Piston Market To Cross USD 4.1 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Piston industry size is expected to register 5% CAGR between 2024 and 2032 propelled by increasing vehicle production and demand.

Selbyville, Delaware, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Piston market was valued at USD 2.7 billion in 2023 and is projected to be worth USD 4.1 billion by the end of 2032, as per a recent study by Global Market Insights Inc.

The increasing demand for lightweight, fuel-efficient engines is a key factor driving this growth, with aluminum being the material of choice due to its superior properties. The lightweight nature, strong strength-to-weight ratio and high thermal conductivity of aluminum is ideal for enhancing engine performance and fuel efficiency. Its ability to dissipate heat efficiently helps prevent engine overheating, while its ease of manufacturing and cost-effectiveness make it popular for passenger and light commercial vehicles where efficacy and cost are essential.

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In terms of materials, the piston market is segmented into aluminum and steel. In 2023, aluminum dominated with a market value of USD 1.9 billion and is anticipated to reach USD 2.9 billion by 2032. This material leads the industry due to its significant benefits, including reduced weight and improved fuel economy. Additionally, aluminum's excellent thermal properties and lower manufacturing costs give it an edge over alternatives like steel and cast iron.

By vehicle type, passenger vehicles held a substantial 65% share of the market in 2023 and are expected to maintain significant growth through 2032. This dominance is attributed to high production volumes and the growing global demand for personal transportation. The rising population, urbanization, and the need for mobility are driving car production, and with internal combustion engines still in wide use, the demand for pistons remains strong.

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Regionally, Asia Pacific led the global piston market in 2023, generating revenue of USD 1.1 billion. The region's stronghold can be attributed to its well-established automotive manufacturing industry and rapidly expanding vehicle demand. Countries such as China and India play a key role in this dominance, driven by urban growth, increasing disposable incomes, and the emergence of a large middle class. The presence of leading automotive manufacturers and robust supply chains further contribute to the region's competitive advantage in piston production.

Piston Market Players

Companies including AISIN CORPORATION, Art-Serina Piston Co., Ltd., Dongsuh Federal-Mogul Co., Ltd., Hitachi, Ltd., MAHLE GmbH, PMG Holding, Rheinmetall AG, RIKEN CORPORATION, Shriram Pistons & Rings Ltd., Tenneco Inc., Honda Foundry Co., Ltd. are some firms working in piston industry.

The piston market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2021 to 2032, for the following segments:

Market, By Material

• Aluminum
• Steel

Market, By Vehicle

• Passenger vehicles
• Light commercial vehicles
• Heavy commercial vehicles

Market, By Component

• Piston head
• Piston ring
• Piston pin

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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