Tire Mold Market By Product (Segmented Molds, Two-Piece Molds) By Application (Passenger Car Radial (PCR) Tires, Truck & Bus Radial (TBR) Tires, Off-The-Road (OTR) Tires) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

About this report

The global tire mold market report explores the critical analysis of the tire mold industry using key parameters. The report includes investment strategies, the need for investments in the tire mold industry, and the numerous advantages for investors. Importantly, this report outlines significant changes in global technical regulations for the tire mold industry and how economic and non-economic barriers assist the market's growth. In addition, the report analyzes historical and projected market sizes at the global, regional, and national levels. The report also thoroughly examines key investment propositions, competitor positioning, demand and supply gaps, SRC analysis, STAR analysis, and Tornado analysis. Other analyses and key technological developments include PESTEL analysis, Porter's five forces analysis, value chain analysis, etc.

Key Highlights of the Report

How are the major segments performing in the tire mold market?

• The two-piece mold product segment led the global market in 2021 and is expected to continue during the projected period due to its ease of operation and lower complexity.
• In 2021, the passenger car radial (PCR) tire application size segment held the largest revenue share in the global tire mold market due to the rising global trend of automobile ownership.

Which region dominated the tire mold market?

In 2021, the Asia Pacific region was anticipated to hold a prominent global tire mold market share. The region has experienced significant growth due to rising auto production and welcoming government policies for foreign investment from nations like Japan, China, India, and South Korea. The key winning strategies for businesses involved in the regional automotive tire mold industry include emphasizing their USP statements, diversifying their product portfolio, and adding alluring features. The region is also home to several of the biggest tire manufacturers in the world, which also helps the tire mold market grow.

How is US Market Performing in the Tire Mold Market?

The United States led the North American tire mold market size. This trend will likely continue over the forecast period due to increased market demand for commercial vehicles for travel due to the country's increased consumer spending. The International Organization of Motor Vehicle Manufacturers estimates that the United States produced and sold about 12,404,698 commercial vehicle units in 2019. The country's high automobile production level will increase tire mold demand in the regional automotive sector.

What is the competitive environment of the tire mold market?

The major players in this tire mold market put much effort into building their manufacturing facilities, investing in R&D, developing their infrastructure, and taking advantage of integration opportunities throughout the value chain. These tactics help international tire mold firms meet rising demand, maintain competitive effectiveness, create cutting-edge goods and technologies, cut production costs, and broaden their clientele. For instance, Goodyear launched the EV-4M Port Handler in March 2021. The new tire has powerful bead bundles, side inserts, a thicker wedge, and a long-lasting casing. These features benefit from increased efficiency, better treadwear, stability, toughness, comfort, and operational efficiency.

Executive Summary

What are the key trends in the tire mold market?

• Increased tire replacement rates in vehicles: The tire market has seen tremendous growth over the past few decades thanks to factors such as the automobile ownership pattern, industrial growth, population expansion, and urbanization. Moreover, the expansion of the non-commercial and commercial vehicle industries directly affects the growth of the tire market, and the regular use of cars and trucks will raise the need for tire replacement. As a result, the expanding automotive industry will drive the growth of the tire mold market throughout the projected period.
• Growing global sales of automobiles: Automobile sales have increased globally in recent years due to urbanization, rapidly increasing customer purchasing power, increased vehicle production, fuel efficiency regulations, and improved dynamics. Moreover, the adoption of personal cars has undergone a significant shift due to the rise in global automotive vehicle sales, which is anticipated further to drive the global tire mold market expansion during the forecast period.

What are all the technical developments in the global tire mold market?

A tire mold is a precise mold used to shape a tire. Manufacturers provide consumers with traditional and cutting-edge molds of different types and technologies, including casting molds, direct engraving molds, ventless molds, and wave-splitting molds, depending on the function and purpose of the tire. Re-treaded tires are more affordable than new tires, one of the most notable technological improvements that have increased sales. Due to the rapid development of the latest technology, the automobile industry will undergo a few structural reforms in the coming years. The tire manufacturing process will change due to machine learning and artificial intelligence (AI), enhancing robotic uniformity, accuracy, and efficiency. For instance, Michelin introduced two new pre-mold retreads in 2020 to enhance its tire retread technology line-up. These retreads provided fuel savings and a cheap total cost of ownership due to their revolutionary compound tread.

Which are the key investments by the players in the tire mold market?

