PUBLISHER: The Business Research Company | PRODUCT CODE: 1436752
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436752
Tire machinery encompasses equipment used in manufacturing tires, bringing together components in tire building machines to create finished products for vehicles.
Tire machinery encompasses various types such as mixing machines or rubber mixers, calendaring machines, extrusion machines, multi-extrusion lines, inner liner lines, extruders, cooling units, cutting machines, textile cord-cutting lines, and additional equipment. Specifically, rubber mixers are utilized in the rubber industry to blend and process rubber compounds. These machinery types cater to different tire variations such as radial and bias tires, serving industry verticals including automotive, agriculture, aircraft, and various other sectors.
The tire machinery market research report is one of a series of new reports from The Business Research Company that provides tire machinery market statistics, including tire machinery industry global market size, regional shares, competitors with a tire machinery market share, detailed tire machinery market segments, market trends and opportunities, and any further data you may need to thrive in the tire machinery industry. This tire machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tire machinery market size has grown steadily in recent years. It will grow from $2.51 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed in the historic period was primarily driven by several factors, including the expansion of the automotive industry, the globalization of trade and supply chains impacting tire markets, the demand within the replacement tire market segment, continuous advancements in tire technology, and the utilization of tire retreading practices. These elements collectively contributed to the growth witnessed in the tire industry during that period.
The tire machinery market size is expected to see steady growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. In the projected forecast period, growth is anticipated to be fueled by various factors, notably the increasing adoption of electric vehicles (EVs) and the demand for sustainable tires, the implementation of smart manufacturing practices aligned with Industry 4.0 standards, a heightened focus on the circular economy approach, the rise in commercial fleet operations, and global infrastructure development.
The burgeoning demand for automobiles is anticipated to drive the growth of the tire machinery market. Automotive manufacturing necessitates tires with enhanced durability, strength, and longevity. Tire machinery facilitates efficient and cost-effective tire production, meeting these demands. For instance, in Canada, vehicle registrations soared to 26.2 million in 2021, while motor vehicle manufacturing in the country increased from 3,973,874 in August 2022 to 4,123,572 in December 2022. The increasing need for advanced tires, especially in the realm of autonomous vehicles, propels the tire machinery market's growth.
The growing demand for aircraft is set to drive the tire machinery market. Aircraft, designed for flight within Earth's atmosphere, rely on tire machinery for precision-engineered, high-performance tires, ensuring safe operations. According to the Bureau of Infrastructure and Transport Research Economics, RPT aircraft trips surged by 1.7% to 50,318 trips in June 2023 compared to June 2022. Consequently, the soaring demand for aircraft steers the expansion of the tire machinery market.
Strategic partnerships drive advancements in the tire machinery market. Major companies collaborate to innovate and develop tire manufacturing machinery. For instance, ELDAN, a Denmark-based ELT recycling equipment company, partnered with Pyrum, a German tire machinery company, to expand ELT recycling and tire pyrolysis in Europe in April 2022. Additionally, in November 2021, Apollo Tyres, an India-based company, teamed up with Amazon Web Services to create smart tire factories utilizing IoT, data analytics, and machine learning for tire rubber mixer machines' production.
Advancements in the tire machinery market manifest in the development of high-speed tire pressure testing systems, seeking a competitive edge. Tailored equipment such as the high-speed tire pressure testing system specializes in evaluating tire pressure at elevated speeds. For example, in March 2023, Tekscan Inc., a US-based company specializing in pressure and force sensors, introduced the high-speed tirescan. This system accurately measures dynamic contact patch pressure (DCPP) from tires running at speeds up to 265 km/h (165 mph), offering crucial insights for automotive research, quality assurance, manufacturing, and product design.
In August 2021, Nidec Corporation, a Japan-based motors and generators company, completed the acquisition of Mitsubishi Heavy Industries Machine Tool Co. The undisclosed acquisition broadens Nidec's manufacturing portfolio, encompassing various machinery tools. Mitsubishi Heavy Industries Machine Tool Co., based in Japan, is recognized for manufacturing diverse machinery, including tire and rubber machinery.
Major companies operating in the tire machinery market report are Guilin Zhonghao Mechanical & Electrical Equipment Co. Ltd., All Well Industry Co. Ltd., Larsen & Toubro Limited, Kobe Steel Ltd. (Kobelco), Harburg-Freudenberger Maschinenbau GmbH, Ametek Inc., MESNAC Co. Ltd., Davis Standard LLC, Erhardt+Leimer GmbH, Troester GmbH & Co. KG, VMI Holland BV., NFM Welding Engineers Inc., KONSTRUKTA-TireTech a.s., Bartell Machinery Systems LLC, Farrel Corporation, Shun Cheong Machinery Co. Ltd., Pelmar Group, Nakata Engineering Co. Ltd., HERBERT Maschinenbau GmbH & Co. KG, Jing Day Machinery Industrial Co. Ltd., AS Tyre Machines, HF Tire Tech Group, Krupp GmbH, Qingdao Guangyue Rubber Machinery Manufacturing Co. Ltd., Slach Hydratecs Equipment Pvt. Ltd., Yiyang Rubber & Plastics Machinery Group Co. Ltd., Zhangjiagang Carenovo Technology Co. Ltd., Nanjing Mixer Industrial Co. Ltd., Goldhawk Forming Machinery Co. Ltd., Santosh Rubber Machinery Pvt. Ltd., Wuxi Double Elephant Rubber & Plastics Machinery Co. Ltd.
Asia-Pacific was the largest region in the tire machinery market in 2023. The regions covered in the tire machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tire machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tire machinery market consists of sales of mechanical tire curing presses, hydraulic tire curing presses, and tire-building machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Tire Machinery Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tire machinery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tire machinery ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tire machinery market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.