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Global Automotive Tire Molds Market to Reach US$1.8 Billion by the Year 2026

Tire molding represents the process in which raw rubber structures are shaped into functional tires with required properties and in specified dimensions. Growth in the global market is expected to be driven by the growing vehicle sales post-pandemic. Strong demand is now being observed for premium vehicles and SUVs. Automotive consumers in countries across the world are more inclined towards premium and comfortable vehicles with the best on-board features. Growing sales of premium cars and other automobiles and increase in tire replacements therefore are expected to result in strong growth for the market for automotive tire molds going forward. Growth in logistics, mobility and transportation sectors also pushes growth for the market for tire molds. Increasing automation including ADAS (Advanced Driver Assistance Systems) is enabling automotive manufacturers to add new and advanced features in models. One of the important trends in the market is the increasing use of 3D printing. 3D printing is enabling mold manufacturers to optimize in time, design accuracy and cost terms. The pandemic resulted in significant reduction in demand for tires from the automotive industries in countries across the world. However, the global automotive tire market is anticipated to reach its pre-pandemic levels soon and demand for passenger as well as commercial cars is expected to increase driven by increasing economic activity in countries across the world. Tire molds are used for molding OTR (Off-the-Road) tires, PCR (Passenger Car Radial) tires, and TBR (Truck and Bus Radial) tires, with PCR tires being the largest segment. Strong growth of the transport and logistics sectors over the coming years is expected to increase demand for tire molds for the TBR segment as well.

Amid the COVID-19 crisis, the global market for Automotive Tire Molds estimated at US$1.5 Billion in the year 2022, is projected to reach a revised size of US$1.8 Billion by 2026, growing at a CAGR of 3.7% over the analysis period. Segmented Molds, one of the segments analyzed in the report, is projected to grow at a 5.1% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Two-Piece Molds segment is readjusted to a revised 0.7% CAGR for the next 7-year period. This segment currently accounts for a 34.5% share of the global Automotive Tire Molds market. Segmented molds are used for forming designs of tires for commercial vehicles with greater functionality. They are witnessing increasing adoption on account of their reduced complexity and easy working in comparison to two-piece molds. For long, the standard mold used for manufacturing automotive tires was the two-piece or the shell mold. Mold back in the two-piece mold is made of either forged aluminum or steel.

The U.S. Market is Estimated at $253.5 Million in 2022, While China is Forecast to Reach $477.1 Million by 2026

The Automotive Tire Molds market in the U.S. is estimated at US$253.5 Million in the year 2022. The country currently accounts for a 16.95% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$477.1 Million in the year 2026 trailing a CAGR of 4.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.4% and 2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR while Rest of European market (as defined in the study) will reach US$500.6 Million by the end of the analysis period. China constitutes the major tire molds producer worldwide. The emergence of the COVID-19 pandemic also impacted growth of the Chinese tire molds industry. Going forward, as the adverse impact of the pandemic eases, spending power of customers would once again increase leading to increased vehicle production.