The global tyre machinery market covers numerous equipment for making radial/bias tyres for various commercial and industrial vehicles – the segment is projected for a global expansion at a CAGR of 4%, or some US$880 million, by 2027.
Many factors will facilitate this boom, namely the increasing government support and networks of public transport across Asia Pacific due to a surge in population. While Asia Pacific’s aircraft, industrial, and agricultural sectors are estimated to drive the growth of the tyre machinery market, its growing automotive industry could also lead demand for multi extrusion lines, inner liner lines, extruders, cooling units, and more, due to their high durability and reliability.
In addition, the use of tubeless tyres and the swift adoption of tyre machinery in passenger cars, aircraft, and industrial sectors are to further promote the growth of the tyre machinery market.
Unfortunately, as tyre manufacturers use high production capacity machinery in order to meet customer requirements, their constant repair and maintenance might hamper the growth of the market over the forecast period.
Nevertheless, key tyre machinery manufacturers are sharpening their competitive edge in the market to display synergies in the areas of sales, marketing, and production. These manufacturers are also expanding through organic methods to meet the growing demand, including Bartell Machinery Systems, Mitsubishi Heavy Industries, Nakata Engineering, VMI Holland, and others as reported by Transparency Market Research (TMR) in a 2019-2027 forecast assessment.