Press release
Steel Piston Market Size Forecasted To Achieve $2.96 Billion By 2029 With Steady Growth
Steel Piston
What Is the Steel Piston Market Size and Projected Growth Rate?
The steel piston market will grow from $2.29 billion in 2024 to $2.41 billion in 2025, showing a CAGR of 5.4%. The growth in recent years has been driven by a rise in automotive production, increased environmental regulations, growth in power generation, the popularity of energy storage solutions, and rising demand for automotive parts.
The steel piston market is expected to expand steadily, reaching $2.96 billion by 2029 at a CAGR of 5.3%. This growth is due to the demand for lightweight automotive components, the rise of electric vehicles, focus on engine efficiency, and investments in innovation. Trends include advancements in lightweight materials, integration in high-performance and turbocharged engines, and electric vehicle adoption.
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What Are the Major Segments in the Steel Piston Market?
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)
Subsegments:
1) By Piston Head: Solid Piston Heads, Hollow Piston Heads, Forged Piston Heads
2) By Piston Ring: Compression Rings, Oil Control Rings, Scrap*er Rings
3) By Piston Pin: Standard Piston Pins, Full-Floating Piston Pins, Semi-Floating Piston Pins
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What Are The Driving Steel Piston Market Evolution?
The expanding automotive industry is anticipated to fuel the growth of the steel piston market. The automotive sector, including the design, development, and production of motor vehicles, is growing due to a shift towards electric vehicles (EVs) and autonomous driving technology. Steel pistons contribute to this growth by enhancing engine performance, efficiency, and durability. For instance, in 2023, the International Organization of Automobile Manufacturers reported a rise in global vehicle production to 84.83 million units in 2022, up from 80.00 million units in 2021. As a result, the growth of the automotive industry is spurring the growth of the steel piston market.
Which Firms Dominate The Steel Piston Market Segments?
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.
What Are the Major Trends Shaping the Steel Piston Market?
Major companies in the steel piston market are focused on producing innovative items like heavy-duty steel piston kits to boost fuel efficiency and engine performance. Heavy-duty steel piston kits are used in high-performance and industrial engines where durability is crucial. In January 2022, MAHLE GmbH, a Germany-based automotive parts manufacturer, introduced the Ford EcoBoost 2.3L PowerPak Plus piston kit. This piston kit features durable design elements such as a 0.235-inch thick top and is compatible with OE 149.3mm connecting rods. It supports a 9.5:1 compression ratio, integrating forged pistons and precision components ideal for enhancing engine performance in automotive applications.
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Which Is The Largest Region In The Steel Piston Market?
Asia-Pacific was the largest region in the steel piston market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the steel piston market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Steel Piston Market?
2. What is the CAGR expected in the Steel Piston Market?
3. What Are the Key Innovations Transforming the Steel Piston Industry?
4. Which Region Is Leading the Steel Piston Market?
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