Press release
New Strategic Report of Piston Ring Market 2023: Technology Advancement, Trends and Growth
Global sales of automotive piston rings reached ~450 million units (Sets) in 2017, which are expected to increase at a promising 4.4% CAGR through 2027. The sales are likely to equate ~660 million units (Sets) towards the end of projection period, 2019-2027. Automotive piston rings are the metallic rings located between the cylinder and the piston and hence, necessary engine components that allow the engine to work accurately.
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One of the primary drivers of the piston ring market is the growth of the automotive industry. With increasing vehicle production worldwide, there is a continuous demand for piston rings for new engine installations and replacement parts. The market is influenced by factors such as consumer preferences, technological advancements in engine design, and government regulations on emission standards, which drive the demand for efficient and durable piston rings.
Companies
ASIMCO
Federal-Mogul LLC
MAHLE GmbH
NIPPON PISTON RING Co., Ltd.
RIKEN CORPORATION
IP Rings
Shriram Pistons & Rings Ltd.
TPR Co., Ltd
Hunan ZhengYuanDongli Parts Co., Ltd.
SamKrg
Anhui Ring New Group Co., Limited (ARN)
Grover Corporation
Abilities India PIston & Rings LTd.
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Furthermore, the focus on engine performance and fuel efficiency has contributed to the growth of the market. Piston rings play a critical role in reducing friction and minimizing oil consumption within the engine. Manufacturers are developing piston rings with low friction coatings, improved materials, and optimized designs to enhance engine efficiency, reduce emissions, and meet stringent fuel economy requirements.
Additionally, the aftermarket segment plays a significant role in the piston ring market. As vehicles age and undergo wear and tear, piston rings may need replacement to maintain optimal engine performance. The aftermarket demand for piston rings is driven by factors such as vehicle maintenance and repair, engine overhauls, and customization projects. Market players cater to this demand by offering a wide range of piston ring sizes and specifications for various vehicle makes and models.
Moreover, technological advancements in materials and manufacturing processes have fueled market growth. Manufacturers are adopting advanced materials such as high-strength steel, cast iron, and various types of coatings to enhance the durability and performance of piston rings. Additionally, innovations in machining techniques, such as laser machining and precision grinding, allow for tighter tolerances and improved ring sealing characteristics.
In terms of market outlook, the piston ring market is expected to witness steady growth in the coming years. The increasing demand for vehicles, the focus on engine efficiency and emission reduction, and the aftermarket segment will drive the market. Furthermore, the development of electric and hybrid vehicles presents new opportunities for piston ring manufacturers as these vehicles still require internal combustion engines for specific applications.
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Market Segmentation
Material Type
Cast Iron Piston Rings
Steel Piston Rings
Vehicle Type
Compact Cars
Mid-Size Cars
SUV Cars
Luxury Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Motorcycles
Scooters
Engine Type
Gasoline Engine
Diesel Engine
Sales Channel
OEM (Original Equipment Manufacturer)
Aftermarket
Region
North America
Latin America
Europe
Japan
Asia Pacific Excluding China
Middle East & Africa
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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