Automotive tire molds market forecast at $2.39 billion by 2033
Pune, India- As per this latest study by Fact.MR, a provider of market research and competitive intelligence, the global automotive tire molds market is expected to garner US$ 2.39 billion by 2033, expanding at a CAGR of 4.4% from 2023 to 2033. An instrument used to generate the form and shape of a tire is called a tire mold. Cast iron is frequently used for tire molds, which need to be able to endure the high pressures and temperatures involved in vulcanizing rubber. Rapid advancement of new technology will cause certain structural changes in the automotive sector in the near future. The manufacturing process will undergo a dramatic transformation due to the increased use of artificial intelligence (AI) and machine learning, which will increase robotic uniformity, accuracy, and efficiency.
Manufacturers can offer appealing features and support revenue development due to level 2 automation, which includes active safety systems and driver assistance. For the technology to evolve and for consumers to embrace level 4 autonomous vehicles, however, additional delays are anticipated.
Manufacturers are utilizing green energy in their tire production operations as they work to become carbon-neutral by 2050. They are accomplishing this by making investments in green energy, energy-efficient equipment, and zero-carbon products. For instance, the Michelin Group declared in February 2021 that it was trying to have all of its tires completely sustainable by the year 2050. Michelin collaborated on this with several groups, including Axens, IFP Energies Nouvelles, Pyrowave, Carbios, Enviro, and BlackCycle.
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%.
“Adoption of cutting-edge manufacturing technologies by OEMs to provide product distinction through sustainability, durability, and affordability is a key factor contributing to industry expansion”, says a Fact.MR analyst.
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.
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive tire molds market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (segmented molds, two-piece molds) and application (passenger car radial tires (PCR), truck and bus radial tires (TBR), off-the-road tires (OTR)), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).