The rapidly increasing global production and consumption of tires are expected to drive tire mold market growth throughout the forecast period. Manufacturers of tire molds have plans to invest in industrial output, offer new goods and services, and set up collaborative initiatives and research institutes. For instance, Bridgestone Corporation purchased REIFF REIFEN (a German specialist tire trade organization) and AUTOTECHNIK GmbH in May 2020. This company operates a tire molding facility in Germany and a chain of nearly 42 retail locations.

Some major players in the tire mold market are Anhui Mcgill Mould Co. Ltd., Himile Mechanical Science & Technology (Shandong) Co. Ltd., Greatoo Intelligent Equipment Inc., Anhui Wide Way Mould Co. Ltd., A-Z GmbH, Herbert Maschinen- und Anlagenbau GmbH & Co. KG, King Machine, Shinko Mold Industrial Co. Ltd., Qingdao Yuantong Machinery Co. Ltd., and MK Technology Corp.

What are the major driving factors for the tire mold market?

Increased global auto sales and rising tire replacement rates in vehicles are cited as contributing factors to the surge in demand for tire molds. Transporting bulky and heavy goods also necessitates the use of tires. The increased mobility of goods has led to a strong demand for tires and tire molds. Another significant factor fueling the growth of the worldwide tire mold market is the recent rise of the logistics, transportation, and mobility sectors.

What are the major risks for the tire mold market?

Raw material price fluctuations globally may limit tire mold market expansion. Off-the-road (OTR) tire production involves expensive raw materials and press machine costs. Therefore, players in the tire mold industry need more resources to make significant R&D investments. Customization, a diverse product offering, technological advancements, and fluctuating demand all contribute to rising tire mold R&D costs.

Which is the key product in the tire mold market?

The two-piece molds product segment will hold a prominent global tire mold market revenue share over the projected period. A two-piece mold is a device for producing exact replicas of automobile tires. It consists of an elastic rubber gasket connecting the upper and lower molds. The lower mold secures it while the upper one maintains the tire's shape, guaranteeing proper alignment. The primary purpose of two-piece molds is to create a shape that can produce rubber components like tires, ducts, and other related goods.

How is the tire mold market performing in regions?

Asia Pacific held the top spot in the global tire mold market in 2021 due to increased investments in the production of green tires and rising disposable income in nations like Japan, India, and China. China is the world's biggest producer of automobiles. The nation's automotive industry has been preparing for product evolution by heavily emphasizing producing goods with high fuel efficiency and low emissions. The Made in China 2025 initiative is expected to support upgrading the current low-cost mass manufacturing to higher value-added industrial automation. The production is anticipated to reach 30 million vehicle units by 2020.

Furthermore, North America is expected to have the highest revenue share in the global tire mold market during the projected period. Large-scale infrastructure expansion in North America has led to the widespread use of heavy vehicles with off-the-road (OTR) tires for the best performance. Significant tire mold competitors in the United States are also accelerating the market's growth. A substantial increase in tire consumption in passenger vehicles, particularly heavy commercial vehicles, is critical to accelerating regional tire mold market growth.

What is the regulatory landscape for the tire mold market?

Global demand for low-rolling-resistance tires has surged due to strict government rules on vehicle emissions, encouraging Original Equipment Manufacturers (OEMs) to concentrate on fuel efficiency and lightweight programs for their cars. Stringent government regulations and growing environmental concerns will raise demand for retread tires among producers and consumers. This is expected to propel the automotive tire mold market trends in the upcoming years.

What is the Market Size of Tire Mold regarding value?

The global tire mold market is anticipated to grow at a substantial CAGR of 1.5% in the upcoming years. The global tire mold industry was estimated to be worth USD 1548.6 million in 2021 and was expected to be worth USD 1693.3 million by 2028.

What are the major players planning for the future of the tire mold market?

The market now offers advanced, high-performance tires owing to the development of new, creative technologies. The adoption of these technologies by manufacturers to produce higher-quality tires is anticipated to fuel the future growth of the automobile tire mold market. In addition, rising automotive sales volumes and premium brand penetration are anticipated to fuel the growth of the tire mold market over the upcoming years.

Segmentation of Global Tire Mold Market -

Global Tire Mold Market – By Product

• Segmented Molds
• Two-Piece Molds

Global Tire Mold Market – By Application

• Passenger Car Radial (PCR) Tires
• Truck & Bus Radial (TBR) Tires
• Off-The-Road (OTR) Tires

Global Tire Mold Market – By Region

• North America
  • US.
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

Frequently asked questions about the global tire mold market