Press release
Tire Machinery Market Size Forecasted To Achieve $3.29 Billion By 2029 With Steady Growth
Tire Machinery
What Is the Current Tire Machinery Market Size and Its Estimated Growth Rate?
The growth of the tire machinery market has been consistent over the past few years. The size of the market is expected to increase from $2.59 billion in 2024 to $2.68 billion in 2025, registering a compound annual growth rate (CAGR) of 3.8%. Factors contributing to previous growth trends include expansion of the automotive industry, global trade and supply chain advancements, replacement tire market growth, technological improvements in tire production, and practices associated with tire retreading.
The market size for tire machinery is projected to witness robust growth in the coming years, with a size set to reach $3.29 billion by 2029 and a Compound Annual Growth Rate (CAGR) of 5.3%. Several factors are contributing to this expansion during the forecasted period. These include the rise of electric vehicles (EVs) and sustainable tires, the application of smart manufacturing and Industry 4.0, emphasis on a circular economy, an increase in commercial fleets, and global infrastructure growth. Key trends during this period will involve the incorporation of robotics and automation into tire production, a focus on systems for tire testing and quality control, the emergence of intelligent tire production platforms, the implementation of 3D printing technology in tire prototypes, and the advancement of equipment for tire recycling and retreading.
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How Are Emerging Segments Shaping the Tire Machinery Market Landscape?
The tire machinery market covered in this report is segmented -
1) By Machine Type: Mixing Machine Or Rubber Mixers, Calendaring Machine, Extrusion Machine, Multi Extrusion Lines, Inner Liner Lines, Extruders, Cooling Units, Cutting Machines, Textile Cord Cutting Lines, Other Machinery Types
2) By Tire Type: Radial Tire, Bias Tire
3) By Industry Vertical: Automotive, Agriculture, Aircraft, Other Verticals
Subsegments:
1) By Mixing Machine Or Rubber Mixers: Internal Mixers, External Mixers
2) By Calendaring Machine: Hot Calendaring Machines, Cold Calendaring Machines
3) By Extrusion Machine: Single Screw Extruders, Twin Screw Extruders
4) By Multi Extrusion Lines: Multi-Layer Extrusion Lines, Co-Extrusion Lines
5) By Inner Liner Lines: Inner Liner Extrusion Machines, Liner Curing Machines
6) By Extruders: Thermoplastic Extruders, Rubber Extruders
7) By Cooling Units: Water-Cooled Units, Air-Cooled Units
8) By Cutting Machines: Automatic Cutting Machines, Manual Cutting Machines
9) By Textile Cord Cutting Lines: Automated Cord Cutting Lines, Manual Cord Cutting Systems
10) By Other Machinery Types: Curing Presses, Bead Winding Machines, Inspection Machines
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Which Growth Factors Are Influencing Tire Machinery Market Expansion?
The upsurge in automobile demand is anticipated to drive the tire machinery market's expansion in the future. The automotive manufacturing sector, which encompasses activities such as design, production, supply, and sale of vehicles, necessitates the use of tires that offer superior durability, robustness, and longevity. Consequently, tire machinery aids companies in producing the necessary tires more efficiently and with fewer expenses. For example, Statistics Canada, a government department, reported that the number of registered road motor vehicles in Canada surged to 26.2 million in 2021, in January 2023. Moreover, motor vehicle production in Canada witnessed a rise from 3,973,874 in August 2022 to 4,123,572 in December 2022. Thus, the growing demand for self-driving cars is contributing to the tire machinery market's advancement.
Who Are the Dominant Players Across Different Tire Machinery Market Segments?
Major companies operating in the tire machinery market include Guilin Zhonghao Mechanical & Electrical Equipment Co Ltd., All Well Industry Co Ltd., Larsen & Toubro Limited, Kobe Steel Ltd. (Kobelco), Harburg-Freudenberger Maschinenbau GmbH, MESNAC Co Ltd., Davis Standard LLC, Erhardt+Leimer GmbH, Troester GmbH & Co KG, VMI Holland BV., NFM Welding Engineers Inc., KONŠTRUKTA-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, 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.
What Are the Latest Developing Trends in the Tire Machinery Market?
The surging trend of strategic alliances in the tire machinery industry is progressively being recognized. Notable enterprises in the tire machinery field are forming partnerships to innovate in the manufacturing machinery for tires. For instance, in April 2022, Pyrum, a Germany-based company operating in tire machinery started a collaboration with ELDAN, a Denmark-based end-of-life tires (ELT) recycling equipment company, to carry out ELT recycling and tire pyrolysis throughout Europe. Moving forward, an automation establishment from the United States known as Rockwell Automation Inc. partnered with Prometeon Tyre Group, an industrial tire manufacturer based in Italy, in February 2024. This new alliance will facilitate Prometeon Tyre Group in enhancing its digitalization scheme in its establishments in Italy, Turkey, Egypt, and Brazil, thus sculpting an improved manufacturing competence, sustainability, and technological novelty. Rockwell Automation is set to initiate its Manufacturing Execution System (MES) in replacement of the existing ones, aiming to create a consistent and sophisticated digital platform around the world at all Prometeon establishments.
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Which Geographic Regions Are Expected to Dominate the Tire Machinery Market in the Coming Years?
Asia-Pacific was the largest region in the tire machinery market in 2024. The regions covered in the tire machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tire Machinery Market?
2. What is the CAGR expected in the Tire Machinery Market?
3. What Are the Key Innovations Transforming the Tire Machinery Industry?
4. Which Region Is Leading the Tire Machinery Market?
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