(MENAFN- Ameliorate Digital Consultancy)
The global automotive tire molds market is valued at US$ 1.56 billion in 2023 and is forecasted to reach a market size of US$ 2.39 billion by 2033, expanding at a steady CAGR of 4.4% from 2023 to 2033 (forecast period). The automotive tire molds market refers to the manufacturing of molds used in the production of tires for automobiles. These molds are critical components in the tire manufacturing process as they are responsible for shaping and curing the rubber into the desired tire shape The demand for automotive tire molds is driven by the growth of the automotive industry worldwide. As more people purchase automobiles, the demand for tires also increases, which, in turn, drives the demand for tire molds. Additionally, the trend towards electric vehicles and the development of autonomous driving technologies are also expected to drive the demand for automotive tire molds
The market is also segmented based on the type of tire mold, including segmented mold, two-piece mold, and other types. The segmentation is based on the specific requirements of the tire manufacturing process.
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In terms of geography, Asia Pacific is expected to dominate the automotive tire molds market due to the high demand for tires in the region. China, India, and Japan are some of the key markets in the region. North America and Europe are also expected to contribute significantly to the market growth due to the presence of major automotive manufacturers in these regions
Key Takeaways from Market Study
The global automotive tire molds market amounted to US$ 1.56 billion in 2023. Worldwide demand for automotive tire molds is projected to increase at a CAGR of 4.4% from 2023 to 2033. The global market is estimated to touch US$ 2.39 billion by the end of 2033. Asia Pacific dominated the global market with 63% share in 2022. The market in China is anticipated to expand at a CAGR of 5.2%.
Regional Analysis
In terms of regional analysis, the Asia Pacific region is expected to dominate the automotive tire molds market due to the high demand for tires in the region. Countries such as China, India, and Japan are major contributors to the market growth in the region. The growing population and increasing disposable incomes in these countries are driving the demand for automobiles, which is further boosting the demand for tires and tire molds. The region is also home to several tire manufacturers and automotive OEMs, which further supports the growth of the automotive tire molds market.
North America and Europe are also significant markets for automotive tire molds. These regions have a well-established automotive industry and are home to several major automotive OEMs. The increasing adoption of electric vehicles and the development of autonomous driving technologies are expected to drive the demand for tire molds in these regions. Additionally, the demand for high-performance tires is also expected to drive the market growth in North America and Europe. However, the market growth in these regions may be limited by factors such as high labor costs and stringent environmental regulations.
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Competitive Landscape
Tyre manufacturers have also shown a great deal of interest in researching new opportunities and the market need for retread tyres as a result of the growing interest in this technology. Major tyre manufacturers have started looking at this technology to meet the needs of this industry. In the market for automobile tyre moulds, well-known businesses include Bridgestone Corp., Valley Tyre, TreadWright, and Goodyear. Top companies are also entering new regional marketplaces as a way to grow their market share.
By switching to a continuous three-shift system for passenger vehicle tire mold production at Nokia, Finland, Nokian Tires announced in November 2021 that it would significantly increase production volume for passenger car tires at its Finnish factory. In February 2022, Nissan stated that the ALENZA 001 tire from Bridgestone Corporation was standard on the Ariya compact crossover electric vehicle (EV) SUV. The ALENZA 001's distinctive shape and application of cutting-edge pattern technology provide high driving performance and minimal noise. Rolling resistance is also decreased by using new tread rubber.
Companies Profiled
A-Z GMBH Anhui Mcgill Mould Co. Ltd. Anhui Wide Way Mould Co. Ltd. Beijing Tianyang Electronics Co. Ltd. Bridgestone Corporation Continental AG Dahmen Maschinen YYokohamaRubber Co. Michelin Bridgestone
Key Segments of Automotive Tire Molds Industry Research
By Type : Segmented Molds Two-Piece Molds
By Application : Passenger Car Radial Tires (PCR) Truck and Bus Radial Tires (TBR) Off-The-Road Tires (OTR)
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