Global Demand for Automotive Tire Molds Is Projected To Increase at A CAGR Of 4.4% from 2023 To 2033
According to Fact.MR, a market research and competitive intelligence company, the global automotive tyre moulds market is estimated to reach US$ 2.39 billion by 2033, growing at a CAGR of 4.4% from 2023 to 2033.
A tyre mould is a tool used to create the form and shape of a tyre. Cast iron is commonly used for tyre moulds because it can withstand the high pressures and temperatures involved in vulcanizing rubber. Accelerated technological improvement will result in structural changes in the automotive industry in the near future. Because of the expanding usage of artificial intelligence (AI) and machine learning, the manufacturing process will experience a radical transition, increasing robotic consistency, accuracy, and efficiency.
Because of level 2 automation, which includes active safety systems and driver assistance, manufacturers may offer compelling features and support revenue growth. Further delays are expected for the technology to mature and people to embrace level 4 autonomous vehicles.
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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%.
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
- Europe
- Asia Pacific & China
- Middle East & Africa
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Market Competition
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.
Companies Profiled
- A-Z GMBH
- Anhui Mcgill Mould Co. Ltd.
- Anhui Wide Way Mould Co. Ltd.
- Beijing Tianyang Electronics Co. Ltd.
- Bridgestone Corporation
- Continental AG
- Dahmen Maschinen
- YYokohamaRubber Co.
- Michelin
- Bridgestone
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