Market Size of Automotive Engine Piston Rings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Engine Piston Rings Market Analysis
The Automotive engine piston ring Market is anticipated to register a CAGR of about 5%, during the forecast period (2020 - 2025).
- The major factors that will drive the growth during the forecast period in the market are the expected increase of automobile production and sales, in all segments such as passenger vehicles and commercial vehicles at least from 2021. Furthermore, the increase in sales of alternate fuel vehicles such as LPG and CNG vehicles will drive the growth of piston rings market.
- Growing trend for environmentally friendly vehicles have initiated research and development in engine piston rings. For instance, utilization of steel in the manufacturing of piston rings which reduces the thickness of rings, thinner piston ring will seal against the groove more efficiently and a smaller radius offers better strength and reduce the emission of particulate matters.
- Due to the Covid-19 situation, the economic activities have come to a standstill. Many people are expected to lose their jobs or pay cuts. This will affect the demand side of the automotive for some time during the forecast period. But this situation is expected to become normal shortly after the situation comes to be under control. But during this period, automobile sales are expected to be affected which might hinder market growth.
