DUBAI, United Arab Emirates, Jan. 12, 2022 (GLOBE NEWSWIRE) — Future Market Insights (FMI) has forecasted the global automotive exhaust manifold market to grow with a year on year growth of 3.8% in 2022 reaching a value of about US$ 9.7 Bn by 2022 end. The exhaust manifold is an important part of automotive exhaust systems as it keeps hazardous exhaust fumes out of the vehicle and away from the occupants. The global market is anticipated to witness a considerable CAGR of 3.7% during the period of 2022 and 2026.
|Global Automotive Exhaust Manifold
Market Analysis (2021A)
|US$ 9,336.1 Mn|
|Global Automotive Exhaust Manifold
Market Analysis Estimated Year Value
|US$ 9,693.3 Mn|
|Global Automotive Exhaust Manifold
Market Analysis Projected Year Value
|US$ 11,219.6 Mn|
|Value CAGR (2022-2026)||3.7%|
|Collective Value Share: Top 3 Countries
FMI has identified APEJ to remain a key market for exhaust manifold over the forecast period owing to increasing vehicle production in countries such as China and India. The region is estimated to witness a value CAGR of 4.6% during the forecast period. Automotive exhaust manifold market is expected to account for about 30% of global automotive exhaust system market.
Global Automotive Exhaust Manifold Market 2013-2021 Outlook Compared to 2022-2026 Forecast
The demand for exhaust manifolds is growing and the acceptance of advance machine components has increased their popularity among end users. Automotive exhaust manifolds are noted for their long life and toughness. The use of sophisticated material technology in automotive exhaust manifolds increases their load capacity while also improving their strength and resilience to corrosion and high temperatures.
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Exhaust manifolds have strong corrosion resistance and high temperature result in increased productivity which will drive the market for automotive exhaust manifolds in the approaching year.
Demand outlook for exhaust manifold between 2013 and 2021 remains 3.4% as the pandemic crisis has impacted the market. The market growth has been hampered by rising fuel prices in the automobile industry and rising desire for alternatives which has resulted in a decrease in demand in many applications.
How demand for Exhaust Manifold in Automotive Industry Bolstering the Overall Market Growth?
Many materials such as super alloys and high stainless steel are light in weight and have great strength and load capacity with the development of improved material technology. This is an important factor that will drive the automotive exhaust manifold market forward. Besides, strong corrosion and high temperature resistance results in greater productivity in automotive exhaust manifolds.
Paying attention to changes in the aftermarket replacement is also important for the vehicle’s longevity and performance as well as the health and safety of the driver.
How Higher Fuel Prices will create an Impact the Market Growth of Exhaust Manifold?
The prices for gasoline and diesel will be exponential in the future as crude oil stocks decline, resulting in increased demand, paving the door for the emergence of cars powered by alternative energy sources.
Furthermore, fuel prices and the use of petroleum products as fuel in the automotive industry are steadily rising. Manufacturers and governments are promoting alternative fuel sources vehicles such as hybrid and electric vehicles which are far more fuel efficient than conventional automobiles in order to reduce global consumption.
This is expected to act as a barrier to the growth of the automotive exhaust manifold market. Because resources are scarce and demand is excessive, it is imperative that we change our focus to alternatives that are more sustainable. Hence increasing fuel prices has the adverse impact on the manifold market as well as global economy.
What was the Impact of the COVID-19 Crisis on the Global Automotive Exhaust Manifold Market?
Emergence of COVID in 2020 has had a massive impact on the global economy. The reduction in automobile demand, as well as the closure of enterprises, affected the worldwide market, causing supply chain disruptions in the transportation industry. Furthermore, due to extensive lockdowns and movement restrictions, economic activity had come to a halt.
The global demand of exhaust manifolds in 2020 was influenced by the shutdown of end-of-life industries. The drop in sales has had a significant influence on the global automotive exhaust manifold market.
How emergent is the U.S. Automotive Exhaust Manifold Market High?
