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Global Steel Piston Market Projected to Grow at 5.3% CAGR: Trends, Development Strategies, Competitive Landscape, and Segmentation Analysis
Steel Piston Market
As per the report, the steel piston market size has grown strongly in recent years. It will grow from $2.18 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The steel piston market size is expected to see strong growth in the next few years. It will grow to $2.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
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Increasing Automotive Industry Driving Growth Of Steel Piston Market
The increasing automotive industry is expected to propel the growth of the steel piston market going forward. The automotive industry involves the design, development, manufacturing, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and their components. The automotive industry is rising due to a global trend towards the development of electric vehicles (EVs) and autonomous driving technology, despite current challenges such as supply chain shortages and labor shortages. Steel pistons help increase the automotive industry by enhancing engine efficiency, durability, and performance, thereby meeting the demands for higher fuel economy and lower emissions. For instance, in 2023, according to the International Organization of Automobile Manufacturers (OICA), a France-based automobile manufacturer, the international automobile sector witnessed tremendous expansion in 2022, with total vehicle production hitting 84.83 million units, up significantly from 80.00 million units in 2021. Therefore, the increasing automotive industry is driving the growth of the steel piston market.
Innovative Products Driving Growth In The Steel Piston Market
Major companies operating in the steel piston market are focused on developing innovative products, such as heavy-duty steel piston kits, to enhance fuel efficiency and performance. A heavy-duty steel piston kit is a collection of components designed for use in high-performance or industrial engines that require robust and durable pistons. For instance, in January 2022, MAHLE GmbH, a Germany-based manufacturer of automotive parts, launched the Ford EcoBoost 2.3L PowerPak Plus piston kit. The pistons feature a robust design with a 0.235-inch thick top and 0.200-inch second ring lands, compatible with OE 149.3mm connecting rods and 22.5mm wrist pins. It supports a 9.5:1 compression ratio for both 2-liter and 2.3-liter EcoBoost heads, integrating high-quality forged pistons, rings, and precision components ideal for enhancing performance in engine rebuilds across automotive applications.
The steel piston market covered in this report is segmented -
1) By Component: Piston Head, Piston Ring, Piston Pin
2) By Shape: Flat Top Piston, Bowl Piston, Dome Piston
3) By Coating: Dry Film Lubricant, Thermal Barriers, Oil Shedding Coatings
4) By Fuel: Gasoline, Diesel, Alternate Fuel
5) By Vehicle: Passenger Cars, Light Commercial Vehicle (LCV), High Commercial Vehicle (HCV)
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Major companies operating in the steel piston market are Hitachi Automotive Systems Ltd., Aisin Seiki Co. Ltd., Tenneco Inc., Rheinmetall Automotive AG, Mahle GmbH, Riken Corporation, Nippon Piston Ring Co. Ltd., Shriram Pistons & Rings Ltd., Burgess-Norton Manufacturing Co. Inc., Cheng Shing Piston Co. Ltd., NPR of America Inc., Elgin Industries, Federal-Mogul Corporation, Honda Foundry Co. Ltd., India Pistons Limited, Ross Racing Pistons, Diamond Pistons, Arias Pistons Ltd., Hirschvogel Umformtechnik GmbH, QuFu JinHuang Piston Co. Ltd., SAMKRG Pistons & Rings Limited, Art Metal Mfg Co. Ltd., Paramount Pistons, Izumi Piston Co. Ltd.
Contents of the report:
1. Executive Summary
2. Steel Piston Market Report Structure
3. Steel Piston Market Trends And Strategies
4. Steel Piston Market - Macro Economic Scenario
5. Steel Piston Market Size And Growth
…..
27. Steel Piston Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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