Project report for Tyre Retrading Industry

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Introduction

The method of repairing old tyres so that they can be used in vehicles is known as retreading. The worn-out and weakened threads are replaced with new treads in a technology-driven operation. There are two processes for retreading tyres: cold phase and hot process. Actually, the structured sector conducts 50% of the retreading in India, while the unorganized sector performs the remaining 50%. Tyre retreading is a relatively recent technique. The old tyres become serviceable and useful after using this tool. The tread is the part of the tyre that comes into contact with the asphalt surface. The tread is an essential part of the tyre because it gives stability. There are new treads on the market. In a nutshell, it can be placed on an old tyre and cured with steam. The handled tyres, like fresh tyres, can be used on a wide variety of vehicles, including light and heavy vehicles.

It would be faster and more cost-effective to make tyres using today's secure and modern technologies. A new technology called "Precured Tread Rubber Retreading Process," also known as "Cold Process Retreading," was recently introduced. Tyre retreading is popular in India, as it is in most other parts of the globe, for merchant vehicles such as trucks and buses. The main justification for retreading tyres is to save money on operating expenses, as adding a new tread costs less than half as much as buying a new tyre. Retreads are relatively durable and are now found in a wide range of vehicles. Retreading is used in all types of cars, including taxis, vans, school buses, and military vehicles. Retreading is very eco-friendly. Manufacturers conserve waste space by making used tyres available for future use. It also cuts CO2 emissions and saves millions of gallons of oil that would otherwise be used to make new tyres.

Market potential & Strategy

The worn-out and weakened threads are replaced with new treads in a technology-driven operation. There are two processes for retreading tyres: cold phase and hot process. In India, the coordinated sector conducts 50% of the retreading and the unorganised sector performs the remaining 50%            With approximately 20,000 retreaders spread around the organised and unorganised sectors, India's retreading industry is expected to be worth more than US$ 1 billion (INR 5,000 crore annually). Globally, the retread tyre industry is expected to expand from $ 9.6 billion in 2017 to over $ 11.5 billion before 2023. Retread tyre revenues are projected to rebound in the years ahead, backed by increased customer recognition of retread tyres and price inflation of new tyres, despite a small decrease from 2013 to 2017 due to the penetration of cheaper Chinese tyres. Furthermore, increasing commercial vehicle purchases, owing to increased infrastructure growth and construction activities around the world, are expected to drive demand for retread tyres globally.

The global retread tyres industry is divided into commercial vehicles: light commercial vehicles, heavy commercial vehicles, and off-road vehicles based on vehicle model. The heavy commercial vehicle sector, by vehicle type, is expected to continue to lead the global market in terms of size over the projected period. In contrast to other vehicle types, the market for retread tyres in heavy commercial vehicles is projected to rise at a relatively high CAGR over the forecast period. Between 2018 and 2028, this segment is estimated to generate a cumulative incremental potential of US$ 2,228.1 Mn. Overall, investment in the sector, despite of some odds is not a bad road to take.

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