TIRE CURING PRESS MACHINE MARKET ANALYSIS

Regional Analysis

Global Tire Curing Press Machine Market: Regional Insights

The global tire curing press machine market in Europe accounted for the largest market share in 2017, and expected to retain its dominance over the forecast period. This is owing to the presence of key manufacturers such as Lanxess, Evonik Industries AG, Continental Tire AG in the region, especially in Germany. Moreover, stringent government rules and regulation for reducing greenhouse emission from vehicles is one of the major factors responsible for increasing production of green tire in Europe. For instance, in April 2009, the European government passed EU Regulation No 443/2009, which states that an average CO₂ emission for new passenger cars is 130 grams per kilometer and is expected to be reduced to 95 grams per kilometer by 2021. Moreover, in November 2017, the EU set an emissions target for 2020, which is 147 gram of Co₂ per kilometer for light commercial vehicles. Silica and Nano materials are used for manufacturing green tires. According to a report published by SciELO, 2017, use of silica and Nano materials results in 20% reduction in rolling resistance of the tire, which in turn lowers greenhouse gas emission. Increase production of green tires, which in turn is propelling demand for tire curing press machine in Europe.

The global tire curing press machine market in Asia Pacific is expected to witness significant growth with highest CAGR over the forecast period. This is owing to investments by key players in the region for increasing production of green tires. For instance, in January 2017, according to the press release of Continental AG, the company invested US$ 289.63 million to start a new plant in Thailand. The plant manufactures green tires for passenger cars and light-weight trucks. Such investments are expected to propel growth of the global tire curing press machine market in Asia Pacific.