Tire Mold Market Size, Share, Analysis, Trends, Growth Report, 2032

Tire Mold Industry Prospective:

The global tire mold market size was evaluated at $2,380 million in 2023 and is slated to hit $5,290 million by the end of 2032 with a CAGR of nearly 9.28% between 2024 and 2032.  

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Tire Mold Market: Overview

Tire molding is the process of molding a raw rubber structure into a functional tire of specific dimensions and features. The method includes designated pressure for the green tire in a mold to provide it a final shape along with using heat to stimulate the chemical reaction between the rubber and other materials. A tire is a key component of an automobile. Furthermore, it has to be strong and flexible in the rubber casting to provide a strong grip while attached to a wheel rim. Reportedly, the tire offers a gripping surface for traction and serves as a cushion for the wheels of a moving vehicle.

Key Insights

• As per the analysis shared by our research analyst, the global tire mold market is projected to expand annually at the annual growth rate of around 9.28% over the forecast timespan (2024-2032)
• In terms of revenue, the global tire mold market size was evaluated at nearly $2,380 million in 2023 and is expected to reach $5,290 million by 2032.
• The global tire mold market is anticipated to grow rapidly over the forecast timeline owing to a rise in the frequency of replacement of tires in vehicles.
• In terms of product type, the two-piece molds segment is slated to register the highest CAGR over the forecast period.
• Based on application, the passenger car radial tires segment is predicted to contribute majorly towards the global industry revenue in the upcoming years.
• Region-wise, the North American tire mold industry is projected to register the fastest CAGR during the projected timespan.

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Tire Mold Market: Growth Factors

A rise in vehicle sales to augment the scope of the global market in the years to come

A surge in the sale of automobiles is anticipated to increase the demand for tire mold, thereby driving the global tire mold market trends. A rise in the frequency of replacement of tires in vehicles will spur the expansion of the market globally.  An increase in industrialization globally and population growth will embellish the growth of the global market. Surging disposable income and laws pertaining to fuel efficacy will proliferate the size of the global market.          

Tire Mold Market: Restraints

Reduction in the production of vehicles due to pandemics can hamper the global industry surge in the future

The slowdown in vehicle manufacturing activities owing to the outbreak of pandemics such as COVID-19 will embellish the expansion of the tire mold industry globally.

Tire Mold Market: Opportunities

Flourishing the automotive sector to open a plethora of growth opportunities for the global market

The thriving commercial and non-commercial automotive sectors will open new opportunities for growth for the global tire mold market. An increase in portability as well as the movement of heavy objects & loads from one place to another has paved the way for the humungous expansion of the global market.

Tire Mold Market: Challenges

Surge in the raw component prices can challenge the growth of the industry globally over 2024-2032

An increase in raw material costs due to disruption in the supply chain activities is projected to challenge the growth of the global tire mold industry.

Tire Mold Market: Segmentation

The global tire mold market is divided into product type, application, and region.                                         

In product type terms, the tire mold market across the globe is bifurcated into two-piece molds and segmented molds segments. Additionally, the two-piece molds segment, which acquired nearly half of the global market revenue in 2023, is expected to record the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be due to operational ease and reduced complexity.

Based on the application, the global tire mold industry is sectored into off-the-road tires, passenger car radial tires, and truck & bus radial tires segments. Additionally, the passenger car radial tires segment, which garnered about 65% of the global industry revenue in 2023, is expected to make notable contributions towards the global industry share over the analysis timeframe. The growth of the segment in the forthcoming years can be due to thriving automotive ownership trends witnessed across the globe.

Tire Mold Market: Report Scope

Tire Mold Market: Regional Insights

Asia-Pacific is expected to maintain the leading status in the global market in the next couple of years

Asia-Pacific, which accounted for nearly two-fifths of the global tire mold market revenue in 2023, is expected to establish its dominant status in the global market in the years to come. In addition to this, the regional market growth in the next few years can be due to the thriving vehicle manufacturing sector in countries such as India and China. Apart from this, an increase in the presence of giant tire manufacturers such as MRF Tires in countries such as India will scale up the growth of the market in the region.

North American tire mold industry is anticipated to register the fastest growth rate in the forecast timespan. The expansion of the industry in the region over forecasting years can be attributed to a steep rise in the production of tire mold in countries such as Canada and the U.S. In addition to this, the presence of key vehicle manufacturers in countries such as the U.S. will prop up the growth of the industry in the sub-continent. A rise in the use of cars in North America will multiply the size of the industry in the region. The flourishing automotive sector and onset of IoT in the North American countries along with demand for autonomous vehicles will culminate into massive penetration of tire molds in the region.

Key Developments

• In the second half of 2022, Continental AG, a German firm manufacturing automotive components including tires, automotive electronics, and brake systems, launched a range of tires for commercial vehicles and premium SUVs in India. The strategic initiative will boost the expansion of the tire mold business in APAC.
• In October 2023, Michelin, a France-based firm producing tires, announced the launching of a new X one pre-mold retread tires with the objective of improving the overall ownership costs.
• In April 2024, Continental AG acquired EMT Puchov s.r.o, a mold producer for commercial automotive & specialty tires, with the aim of expanding its automotive components /product line. 

Tire Mold Market: Competitive Space

The global tire mold market profiles key players such as:

• Himile
• Saehwa IMC
• SeYoung TMS
• Tianyang
• Wantong
• King Machine
• A-Z
• Greatoo
• Anhui Wide Way Mould
• HERBERT
• Hankook Precision Works
• HongChang
• Shinko Mold Industrial

The global tire mold market is segmented as follows:

By Product Type

• Two-Piece Molds
• Segmented Molds

By Application

• Off-The-Road Tires
• Passenger Car Radial Tires
• Truck & Bus Radial Tires

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa