The global tire repair patch market is expected to witness a market value of US$ 2.82 Billion in 2023 and is expected to accumulate a market value of US$ 3.87 Billion by registering a CAGR of 3.2% in the forecast period 2023 to 2033. The market for Tire Repair Patch market registered a CAGR of 2.1% in the historical period 2018 to 2022. Factors such as increase in the number of road vehicles, owing to the rapid expansion of automobile industry are expected to fuel the growth of the Tire Repair Patch market over the analysis period.
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Tire Repair Patch has been flourished. The advent of vehicle-to-vehicle communication is aiding in curtailing traffic, and preventing accidents on roads. Integration of advanced as well as wireless technologies such as artificial intelligence and internet of things (IoT) are also anticipated to fuel the growth of the tire repair patch market during the forecast period.
Additionally, the rise in the number of collaborations and partnerships between small locally owned repair shops and fleet as well as leasing firms is one of the major factors that is expected to create lucrative avenues for the market growth. Also, the increase in the need for industrial automation is expected to boost the sales of the tire repair patch in the near future.
Furthermore, factors including the development of e-commerce and an upsurge in the demand of industrial vehicles are expected to escalate the growth of the tire repair patch market in the forthcoming years. In addition, all types of vehicles such as cars, bikes, bicycles, tractors, buses among others, face several issues such as punctures that need the application of tire patches, and require tire maintenance. Hence, all the aforementioned factors are anticipated to fuel the demand for tire repair patch over the analysis period.
On the regional end, the Tire Repair Patch market in Asia Pacific is expected to account for the maximum share during the analysis period, attributed to the factors such as rapid increase in the number of vehicle owners in the region, which is expected to continue, as well as the sub-par quality of roads in many countries of the region.
On the other hand, the Tire Repair Patch market in North America is expected to hold a significant growth rate over the forecast period, owing to factors such as presence of major key players in the region, mainly in Unites States and Canada. In addition, factors such as the rise in the industrialization are expected to bolster the regional market growth during the forecast period.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Tire Repair Patch are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in November 2021, REMA TIP TOP announced the launch of its all-new tire repair patch with an innovative bimodal bonding layer. The "Made in Germany" quality product, which is developed in-house, features exceptionally high initial adhesion as well as significantly improved structural strength. The professional manufacturer and supplier of system solutions from Bavaria had applied for a patent on the special mixture of several types of rubber in the bimodal bonding layer. The new PREMIUM line has been available since 2022. Subsequently, in May 2021, Tata Motors has now started equipping the Tiago and Tigor models with tire puncture repair kits. The new kit allows users to repair a punctured tire without even removing it from the vehicle.
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As the automobile industry is expanding rapidly there are an increasing number of on road vehicles. This in turn results in a larger number of vehicles requiring overall vehicle maintenance assistance with one of the most common issues being those related to tire punctures which result in loss of inflation pressure.
But the long-term risk is that the instability around the penetrating object can lead to a tread separation. Tire repair patches are used to repair crown injuries in both radial and bias ply tires.
These tire repair patches are manufactured with special compounding and thick rubber to mend any type of puncture that does not require changing the tire. These patches are a combination of a stem and patch covered with a grey cushioned gum which acts as a sealant.
This allows both the stem and patch to vulcanize to the tire providing a permanent, leak proof solution to the puncture. The cushion gum is generally covered with an easy to remove polyethylene protective covering. All in all this product offers a quick, economical and durable option when repairing a puncture and is the most common solution to mending a flat tire.
As automotive ownership increases globally, the tire repair patch market is also expected to witness significant growth in this time period. All types of cars, bicycles, bikes, buses, tractors and other vehicles require tire maintenance and face several issues such as punctures that need the application of tire patches.
There is a growing trend in the industry for collaborations and partnerships between small locally owned repair shops and fleet and leasing firms. This is creating an avenue for a stable supply of tire repair patches to cater to the ever growing demand.
In European and North American countries tire repair patches are even applied via automated machines which makes the entire process quicker. A growing number of off-road vehicle activities and sports such as MotoCross and similar rallying events require tire repair patches much more frequently to tend to punctures which occur more often due to the extreme and uneven terrain and high pressure applied on the tires.
To add to its popularity these patches are cheap, durable and easy to apply making them the universally preferred option. This product also encourages consumers to be sustainable by not discarding the tire once the damage is done. At present these points represent the factors driving the tire repair patch market.
The drawbacks faced in the field are that there is a relatively high initial investment required to purchase the tools needed to apply the tire repair patches and there is a constant uncertainty over the raw material prices of the patches and tools involved.
Tubeless tires, which are more stable than tube-tires, are increasingly being used owing to their superior stability and safety. These tires are less prone to abrasions and punctures as compared to tube-tires, hence this may potentially reduce the demand for tire repair patches.
With a growing trend of reducing the worlds carbon footprint many people are using their vehicles as less as possible and are taking to public transport, this may in the future act as a restraint in the growth of the tire repair patch market.
Another method of repairing tires with smaller and more common punctures involves the use of a plug, which is just as durable. Tire repair plugs are used much more than tire repair patches and it seems likely that this trend would continue as it as an equally durable and even more economical option than a tire repair patch to repair punctures of a smaller size.
The COVID-19 pandemic has impacted the global economy at various levels with no industrial sector being spared. As a result, a substantial slowdown was witnessed in manufacturing in the first six months of 2020 and with lesser vehicles plying on the road, there has been a reduced demand for tire repair patches.
For the remaining half of the year the outlook remains uncertain as the scope of the pandemic and its effect on production, demand and supply chains which is anticipated to impede the overall automobile market growth. But this fall in the market growth should recover and bounce back in the next two or three years.
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The tire repair patch market is expected to witness robust growth in the Asia-Pacific region owing to rapid increase in the number of vehicle owners, which is expected to continue, and the sub-par quality of roads in many countries in this region.
It is followed by North America and Europe where the markets are expected to decline at a slow pace as both markets are established and mature and have limited potential for growth as they are past their peak. Latin America and Africa should see significant growth, not as much as that of Asia-Pacific but a somewhat similar trend owing to familiar reasons and rapid industrialization.
The Middle East region will witness a slow growth in the years to come. Tire repair patch Market: Key Participants
Some of the key market participants in the global tire repair patch market, identified across the value chain include:
The research report on the tire repair patch market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Tire repair patch market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, aircraft type, and sales channel.
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The global tire repair patch market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global tire repair patch market can be segmented on the basis of type and application.
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