Automotive Tire Mold Market Size, Share, Growth and Industry Analysis by Type (Segmented Molds, And, Two-Piece Molds), By Application (PCR, TBR, And, OTR) Regional Forecast By 2031

Updated On: 22 April 2024

Automotive Tire Mold Market Report Overview

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The global automotive tire mold market size is anticipated to be worth USD 1669.5 million in 2022, as per our research, the market is projected to touch USD 2266.82 million by 2031 with a CAGR of 3.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An automotive tire mold is a type of a precision equipment that is used for the purpose of manufacturing of tires for vehicles. The mold is made up of high-quality steel. Automotive tire molds are highly complex and require precision engineering for producing tires that are safe, and, durable. They are a significant component in manufacturing tires.

Automation and 3D printing are the two newest innovations that have been introduced in the market. 3D printing helps in the quick production of cost-effective tire molds. This is considered as the latest trend in the market.

Demand for automotives have increased in the past few years increasing the scope for the market.  Larger tire sizes and customizations in tires has become a necessity in most of the industries. All of these factors have played an important role in increasing the automotive tire mold market share.

COVID-19 Impact: Temporary Shutdown of Production Facilities During Pandemic Decreased Market Growth

The pandemic of COVID-19 completely changed the way in which all the markets functioned. Certain sectors faced numerous obstacles in continuing their functions during the period of pandemic, whereas certain industries experienced considerable growth amidst the unfavorable conditions prevailing during the outbreak of coronavirus.

However, the automotive tire mold market faced difficulties to generate demand among the customers. This was due to the temporary shutdown of production facilities and disruption in the supply chain. This resulted in reduction of tire molds. Closure of production facilities and reduced workforce had a negative impact on the production of the product. As a result, the market experienced a downfall during the outbreak of coronavirus.

LATEST TRENDS

"Introduction of Automation and 3D Printing Technology   to Increase Market Growth"

One of the latest trends in the automotive tire mold market is the increasing adoption of advanced technologies such as 3D printing and automation. 3D printing allows for the quick and cost-effective production of customized molds, while automation can significantly reduce the time and labor required for mold production. Additionally, there is a growing trend towards the development of sustainable and eco-friendly tire molds that use recyclable materials and minimize waste. Manufacturers are also investing in research and development to produce molds that can improve tire performance and reduce rolling resistance, resulting in better fuel efficiency and lower carbon emissions. These advancements in technology and sustainability are expected to shape the future of the automotive tire mold market.

Automotive Tire Mold Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Segmented molds, and, two-piece molds. The segmented molds segment is projected to hold the dominant market share through 2028 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

PCR, TBR, and, OTR. The PCR segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Increasing Demand for Automobiles in Developing Economies to Amplify Market Growth"

The automotive tire mold market is primarily driven by the increasing demand for automobiles worldwide. As the number of vehicles on the road’s increases, the demand for tire molds also increases. Along with this, the growing emphasis on fuel efficiency and reducing carbon emissions is also driving the demand for tire molds as manufacturers strive to create more efficient and eco-friendly tires.

 The use of advanced materials and technologies in tire manufacturing is also contributing to the growth of the market. Finally, the increasing demand for high-performance tires for racing and sports cars is another significant factor driving the growth of the automotive tire mold market.

"Increasing Need for Replacement Tires Due to Wear and Tera to Drive Market Growth"

In addition to the factors mentioned earlier, there are other drivers contributing to the growth of the automotive tire mold market. As vehicles age and tires wear out, there is a growing demand for replacement tires, which, in turn, fuels the demand for tire molds used in their production.

The expanding automobile aftermarket is also contributing to the market growth, as consumers seek cost-effective and high-quality replacement tires. Industrialization and urbanization in developing countries are driving the demand for vehicles, further boosting the growth of the market. Moreover, the trend towards larger tire sizes and customizations in tires is gaining popularity, which is further driving the automotive tire mold market growth.

RESTRAINING FACTOR

"Accessibility of Substitute Raw Materials to Deteriorate Market Growth"

Even though the market for automotive tire molds is expanding, a number of limitations continue to prevent it from reaching its full potential. The substantial initial outlay needed to establish a tire mold production facility is one of the biggest obstacles. It may be difficult for new market entrants to compete with established competitors because of this barrier.

 The accessibility of substitute materials, such as synthetic rubber and recycled rubber, which can take the place of natural rubber in tire production, is a further problem. These materials lessen the need for tire molds because they might be more affordable and environmentally friendly. For tire mold producers, the fluctuating price of natural rubber is a problem because it might hurt their bottom line.

Automotive Tire Mold Market Regional Insights

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"Asia Pacific to Dominate Market in Upcoming Years "

The region that is predicted o take up the largest share in the market is Asia Pacific. The dominance of the region can be due to the existence of sizable tire producers in nations like China, India, and Japan. The booming automotive industries in these nations have increased demand for tires, which in turn has increased demand for tire molds.

 In addition, the availability of inexpensive labor, supportive government policies, and rising investment in R&D activities are all assisting in the expansion of the market in the area. Major tire mold producers' presence in the area further solidifies its position as the market's top region for automobile tire molds.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profile

• Quality Mold [U.S.]
• A-Z Formen-und Maschinenbau [Germany]
• HERBERT Maschinenbau [Germany]
• SAEHWA IMC [South Korea]
• MK Technology [South Korea]
• King Machine [China]
• Shinko Mold [Japan]
• SeYoung TMS [South Korea]
• Himile [China]
• Greatoo [China]
• Anhui Wide Way Mould [China]
• Wantong [China]
• Anhui Mcgill Mould [China]
• Tianyang [China]

Report Coverage

The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.