Dubai, UAE, Nov. 06, 2023 (GLOBE NEWSWIRE) -- As per the latest report released by Kings Research, the Global Piston Rings Market is expected to grow from USD 1.76 billion in 2022 to USD 2.49 billion by 2030, exhibiting a CAGR of 4.92% through the forecast period of 2023-2030. The market is expanding primarily due to the demand for lightweight pistons as well as accelerating vehicle sales and production. As they can boost the effectiveness and performance of automotive engines while also lowering their environmental impact by reducing fuel use and emissions, lightweight pistons are growing in popularity.
In a steam or internal combustion engine, the piston's outside circumference is ringed with metallic split rings called piston rings. Piston rings are crucial parts of internal combustion engines that allow for the efficient transfer of energy through machinery such as cars, boats, and planes. Their main purpose is to generate a combustion zone by acting as a compression seal between the piston and cylinder walls. Oil consumption is lowered, engine wear and tear is decreased, and fuel efficiency is boosted due to piston rings. Additionally, the efficiency and durability of the piston rings have been considerably improved by the use of modern materials such as keystone and molybdenum, making them crucial components in modern engine architecture.
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Trending Now: MAHLE's Piston Ring Innovations to Power DEUTZ Hydrogen Engines
In July 2023, engine manufacturer DEUTZ placed a substantial order with MAHLE for the production and delivery of hydrogen engine components. These components, referred to as power cell units, encompass pistons, piston ring packs, and piston pins. DEUTZ intends to incorporate these units into stationary hydrogen engines, marking their debut by the end of 2024.
Competitive Landscape
The global piston rings industry exhibits intense competition, featuring numerous companies vying for a larger share in the industry. In order to gain a competitive edge, companies are increasingly focusing on several growth strategies. Acquisition is one of the key strategies adopted by these leading companies. For instance, in February 2021, Mahle stated that it had acquired the air conditioning division of Hitachi Astemo, Ltd. in the U.S., Thailand, and Japan.
The leading manufacturers in the piston rings market include:
- Riken Corporation
- IP Rings Ltd.
- Grover Corporation
- Nippon Piston Ring Co., Ltd.
- Precision Products Ltd
- Tenneco Inc.
- Hastings Manufacturing Company
- Shriram Pistons & Rings Ltd.
- MAHLE GmbH
- TPR CO., LTD
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Market Segmentation
By Product
- Gray Cast Iron
- Stainless Steel
- Ductile Iron
- SAE 9254 Steel
- Others
Engine Manufacturers to Favor Gray Cast Iron for Its Cost Efficiency
On the basis of product, the gray cast iron segment is anticipated to dominate the global piston rings market in the upcoming years, accounting for a valuation of USD 1.03 billion by 2030. Due to its low cost and wear resistance, gray cast iron is a material that is frequently used to make piston rings. It is a widely preferred choice for engine manufacturers in a variety of industries, including automotive, marine, and industrial ones.
For instance, Federal-Mogul, one of the top producers of engine parts in the world, has unveiled a new range of piston rings that are intended to increase fuel efficiency and lower emissions. In comparison to conventional piston rings, the manufacturer claims that these rings can lower oil consumption by up to 60% and offer up to 8% better fuel efficiency.
By Application
- Passenger Cars
- Two Wheelers
- Heavy Commercial Vehicle (HCV)
- Sports Cars
- Light Commercial Vehicle (LCV)
- Generators/Stationary Engines
- Marine Engines
Introduction of Novel Piston Ring Technologies in Passenger Cars to Augment Piston Rings Market Progress
By application, the passenger car segment is expected to hold the lion’s share in the global piston rings market, reaching a value of USD 928.17 million by 2030. Several companies in the industry have recently announced sales growth and new developments. For instance, in 2020, Riken Corporation, a prominent piston ring supplier, reported a double-digit increase in sales for their automotive segment, driven by sustained growth in the passenger cars segment. Moreover, leading players including Federal-Mogul and Mahle have introduced innovative piston ring technologies aimed at enhancing fuel efficiency and reducing emissions in passenger cars.
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Increasing Popularity of Alternative Fuels to Boost Demand for Piston Rings
The piston rings market is expanding notably as a result of the rising demand for alternative fuels, including hybrid and electric cars. Different piston ring solutions from those used in traditional gasoline-powered engines are needed in light of the advent of new vehicle technologies. Piston rings that can be adjusted to these cutting-edge technologies are thus becoming increasingly important. Furthermore, there is a growing global demand for fuel-efficient engines driven by consumers seeking ways to lower fuel expenses, which is further propelling piston rings demand.
Asia Pacific to Emerge as a Market Leader Due to Expanding Automotive Industry
Asia Pacific is estimated to be the largest market for piston rings, growing at a healthy CAGR of 6.06% through the forecast period of 2023-2030, primarily due to the growing automotive industry in major nations. China's piston rings industry is expanding due to the thriving automotive market in the region. Companies such as Nippon Piston Ring Co., Ltd. have experienced significant growth in China. Government support for the auto industry has further supported market growth. In India, stringent government regulations targeting air pollution have led to an upsurge in domestic production of two-wheelers, passenger cars, and commercial vehicles. This, in turn, has bolstered the demand for fuel-efficient internal combustion engines (ICEs) and related components including piston rings.
Presence of Major Manufacturers to Boost Europe Piston Rings Market Growth
Europe, as the second-largest piston rings market, benefits from numerous manufacturers and suppliers, including both small businesses and global giants. Germany hosts companies such as Race Winning Brands Europe, KORI Piston Rings, and the massive MAHLE, a major automotive parts supplier. These companies excel in sales, offering diverse piston ring specifications and techniques to enhance automotive engine efficiency, durability, and overall performance, both in Germany and worldwide.
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Table of Content
Chapter 1 Introduction of The Global Piston Rings Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Piston Rings Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Piston Rings Market, By Product
Chapter 7 Global Piston Rings Market, By Application
Chapter 8 Global Piston Rings Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Piston Rings Market Competitive Landscape
Chapter 15 Company Profiles
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