Overview:

The automotive retread tires, also known as remold tires, are eco-friendly in nature and curbs carbon production. Due to such reasons the sale of these tires has increased and the global automotive retread tires is expected to scale a 5% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their well-placed argument on the automotive retread tires market reveals possibilities for the global automotive retread tires market attaining higher than the projected growth rate.

Competitive Landscape:

Several companies have involved themselves into the global automotive retread tires market with an aim to maximize benefits. MRFR in their recently published report enlisted companies like The Goodyear Tire & Rubber Company (US), Bridgestone Corporation (Japan), Marangoni S.p.A. (Italy), Michelin (France), Nokian Tyres plc (Finland) KRAIBURG AUSTRIA GmbH & CO. KG (Austria), MRF Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), JK Tyres (India), Eastern Treads (India), and others.

In March 2019, Ecolomondo announced USD 32 million financing from Export Development Canada (EDC) to set up a turnkey Thermal Decomposition (TDP) facility in Ontario. The company would spend significantly into production process that uses mostly scrap tires. The company plans to profit more by reselling such tire.

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Regional Analysis:

North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are the four regions incorporated in the study of the automotive retread tires market. MRFR in the report tries to find out prospective regions where the company can expand their business.

North America is experiencing heavy growth due to the high intake of personal cars. This is further substantiated by companies who have made their business from the region. However, it is the APAC that rules the global market and is having a great run due to the huge number of car owners are providing traction. The high cost benefits with manufacturing of retread tires is also one major reason owing to which the growth of the market in this region has become quite easier.

Europe has the second spot and it is getting backed by strict regulations that have been implemented to support eco-friendly causes. The region has several regulations that actually supports the integration of this procedure to ensure market growth. This is bound to hike the production and consumption of retread tires across the region.

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects. Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments.

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