As the spending power of people across the globe is increasing, the production of vehicles is rising as well. Now due to urbanization and economic growth, people in developed and developing countries are able to spend money on luxury items, such as cars. In addition to this, because of technological advancements, vehicles themselves have become more affordable. It is because of all these reasons that that the production of vehicles is growing worldwide. For example, approximately 92 million vehicles were produced globally in 2019. Among the major producers of cars, namely China, Germany, and Japan, China produced the largest number of cars, i.e. 21.3 million cars, in 2019.
There is no doubt about the fact that this growing production of vehicles is creating an increasing demand for different automobile components, including tires. This, in turn, is driving the demand for tire molds around the world. Under the tire molding process, raw rubber structure is shaped into a functional tire having specified properties and dimensions. A designated pressure is required for the green tire in a mold in order to provide it the final shape. Furthermore, heat energy is needed for stimulating the chemical reaction between rubber and other materials. The global tire mold market is expected to progress at a substantial pace in the coming years.
Two types of tire molds are two-piece and segmented molds, between which, the demand for two-piece tire mold was higher in the past. This is because of the lesser complexity and easier operation of these tire molds as compared to segmented molds. However, this being said, the demand for segmented tore molds is projected to increase considerably in the near future, which is due to the higher efficiency in molding and curing of green tires with these molds.
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The different applications of tire molds include off-the-road (OTR) tires, passenger car radial (PCR) tires, and truck & bus radial (TBR) tires. Out of these, the largest demand for tires molds was generated for PCR tires in the past, which can be attributed to the emerging trend of increasing automotive ownership. Other than this, the demand for tire molds for TBR tires is also predicted to increase in the years to come due to the rising demand for logistics and transport sectors.
When geography is taken into consideration, the Asia-Pacific region emerged as the largest tire mold market in the past, which is owing to the high number of vehicles in the region and mature automotive manufacturing industry in China. In addition to this, a large number of key tire manufacturers are operating in the region. Other than this, the demand for tire molds in North America is also expected to grow considerably in the years to come because of the recent restrictions on trade from China.
In conclusion, the growing automobile ownership and increasing disposable income of people is driving the demand for tire molds across the globe.
