Tire Mold Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Tire Mold Market Size

Tire Mold Market Trends & Drivers

3D Printing and Automation Are Key Market Trends

• The use of modern technologies, such as automation and 3D printing, is one of the newest developments in the tire mold industry. Custom molds may be produced quickly and affordably using 3D printing, and the time and effort needed to produce them can be decreased further with automation.
• Furthermore, there is a shift toward environment-friendly tire molds, which limit waste and employ recyclable materials.
• In order to create molds that may enhance tire performance and minimize rolling resistance, which will increase fuel efficiency and cut carbon emissions, manufacturers are also investing in research and development.

Growing Demand for New Tiers due to Wear and Tear Drives Market

• The burgeoning demand for tire molds is attributed to the increasing global sales of automobiles and tire replacement rate. The recent growth in the transportation, logistics, and mobility sectors is the biggest reason for the tire mold market growth in contemporary times.
• Over the past few years, the tire market has seen enormous growth due to the rise in the automobile ownership rate, industrial growth, population expansion, and urbanization.
• In addition, the market is directly impacted by the rise of commercial and non-commercial vehicle industries and the regular use of cars and trucks for passenger and goods transportation, respectively.

Fluctuation in Raw Material Availability and Price Acts as Key Challenge

• The tire mold industry is growing, but it still faces a lot of obstacles. The largest barrier is the significant initial investment required to set up a tire mold plant. This might make it challenging for new companies to compete with existing market players.
• In addition, rubber substitutes can be used in tire manufacturing instead of natural rubber, such as recycled and synthetic rubber. Due to these materials’ economic and ecological advantages, there may be less need for tier molds. The volatile nature of natural rubber prices also poses a risk to players and might restrict the growth of the tire mold industry.
• The production of off-road tires requires costly press machines and raw materials. Due to this, companies in the market require greater funding for R&D. Tire mold R&D expenditures are also increasing as a result of the demand for customization, need for a wide product portfolio, and technological improvements.

Tire Mold Industry Outlook

Product Type Insights

• On the basis of product type, the two-piece bifurcation dominates the market.
• These molds are made up of two distinct portions, which are fused together to create a single mold. They are frequently used for larger tires because they provide improved stability and accuracy in the manufacturing process.
• The segmented bifurcation is projected to grow at the higher CAGR, of 4.5%, during 2024–2030.
• Segmented molds offer greater flexibility and simple maintenance because they are composed of several components that can be easily assembled and dismantled.

On the basis of product type, the market is segmented into two categories in the report:

• Segmented (Faster-Growing Category)
• Two-Piece (Larger Category)

Application Analysis

• On the basis of application, the passenger car radial (PCR) tires category dominated the market, with 40% revenue share, in 2023.
• Radial tires are longer lasting than bias variants due to the presence of crisscrossed steel belts and perpendicular polyester biases. Moreover, cars outsell most other kinds of automobiles, which is why the demand for tire replacement is higher in them.
• The truck and bus radial (TBR) tires category is projected to grow at the highest CAGR, of 4.8%, during 2024–2030.
• The is due to the increasing demand for buses and trucks from the expanding transportation and logistics sectors. These tires have a higher load capacity and durability. Essentially, the rampant urbanization, economic, development, and e-commerce growth drive this category.

On the basis of application, the following are the divisions:

• Passenger Car Radial (PCR) Tires (Largest Category)
• Truck & Bus Radial (TBR) Tires (Fastest-Growing Category)
• Off-the-Road (OTR) Tires
• Others

Regional Outlook

• Geographically, the Asia-Pacific region is the largest market, with a share of around 50%, in 2023. This is due to the existence of a significant number of tire makers in countries such as China, India, and Japan.
• These components are themselves in high demand due to these countries’ expanding automotive sectors, which has, therefore, raised the need for tire molds.
• The region’s market is also growing as a result of the accessibility of low-cost labor, encouraging government initiatives, and growing investments in research and development.
• Furthermore, during the forecast period, the North American tire mold market is expected to witness significant growth. The extensive infrastructure development in the region has resulted in the widespread usage of heavy trucks, for which OTR tires are produced. The presence of major players and end users in the U.S. is also propelling the growth of the market.
• These companies continue to spend heavily on technical developments to gain a competitive advantage.

The regions and countries analyzed for this report include:

North America

• U.S. (Larger and Faster-Growing Country Market)
• Canada

Europe

• Germany (Largest Country Market)
• U.K. (Fastest-Growing Country Market
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific (APAC) (Largest Regional Market)

•  China (Largest Country Market)
• Japan
• India (Fastest-Growing Country Market)
•  South Korea
• Australia
• Rest of APAC

Latin America (LATAM)

• Brazil (Largest and Fastest-Growing Country Market)
• Mexico
• Rest of LATAM

Middle East and Africa (MEA)

• Saudi Arabia (Largest Country Market)
• South Africa
• U.A.E. (Fastest-Growing Country Market)
• Rest of MEA

Tire Mold Market Share

A number of players in the industry are improving their market positions and expanding their business portfolios through acquisitions. In addition, companies frequently use partnerships and collaborations as typical methods. Major industry participants are also working on research and development to release innovative products made with modern technologies.

Recent Developments

In March 2024, the Michelin Molding Solutions (MMS) factory in Greenville, SC, acquired its second AddUp FormUP350 power bed fusion (PBF) machine, after installing its first in 2022. Five traditional additive manufacturing machines can be replaced by each new FormUps 350, due to the high productivity and serial production capabilities.