LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive crankshaft market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive crankshaft market for 2017-2021. The market is segmented based on manufacturing process (forged steel, cast iron/steel, and machined billet) and geography (APAC, EMEA, and the Americas).
The growth of the global automotive crankshaft market and automotive vehicles market is directly related. The global automotive crankshaft market is derived market due to the dependency of its growth or decline in the production of vehicles. The OEM segment is the major contributor to the market growth as crankshafts are not changed frequently. As the market is small for replacements, it is not considered to derive the global market numbers.
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Technavio research analysts highlight the following three factors that are contributing to the growth of the global automotive crankshaft market:
- Decline in steel prices
- Increase in vehicle production
- Use of economic alloys like vanadium microalloyed steel
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Decline in steel prices
Typically, an automotive crankshaft is made from forging steel or cast iron. Steel is tougher than iron and retains its physical properties at high temperatures. Due to steel's enhanced performance in compression, tension, and shear, it is preferred over cast iron for manufacturing automotive crankshafts. This is due to its crystalline structure and lesser carbon content.
Amey Vikram, a lead automotive components research analyst at Technavio, says, “Steel prices have been declining over the past few years. This decline is due to rising volumes of steel imports from China. The imports from China have significantly gone up due to the fall in steel prices in that country, compared to the domestic prices of steel in other countries. Steel prices have fallen between 4% to 12% globally.”
Increase in vehicle production
The global automotive industry is growing every year. This is due to more demand for passenger cars, especially from emerging economies such as China and India. These countries have shown significant economic growth over the last few years due to increased industrialization and global trade activity.
“In Americas, Brazil and Mexico are two of the fastest growing automotive industries. Mexico observed high investments in the automotive industry from OEMs and crankshaft suppliers because of its appealing domestic demand. It also has free trade agreements with Canada, the US, and few Latin American countries, which makes Mexico an attractive region for foreign investments. Brazil is also located centrally to meet the automotive demand from Latin American countries, international OEMs, and crankshaft suppliers,” adds Amey.
Use of economic alloys like vanadium microalloyed steel
Vanadium microalloyed steel is used in manufacturing many critical automotive components like the drivetrain and chassis of new vehicles. The forgings made from vanadium microalloyed steel are lightweight, cost-effective, and provide high-performance, and is used in regions with developed automotive industries, such as Japan, North America, and Europe.
This lightweight steel helps manufacturers meet the stringent weight and emission regulations. As automotive production expands and best engineering solutions are used, even the developing regions and countries will start adopting vanadium microalloyed steel. Vanadium microalloyed steel is air-cooled after it reaches high strengths without further heat treatment.
Top vendors:
- Arrow Precision
- Maschinenfabrik ALFING Kessler
- Rheinmetall
- NSI Crankshaft
- Sandvik
- TIANRUN CRANKSHAFT
- Thyssenkrupp
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