Global Tire Curing Press Market to attain a Valuation of US$ 1,974.3 million by 2034, rising at a 3.1% CAGR | Future Market Insights, Inc.
The tire curing press market gains momentum due to rising tire recycling and global sustainability efforts. Increased per capita income fuels demand, especially in economically growing regions.
NEWARK, Del, Dec. 22, 2023 (GLOBE NEWSWIRE) — The tire curing press market is expected to attain a valuation of US$ 1,399.6 million by 2024. The market is set to demonstrate a CAGR of 3.1% from 2024 to 2034. Anticipating a total valuation of approximately US$ 1,974.3 million by 2034, the market indicates growth and encouraging opportunities within its evolving landscape.
The tire curing press market is on a trajectory of substantial growth, fueled by heightened investments in tire manufacturing and remolding. This surge is further amplified by a flourishing automotive aftermarket, driven by a strong consumer demand for durable and long-lasting tires. The integration of rubber additives into tire production processes adds to the market’s momentum, enhancing the overall quality of manufactured tires.
An additional catalyst for market acceleration is the increasing adoption of tire recycling processes, aligning with global sustainability initiatives. As economies witness a positive upswing in per capita disposable income, the tire curing press market benefits from a heightened demand for high-quality tires, especially in regions experiencing economic growth.
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A promising growth journey is nothing without its challenges. The industry contends with obstacles such as labor shortages and the substantial initial investments required for setting up manufacturing plants. These factors pose potential impediments to the otherwise robust trajectory of the tire curing press market.
In addressing these challenges, a strategic approach becomes imperative for sustained growth. Industry players are compelled to navigate through labor shortages and high upfront costs by implementing effective strategies that optimize operational efficiency and resource utilization. Moreover, the absence of standardized norms and protocols adds a layer of complexity, necessitating a meticulous approach to ensure compliance and navigate the diverse market landscape.
Key Takeaways from the Market Study
- The market valuation in 2023 was US$ 1,355.4 million.
- Based on end-user type, passenger car tires are expected to dominate at a market share of 21% in 2024.
- The United States is anticipated to register at a CAGR of 2.7% by 2034.
- Germany is estimated to register a significant growth, projected at a CAGR of 2.5% by 2034.
“The increase in adoption of rubber additives heightens the demand for innovative tire curing press technologies, showcasing the industrial dedication to improving tire performance and longevity,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The tire curing press market exhibits a competitive landscape characterized by key players actively competing for market share. Established manufacturers, including prominent names in the automotive and machinery sectors, compete intensely through technological advancements and product innovation.
Strategic collaborations and mergers are prevalent strategies to strengthen market presence. The focus remains on enhancing production capabilities, ensuring product quality, and meeting evolving industry standards, as companies strive to capitalize on the growing demand for tire curing presses globally.
Key Players in the tire curing press market
- Larsen & Toubro Limited
- McNeil & NRM, Inc
- Harburg-Freudenberger Maschinenbau GmbH
- Rogers Industrial Products Inc.
- Greatoo Intelligent
- Specific Engineering Corporation
- Alfred Herbert
- Uzer Makina
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Key Segments of Tire Curing Press Market Survey
By Product Type:
- Mechanical
- Hydraulic
- Hybrid
By End Use:
- Passenger Car Tire
- Commercial Vehicle Tire
- 2 Wheeler Tire
- 3 Wheeler Tire
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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