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Tire Mold Market Overview
Tire molding is the process of shaping raw rubber structure into a functional tire of specified dimensions and properties. The process includes designated pressure for the green tire in a mold to give it final shape, and heat energy to stimulate the chemical reaction between the rubber and other materials. The global tire mold market is expected to witness considerable growth during the forecast period (2020–2030), on account of rise in automotive ownership pattern, industrialization, population growth, and urbanization.
The tire mold market on the basis of product is classified into segmented molds, and two-piece molds. Between these, the two-piece mold category dominated the market during the historical period (2014–2019), owing to the ease of operation and lesser complexity. Whereas, the segmented mold category is projected to witness faster growth during the forecast period, owing to higher efficiency in curing and molding of green tires.
The tire mold market based on application is categorized into passenger car radial (PCR) tires, truck & bus radial (TBR) tires, off-the-road (OTR) tires, and others. Among all, the PCR tires category held the largest market share, due to the growth in automotive ownership trend. However, the TBR tires category is expected to grow fastest, owing to high demand from transport and logistics sectors.
By geography, Asia-Pacific (APAC) held the largest share in base year (2019), due to conventionally mature manufacturing industry in China and huge number of vehicles in the APAC region. Moreover, the major tire manufacturers are also operating in the region, which further drives the market growth. However, during the forecast period, North America is expected to witness highest growth rate due to recent trade restrictions from China.
Tire Mold Market Dynamics
The burgeoning demand for tire molds is attributed to increasing global sales of automobiles and tire replacement rate in vehicles. Tires are also considered a necessity for a heavy and oversized object to be portable. The increase in portability of objects has driven a considerable demand for the tires and subsequently tire molds. Recent growth in transportation, logistics, and mobility sectors is another major push for the tire mold market.
Although China is the largest producer of the tire molds in the world, it is marred by lot of challenges developed in recent times, like trade competitiveness with U.S., application of countervailing duties on Chinese products in many countries, and recent outbreak of COVID-19 pandemic, which originated from China and has impacted the production and sales statistics for the global market.
Tire Mold Market Competitive Landscape
Some of the major players operating in the global tire mold market are Anhui Mcgill Mould Co. Ltd., Himile Mechanical Science & Technology (Shandong) Co. Ltd., Greatoo Intelligent Equipment Inc., Anhui Wide Way Mould Co. Ltd., A-Z GmbH, Herbert Maschinen- und Anlagenbau GmbH & Co. KG, King Machine, Shinko Mold Industrial Co. Ltd., Qingdao Yuantong Machinery Co. Ltd., and MK Technology Corp. These companies are increasingly focusing on collaborations with car manufacturers to enhance their services and widen their market share.
The report includes country-wise analysis of the tire mold market. The major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Russia, China, India, Japan, Australia, Mexico, the U.A.E., and Brazil.
Global Tire Mold Market Size Breakdown by Segment
Based on Product
Based on Application