In 2023, the production in the UK rubber tyres and tubes, retreading, and rebuilding of rubber tyres manufacturing sector was recorded at a significantly higher level than later years, indicating a descending trend from 2024 onwards. The forecast reveals a steady decrease in production, from £747.78 million in 2024 to £517.83 million in 2028. This translates to a constant annual decline in production value.
Year-on-year, the sector experiences a diminishing trend, with an average annual contraction observable when employing the compound annual growth rate (CAGR) approach. Between 2024 and 2028, the sector faces worsening conditions, predicting slowing growth and increasing challenges for stakeholders.
For future trends, external factors such as fluctuations in raw material costs, changes in regulatory conditions, and a shift towards sustainable products and processes in the automotive sector are pivotal. Stakeholders should closely monitor advancements in technology aimed at enhancing tyre longevity and innovations in alternative materials to offset the declining traditional market.
