March 08, 2022 11:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, March 08, 2022 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) has forecasted the valve seat inserts market to grow with year over year growth of 4.0% in 2022 reaching value of about US$ 5,881.9 Mn by 2022 end. The global business is anticipated to witness a considerable CAGR of 4.0% by value during the period of 2022 and 2029.
According to FMI study, key market players are developing novel materials for valve seat inserts while ensuring the engine meets performance and durability standards. Furthermore, at a macro-level, environment considerations, ride sharing, improved public transportation, and urban apartment living are the macro-level elements influencing automobile purchase demand.
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China contributes for roughly a quarter of worldwide vehicle production, while Japan accounts for over 8% of global output. As a result, East Asia has a substantial global output share accounting for an estimated share of around 43.9% of the worldwide valve seat inserts market.
The global valve seat inserts market is estimate to be valued at US$ 5,881.9 Mn in 2022, mainly influenced by the trade tensions, political environment, and government policies to boost the automobile sector. Moreover, the growth outlook for the valve seats inserts aftermarket is stable, although the market structure pertaining valve seat inserts will change significantly over the coming years.
Moreover, to win over the market imponderables and shakeouts, the manufacturers such as Federal-Mogul, Mahle, and Nippon Piston Ring are heavily investing on capacity expansions, R&D for the development of new materials, and new distribution channels.
As per the analysis, manufacturers are likely to focus on developing valve seat inserts using new technologies such as powder metallurgy to overcome the challenges put forward by conventional manufacturing techniques. The growth of maritime tourism coupled with increase in the number of two-wheelers in nations such as India will provide an impetus to the market growth in the coming years.
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Anticipated Increase in the Demand to Offer Lucrative Market Space
Valve seat inserts market is directly correlated to automotive production. Despite the unstable economic conditions in the recent past, on an average, the global automotive industry has witnessed plausible growth. Automotive production is anticipated to increase at a modest CAGR of 3–3.5% over the forecast period.
Increasing automotive production, automotive sales, and easier credit availability are found to be key imperatives to drive the global valve seat inserts market during the forecast period. Transition from mature markets to developing markets will intensify in the longer term to capture growth in the valve seat inserts market.
As per FMI analysis, automotive production is expected to be higher in developing economies as compared to that in developed economies. This can mainly be attributed to the increasing middle-class, changing demographics, and stable economic conditions in these regions.
During the forecast period, the fleet on road is also expected to rise at a modest CAGR, thus providing marginal opportunities for growth in the valve seat inserts market.
Automotive – A Prime Mover for the Global Market Growth
A robust market trajectory is foreseen for the valve seat inserts market. In addition, passenger cars and commercial vehicles using a multi cylinder engines to remain the predominant end users of valve seat inserts.
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Valve Seat Inserts Market: Vendor Insights
The report titled valve seat inserts highlights some of the prominent market players, who have established themselves as the prominent stakeholders in the global valve seat inserts market.
Some of the examples of key players in the global valve seat inserts market are MAHLE GmbH, Tucker Valve Seat Company, Indian Seats & Guides Company, Nippon Piston Ring co., Ltd, Dura-Bond Bearing Company, BLW Engine Valves, Federal-Mogul LLC, MS Motorservice International GmbH, Microfinish, Kavya International, Perfect Alloy Components Pvt. Ltd., Coopercorp Engine Components, Summit Valve Train LLC, XLP Engineers Pvt. Ltd., among others.
Furthermore, Dura Bond and Mahle have developed valve seat inserts that help customers achieve better cylinder head machining and engine performance. In addition, Federal-Mogul’s new material for valve seat inserts is suitable for both cast iron and aluminium cylinder heads and is compatible with gasoline, diesel, biodiesel fuel blends, and ethanol
In terms of market structure and tier analysis, the global valve seat inserts market is significantly fragmented with few players holding a prominent share of nearly 40% in the valve seat inserts market.
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The study finds that production cuts and plunged auto sales in the past few months have changed the situation. However, government spending, tax cuts, subsidies, and policies will continue to fuel the growth of the auto sector and valve seat inserts market. In a nutshell, the global valve seat inserts market will continue to grow at a CAGR of ~4% between the forecast periods of 2022 and 2029
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