subsequent demand for new aircraft are the key factors driving the growth of the global aircraft tire retreading market. Furthermore, a focus on aircraft modernization programs, growing emphasis on aviation safety is boosting market growth. However, the backlog in new commercial aircraft deliveries is expected to hamper market growth.
Segmentation of the Global Aircraft Tire Retreading Market
On the basis of process, the market has been segmented into pre-cure and mold-cure. Pre-cure is a tire retreading process where the tread of the worn-out tire is removed before a new tread with a new tread design is wrapped and spliced by making use of a bonding agent known as cushion gum. Thus, the process enables tire manufacturers to produce different sizes and treads at the same time. In the mold-cure tire process, the original tread is removed and raw rubber is wrapped around the tire. Pre-cure offers various benefits such as low investment costs and flexibility; therefore, the segment dominated the global market in 2017 and is expected to register the higher CAGR during the forecast period.
Based on aircraft type, the market has been divided into commercial and military. The commercial segment dominated the market in 2017 owing to factors such as increasing passenger traffic and growing number of aircraft manufactured. However, the military segment is expected to exhibit the higher CAGR during the review period due to increasing military expenditure in developing economies.
North America dominated the aircraft tire retreading market in 2017. The presence of prominent commercial and military aircraft manufacturers such as Boeing and Lockheed Martin Corporation in the US is propelling the growth of the regional market.
The market in Asia-Pacific is projected to be the fastest-growing due to increasing air passenger traffic and increasing defense budgets in developing nations such as India and China.
The key players in the global aircraft tire retreading market are 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), and Dunlop Aircraft TyreLimited (UK).
The market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation and validation from an in-house data repository, and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
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Global aircraft tire retreading market is anticipated to expand at a CAGR of 4.1% during the review period from 2020 to 2030.
Global aircraft tire retreading market is predicted to Grow ata a USD 4.04 Billion by 2020-2030
Bridgestone Corporation (Japan), SAIC (China), Apollo Tyre Ltd (India), and Michelin (France) are some of the renowned names of the global aircraft retreading market.
Based on aircraft, the market has been segmented into military and commercial.