Automotive Tire Molds Market
Automotive Tire Molds Market Analysis, 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)), and By Region – Global Market Insights 2023 to 2033
Analysis of Automotive Tire Molds Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automotive Tire Molds Market Outlook (2023 to 2033)
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 process of forming raw rubber into a usable tire with specific dimensions and features is known as tire molding. To give the green tire its final shape and encourage the chemical reaction between the rubber and other ingredients, the process involves applying specific pressure to the mold where the green tire is placed.
The introduction of improved and high-performance tires in the market is the result of the development of new and innovative technologies. As manufacturers use these technologies to make tires of higher quality, this is anticipated to fuel the growth of the automotive tire molds market over the coming years.
The eco-friendliness of retread tires and their cheaper prices as compared to new tires are expected to propel market expansion. Retreading has a positive environmental impact. Producers conserve landfill space by preparing used tires for new use. It also saves millions of gallons of oil that is used in the production of new tires and minimizes carbon dioxide emissions.
Strict government regulations on vehicle emissions are motivating Original Equipment Manufacturers (OEMs) all over the world to focus on lightweight and fuel-efficient initiatives for their vehicles, which is driving up demand for low-rolling-resistance tires globally. As such, the market for automotive tire molds is anticipated to rise in parallel over the decade.
Over the past several decades, the market has experienced considerable growth due to factors such as car ownership patterns, rising industrialization, population expansion, and increased urbanization. Also, the expansion of commercial and non-commercial vehicle tire molds directly affects the growth of the market.
The rising use of commercial vehicles will also result in a rise in the frequency of tire replacement. As a result, the market for tire molds will expand steadily throughout the forecast period due to the ever-growing automotive industry.
Automotive Tire Molds Market Size in 2022
US$ 1.5 Billion
Estimated Market Value (2023)
US$ 1.56 Billion
Projected Market Value (2033)
US$ 2.39 Billion
Global Market Growth Rate (2023 to 2033)
China Market Growth Rate (2023 to 2023)
What is Mainly Driving Demand for Automotive Tire Molds?
“Increasing Sales of Automobiles Due to Urbanization”
Various reasons, such as urbanization, consumer's rapidly increasing spending power, rising vehicle production, fuel efficiency rules, and advancements in dynamics, have contributed to the huge rise in car sales over the past several years across the world. As a result of the rise in global auto sales, the adoption of personal vehicles has undergone a substantial change. This change is expected to drive the need for automotive tire molds throughout the forecast period.
“Key Players Introducing Cutting-edge In-mound Technology”
With the development of cutting-edge in-mound technology by major manufacturers, both, the interior and exterior of automobiles are becoming more appealing. Also, they are focusing on developing virtual molding with improved digital software, which is offering a positive industrial perspective.
Demand for two-piece molded LCV tires (light commercial vehicles) with low rolling resistance tires is rising globally. The market is growing as a result of the expanding automotive sector. The industry is expanding due to the increased use of compression molds in cockpits, air exit grilles, and mirror shells.
The market is being positively impacted by the growing use of hydroforming and forging molds as a result of the rising need for lightweight components in the automobile industry.
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What are the Key Restraints for Market Expansion?
“Issues of Raw Material Shortage and Rubber Porosity”
Despite continued increasing demand, there is a shortage of rubber since supply has not increased as anticipated. Also, using natural rubber raises several environmental problems. These factors are projected to be major obstacles to the market's expansion over the coming years.
To have the ideal rubber compression molding process, several issues must be resolved, including shrinkage of the cured component, mold flash, porosity due to uneven curing, flow markings, surface delamination, short shot, warping, burn marks, and set-up effectiveness. This shrinkage happens as a result of the mold's and the component's different expansion coefficients. Porosity, however, is the result of insufficient healing. A fault in the flow direction is caused by a flaw on the mold surface, which produces flow marks.
As a result, any flaws or imperfections in the mold could cause issues throughout the production process and cost more money in the form of delays and repairs needed.
Why Should Producers of Tire Molds Prioritize Their Investments in Asia Pacific?
“Presence of Prominent Players and Top Manufacturers in Region”
Asia Pacific continued to hold a major share of the global automotive market because of China's historically strong manufacturing sector and the region's massive automobile production. The market in China is forecast to expand at 5.2% CAGR through 2033 as a result of the presence of major tire manufacturers in the country.
The need for automobile tire molds is being driven by factors such as low production costs, readily available labor, lax environmental regulations, safety standards, and government pressure for FDIs. These factors have all contributed to a significant increase in investments in the Asia Pacific region, which is driving market expansion.
What Makes the United States a Desirable Market for Manufacturers of Automotive Tire Molds?
“Technological Advancements and Increasing Demand for Green Tires”
Demand for automotive tire molds in the United States is being driven by rising sales of electric vehicles, development of technologically advanced autonomous vehicles, changes in taxation policies, and the movement in consumer preference toward safer, more comfortable, and longer-lasting tires.
The growth of the automobile industry will be further accelerated by the rising demand for pickup trucks and other comparable light commercial vehicles in the country. Due to increased investments in the manufacturing of green tires and rising demand for green tires, the country's automotive tire molds industry is expanding at a steady pace.
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Which Mold Type is Boosting the Demand for Automotive Tires?
“Segmented Molds to Drive Target Market Growth”
Demand for segmented mold types is expected to grow at a CAGR of 5.8% during the forecast period. Automobile tires are made using segmented molds. They are sometimes called vulcanization molds or tire molds.
The segmented mold's primary purpose is to offer a shape that may be utilized to create rubber components, including tires, tubes, and other related goods. Because segmented molds are more effective at curing and molding green tires, their demand is expected to rise swiftly during the projection period.
The rubber can flow between the two metal plates while preserving its original shape and qualities because it is held together by a flexible diaphragm that is made of two metal plates.
Which Factor is Contributing to High Demand for PCR Tires Worldwide?
“High Sales of Passenger Vehicles across the World”
PCR tires led the world market for automotive tire molds. Over the projection period, it is expected that this category will rise due to the high demand for passenger vehicle tire molds across countries. In addition, rising sales volumes and premium brand penetration are anticipated to fuel segment expansion over the next few years.
Due to the rising interest in this technology, tire manufacturers have also shown a significant interest in investigating new possibilities and market demand for retreading tires. To serve this market, major tire manufacturers have also started researching this technology. Bridgestone Corp., Valley Tire, TreadWright, and Goodyear are well-known companies in the automotive tire molds market. To increase their market share, top firms are also expanding into new regional markets.
- 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.
- Continental Tires debuted its new line of CrossContact AX6 SUV tires in India in February 2022. The new, cutting-edge Generation 6 CrossContact AX6 all-terrain tires have an open tread pattern that maximizes edges and contact areas to aid in more off-road traction.
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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)
By Region :
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
- FAQs -
The global automotive tire molds market is valued at US$ 1.56 billion in 2023.
Global demand for automotive tire molds is projected to increase at a CAGR of 4.4% from 2023 to 2033.
The market for automotive tire molds is anticipated to reach US$ 2.39 billion by 2033.
The market is segmented regionally into North America, Latin Asia Pacific, Europe, and the Middle East & Africa.
Michelin, Bridgestone, A-Z GMBH, Anhui Mcgill Mould Co. Ltd., Anhui Wide Way Mould Co. Ltd., Beijing Tianyang Electronics Co. Ltd., and Bridgestone Corporation are key players in the automotive tire molds market.