Aircraft Tire Retreading Market
Aircraft Tire Retreading Market Size was valued at USD 3.2 billion in 2021. The industry is projected to grow from USD 3.3 Billion in 2022 to USD 4.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period (2022 - 2030).
Tire retreading is also known as remolding or recap, and it is the process of remanufacturing tires to replace the tread or rubber on worn tires. While making the body of an aircraft, several factors are considered. Every piece of equipment requires a perfected amount of analysis to produce a high level of safety-based aircraft setup. The construction requires a tire that should be resistant to any environment and weather conditions. The Aircraft Tire Retreading Market Size is fueled by the expanding number of air passengers worldwide. The aircraft tire ensures the safe and correct disposal of heavy loads in short intervals.
Aircraft tire retreading offers various benefits like as safety, lower maintenance costs, and eco-friendliness. Expanding air traffic and the ensuing demand for new aircraft are the key factors herding the growth of the global aircraft tire retreading market. Also, a focus on aircraft modernization programs and an increasing emphasis on aviation safety are augmenting the market growth. Though, the backlog in new commercial aircraft deliveries is anticipated to hamper the market growth.
The expanding deliveries of commercial aircraft have been vanquishing the global market in terms of other general and military vehicles. With a huge number of investments from potential pivotal players, the fleet activity of the market is in accomplished requisition considering the demand for aftermarket tires. This has improved the global market in terms of the commercial aviation market. Along with this, there have been numerous aircraft modernization programs that have laid up the market, and factors like such are anticipated to drive market growth and development.
Key Players
The global Aircraft tire retreading market’s main key players are Bridgestone Corporation (Japan), The Goodyear Tire& Rubber Company (US), Michelin (France), MaranonSpa (Italy), Wilkerson Company, Inc. (US), Apollo Tire Ltd (India) Aviation Tire& Treads LLC (US), SAIC (China), Dresser Tire & Rubber Co., LLC (US), Oliver Tire Group (South Africa), and Dunlop Aircraft TireLimited (UK).
Market Segmentation
The Aircraft Tire Retreading Market is majorly segmented into its process and the aircraft type.
By process, the market is segmented into procuring and mold cures. The market is again segmented into military aircraft types and commercial aircraft types based on the aircraft types.
The global Aircraft Tire Retreading Market is segmented into the following.
· Process
· Pre-cure
· Mold-cure
· By Aircraft type
· Commercial
· Military
Regional Analysis
The global Aircraft Tire Retreading Market Insights has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia- Pacific is expected to be fast-growing due to escalating air passenger traffic and augmenting defense budgets in developing nations such as India and China.
North America pacified the aircraft tire retreading market in 2017. The presence of remarkable commercial and military aircraft manufacturers like as Boeing and Lockheed Martin Corporation in the US is thrusting the growth of the regional market.
The market in Asia- Pacific is anticipated to be rapid- growing due to augmenting air passenger traffic and boosting defense budgets in developing nations like India and China. Regions like India, China and Japan, and Indonesia have been contributing a significant share of the global market.
Recent Developments
In Dec 2020: Germany approved the introduction of almost 40 Eurofighter jets in the country, which had been acquired with a budget of around $6.62 billion. The military expenditure of this venture accounted for almost 2.4% of the total warfare system.
Aircraft Tire Retreading Market Research Report: Information by Process (Pre-Cure and Mold-Cure), Aircraft Type (Commercial and Military), and Region (North America, Europe, Asia-Pacific, and the Rest of the World) — Global Forecast till 2030
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