Automotive Piston Pin Market by Vehicle Type (Passenger Car, LCV, HCV, and Agricultural), Fuel (Diesel, Gasoline, and Alternative Fuel), Material (Steel and Aluminum & Titanium), Coating Type, Sales Channel, and Region - Forecast to 2025
The global piston pin market size is projected to reach USD 314 million by 2025, from an estimated USD 259 million in 2020, at a CAGR of 4.0%. Factors such as significant demand for high-performance vehicles with large engine options, and growing trend of CNG, LNG, hybrid, and plug-in hybrid vehicles will help the market to grow during the forecast.
Though according to industry experts, electric vehicles are the future of the automotive industry, ICE vehicles are still in focus with significant production and sales, especially in developing countries such as India and the majority of the Middle East & African countries. Also, OEMs and Tier I suppliers have been focusing on designing and developing long-lasting piston pins that can sustain or withstand all the loading or stresses applied as well as the wear and tear involved during engine operations. Thus, advancements in metallurgy and material science fields might help the piston pin market.
Apart from electric vehicle adoption, another major factor that might impact the piston pin market is the growing trend of engine downsizing. To reduce CO2 emissions, governments in several countries have imposed stringent emission norms. This has resulted in engine downsizing, with the market witnessing a shift from 8- and 6-cylinder engines to 4-cylinder engines. For instance, most of the small passenger cars in India are now available with 3-cylinder engines. This is expected to impact the growth of the piston pin market as compared to historical trends.
COVID-19 pandemic is expected to have a severe impact on the piston pin market. Both the production and sales of new vehicles have come to a halt across the globe as the whole ecosystem has been disrupted. Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted vehicle production. Manufacturing units around the world were shut down, and vehicle sales have taken a huge hit. Thus, the production suspension during the outbreak and lower demand post the pandemic might have an unprecedented impact on piston pin providers.
According to the China Association of Automobile Manufacturers, a decline of ~33% in the production of passenger cars in China was observed in the first quarter of 2020. Europe has observed production losses at around two million vehicles. The piston pin market is estimated to observe a decline post-COVID-19 due to the impact on vehicle production. Post the pandemic, the demand for new vehicles might decease, as economies will recover slowly. However, a steady recovery post-2020 in vehicle production will support the growth of this market in the coming years.
“The steel segment is expected to be the largest material segment in the forecast.”
Piston pins are usually made of steel alloys (carburized steel), along with the addition of chromium, manganese, and nickel, for the necessary structure to withstand the stress and temperature. Majority of the piston pin manufacturers have been using steel as the primary material in producing piston pins for all types of vehicles. Also, the fact that titanium is more expensive than steel is a key factor in the growth of the steel segment in the piston pin market. The steel alloy piston pins can be made stronger or more capable through heat treatments and addition of other materials.
“DLC segment is expected to be the largest coating segment during the forecast period.”
Majority of the piston pin manufacturers have been using DLC as it provides excellent surface hardness and strength during high loads and stresses. DLC coating can be used over steel as well as titanium piston pins. Apart from this, DLC coating improves lubricity as well. The growth of the segment can be attributed to the large production volumes of ICE passenger vehicles. Most of these vehicles use DLC coated piston pins.
“LCV segment is expected to be the fastest-growing vehicle type segment in the forecast period.”
As per MarketsandMarkets analysis of vehicle production statistics till 2019, LCV production in Europe increased by 5% between 2018 and 2019, accounting for 2.5 million units. In North America, LCV production increased by 0.2% between 2018 and 2019, accounting for 4.7 million units. North America is expected to hold the largest share of the light commercial vehicle segment in the piston pin market. The primary reason being the popularity of pickup trucks in the region from OEMs such as Ford and General Motors. Most of these powerful pickup trucks are available with multiple engine options such as 4-cylinders, V6, and V8. For instance, the popular pickup truck, Ford F150, is available with V6 as well as V8 engine options.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
By Company Type: Tier I - 70%, Tier II - 10%, and OEMs - 20%
By Designation: C Level - 40%, Director Level - 45%, and Others - 15%
By Region: North America - 30%, Europe - 40%, Asia Pacific - 20%, and RoW – 10%
The piston pin market comprises major companies such as Burgess Norton (US), Tenneco (US), MAHLE (Germany), Art Metal (Japan), and Rheinmetall Corporation (Germany).
The study covers the piston pin market size and future growth potential across different segments such as by vehicle type, fuel type, material, coating, sales channel, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall piston pin market and its subsegments.
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