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Automotive Piston System Market: New Revenue Pockets
The automotive piston system market is estimated to grow at a CAGR of 6.88%, in terms of value, from 2014–2019. The growing production levels of automobiles across the globe and improving standard of living in developing economies—mainly BRICS nations—have propelled the demand for vehicle production, which in turn drives demand for piston systems. Other aspects driving growth in the market include stringent emission and fuel-efficiency norms. Rising need for reduction in the overall weight of vehicles has resulted in pushing the demand for low-weight piston system.
Aluminum: Widely Accepted Material for Pistons
Aluminum is the most preferred material for the manufacturing of piston system. Aluminum piston systems are light in weight and can withstand high temperature (upto 400°C) and pressure up to 180 bars. This metal exhibits several physical as well as chemical properties that suffice the demand for an efficient piston system. These properties include high thermal conductivity, low density, easy machinability, simple net-shape fabrication techniques (casting and forging), high reliability, and recycling characteristics. The aluminum piston market is projected to grow to 236,006.9 metric tons by 2019 at a CAGR of 5.71%. Aluminum pistons are largely equipped in passenger cars. Upcoming fuel-efficiency standards such Corporate Average Fuel Economy (CAFE) standards and EU emission norms are propelling demand for the aluminum piston system market. As of 2014, Asia-Oceania region was estimated to be the largest consumer of the aluminum pistons, with around 41% markets share in global automotive aluminum piston market.
Asia-Oceania: Largest Market for Automotive Piston System
As of 2014, Asia-Oceania was estimated to lead the automotive piston system market size in terms of value, and is anticipated to grow at a CAGR of 6.88% during the forecast period, reaching up to $4,410.3 million by 2019. The chief contributor for this market is China, which has grown to become the largest producer and consumer of automobiles across the globe. The other key country-level markets in the region include India, Japan, and South Korea. The Japanese and South Korean markets are well established, whereas the Indian automotive piston system market is expected to offer new opportunities. Japan, which was the world’s largest vehicle producer five years ago, lost out to China and the U.S.; this was further pushed by the Great East Japan earthquake in 2011. However, the industry in the country has bounced back, and is growing after several years of contraction. Tier-1 suppliers including Aisin-Seiki Co. Ltd. (Japan), Hitachi Ltd. (Japan) Art Metal Mfg. Co. Ltd. (Japan), Shandong Binzhou Bohai Piston Co., Ltd. (China), Honda Foundry Co. Ltd. (Japan), and Dongsuh Industrial Co., Ltd. (Korea) are headquartered in this region.
Automotive Piston System Market by Component (Piston, Piston Ring, Piston Pin), by Material type (Steel & Aluminum), by Coating type (Dry Film Lubricants, Thermal Barriers, Oil Shedding), and Region - Industry Trends & Forecast to 2019
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