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 global market for molds used in the production of tires for various vehicles, including passenger cars, commercial vehicles, and motorcycles. Tire molds are used to shape the rubber into the desired tread pattern and size.
The growth of the automotive industry, particularly in developing countries, is driving the demand for tire molds. Additionally, increasing demand for high-performance tires, particularly in sports cars and luxury vehicles, is also boosting the market growth. Advancements in tire manufacturing technology, such as the use of 3D printing, are also expected to drive the demand for tire molds in the future.
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The market is segmented based on type, material, application, and geography. By type, the market is segmented into segmented molds, two-piece molds, and others. By material, the market is segmented into aluminum, steel, and others. By application, the market is segmented into passenger cars, commercial vehicles, and motorcycles. Geographically, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa
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%.
North America is one of the largest markets for automotive tire molds, primarily due to the presence of major tire manufacturers in the region. The US is the largest market in the region, with several major tire manufacturing plants located in the country.
Europe is another significant market for automotive tire molds, with countries such as Germany, France, and Italy being major contributors to the market. The region has a well-established automotive industry, and the demand for high-performance tires is also driving the market growth.
The Asia-Pacific region is expected to witness significant growth in the automotive tire molds market, driven by the increasing demand for vehicles in countries such as China, India, Japan, and South Korea. The region is also home to several major tire manufacturers, and the growing demand for high-performance tires is expected to boost the market growth in the region.
South America and the Middle East & Africa are relatively smaller markets for automotive tire molds, but they are expected to witness steady growth in the coming years. The growing automotive industry in countries such as Brazil, Mexico, and South Africa is expected to drive the demand for tire molds in these regions.
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Demand for tires for both passenger cars and commercial vehicles is being met by large producers such as Michelin, Bridgestone, Pirelli, and others in the mid-level concentrated global market. Local tire makers, however, dominate the market in regional and highly concentrated Asian vehicle markets such as China, India, and Indonesia.
- A project launch ceremony for its new manufacturing facility was held in April 2020 by Chinese tire manufacturer Shandong Linglong Tire Co., Ltd.
- To diversify its selection of tire retread technologies, Michelin North America introduced two new pre-mold retreads in July 2021. Through improved trailer tread wear and fuel savings, the Michelin X ONE Line Energy T2 Pre-Mold Retread is intended to minimize the total cost of ownership for the North American line-haul market.
- 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.