Tire Mold Market Size Expected To Acquire USD 1693.3 million By 2028 At 1.5% Compound Annual Growth Rate

The latest market report published by Credence Research, Inc. is “Global Tire Mold Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Tire Mold Market generated revenue of around USD 1548.6 million in 2021 and is anticipated to grow a CAGR of over 1.5% during the forecast period from 2022 to 2028 to reach around USD 1693.3 million in 2028.
A tire mold is a device for shaping and forming tires. Tire molds are typically made of cast iron and must sustain the high pressures and temperatures involved in the vulcanization of rubber. Tire molding transforms a raw rubber structure into a functional tire with specific dimensions and properties.
The procedure entails applying a predetermined amount of pressure to the green tire in a mold to give it a final shape and applying heat energy to induce the chemical process between the vulcanized and other materials. A tire is a crucial component of a car and needs to be strong and flexible in the rubber casting to offer the best grip when attached to the wheel rim. The tire gives the wheels of a moving vehicle a cushion and a surface for traction.
The expanding automobile industry worldwide will drive the tire mold market during the forecast period. Tires are also required for transporting oversized and heavy objects. Tires and tire molds are in high demand due to an increase in the portability of goods. The recent expansion of the logistics, transportation and mobility sectors is another major driver of the global tire mold market growth. However, changes in the price of raw materials could restrict market expansion.
The is bifurcated into Product, Application, and Geography. Based on the product, the global market is divided into segmented and two-piece molds. Based on the application, the global market is segmented into passenger car radial (PCR) tires, truck & bus radial (TBR) tires, and off-the-road (OTR) tires. The market is categorized geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Asia Pacific dominated the global tire mold market in 2021 due to the traditionally mature manufacturing industries in India, China, Japan, and South Korea, as well as many vehicles in the region. In addition, the region is home to many of the world's largest tire producers, contributing to the market's expansion.
There are several major challenges that tire mold manufacturers face when making tires. The two primary challenges are the production of a consistent product and the ability to meet customer demand.
The production of a consistent product is difficult because tire molds can be made in different sizes and shapes, which means that the same piece of plastic may produce different-sized tires. Additionally, the mold itself can distort during manufacturing, which can cause problems with the fit of the tire on the wheel. This inconsistency has led to many complaints about poor quality tires from consumers.
The second challenge is meeting customer demand. Tire manufacturers must constantly develop new tire models to meet changing preferences and needs. This can be difficult because it takes time to create a new model and test it before it is released to the market. If a new model does not meet customer expectations, then it can lead to decreased sales and lost investment for companies involved in the tire manufacture industry.
Why to Buy This Report -
· The report analyses the global tire mold market by segment, drivers, restraints, opportunities, current trends, insights, challenges, and market dynamics from 2016 to 2020, with 2021 serving as the base year and 2022-2028 serving as the projected period.
· The market's competitive landscape is discussed in the report, along with the strategies used by the market's leading players on a local, regional, and global scale.
· In-depth analysis of the global tire mold market segmentation by product and application.
· The report provides comprehensive and reliable information on every aspect, including CAGR, consumer spending patterns, supply and demand, and import/export statistics for the principal regional nations.
· The market report for tire mold includes industry analysis at the global, regional, and national levels and information on important market trends, competitive landscapes, and expansion plans.
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