In 2022, the U.S. automotive exhaust manifold market is expected to register 3.1% year on year growth by value, opposing initial skepticism about how the market would perform during a global pandemic.
Increasing demand for passenger cars and light commercial vehicles in U.S. has benefitted the sales of automotive exhaust manifolds, also, growing aftermarket customization and enhancement of the vehicles have also improved the market for exhaust manifolds in U.S.
What is the Expected Growth Rate of the Global Automotive Exhaust Manifold Market in India?
Between 2022 and 2026, the market in India is estimated to grow at a CAGR of 4.9% in terms of value. The growth in the demand for automotive exhaust manifold in India can be attributed to increasing vehicle production & sales and growing vehicle parc (fleet on road) driven by strong presence of key manufacturers.
With the rapid development of industries, attractive FDI investment rules, and growth in the industrial sector, and the growth of the automotive sector will benefit the exhaust manifold market in India.
Why China is considered a Leading Automotive Exhaust Manifold Market?
China is the world’s leading manufacturer of vehicles and its components, the significant vehicle production and vehicle parc has aided the growth of automotive exhaust manifold in China. China is projected to have a prominent market share in the global automotive exhaust manifold market. Automotive exhaust manifold market is China is projected to grow at a value CAGR of 4.8% during the forecast period.
What is the Growth Outlook for Automotive Exhaust Manifold Market in Japan?
Japan has an ageing workforce and a shrinking population, despite the country’s comparatively high per capita income. Environmental concerns and tight rules on carbon emissions as well as government-mandated footprint reduction measures are all ramp up the demand for clean and efficient transportation.
The market in Japan is estimated to be the prominent country in the global automotive exhaust manifold market throughout the forecast period, growing with a value CAGR of 2.5%.
Which Material Type Demand is on Rise?
The cast iron exhaust manifold is projected to create an absolute dollar opportunity of more than US$ 880 Mn during the period of 2022 to 2026. The high demand for cast iron exhaust manifold is due to the low cost and longer durability of cast iron manifold, which makes it the preferred choice among manufacturers.
The necessity for high accuracy as well as higher productivity component along with an increase in demand of automotive will boost up the expansion of the global automotive exhaust manifold market, specifically the cast iron segment.
Why there is High Demand for Automotive Exhaust Manifold from Passenger Car segment?
The passenger car segment is projected to create an absolute dollar opportunity of more than US$ 1,275.5 Mn during the period of 2022 to 2026. With the growing population and rising purchasing power the demand for passenger cars is increasing across the globe. In 2019, the global passenger car production was about 67 million units which dropped to about 56 million in 2020 due to impact of COVID-19.
Passenger car production accounts for more than 70% of the total vehicle production which makes it a prominent market for exhaust manifolds. This factor elevates the importance of passenger cars, which is expected to increase demand for exhaust manifolds in the global market.
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Over the last several years, there has been an increase in the number of acquisitions and expansion operations to strengthen exhaust manifold supplies. Several major firms are also working to improve the efficiency of exhaust manifolds for different types of vehicles. In the worldwide businesses, numerous manufacturers have emerged, particularly in India and China.
- In October 2018, the Faurecia S.A. entered into a joint venture with Liuzhou Wuling Automotive Industry Co., Ltd. (China’s leading automotive component manufacturing company) for the manufacturing of all emissions control system products.)
- In March 2017, the Faurecia S.A opened a new manufacturing facility in Fort Wayne, Indiana. The new plant will manufacture all products related to emissions control systems. The company invested around $4 million to begin operations at the 137,500 square foot facility.
Scope of Report
|Market Analysis||USD Million for Value and Units for Volume|
|North America, Eastern Europe, Western Europe, Latin America, APEJ, Japan, and MEA|
|US, Canada, Brazil, Mexico, Germany, Italy, France, U.K., Spain, BENELUX, Russia, Poland, China, India, ASEAN, Australia, Iran, Turkey, South Africa|
|By Region, By Product Type, By Vehicle Type, By Engine Type, By Material, By Fuel Type, By Sales Channel|
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Find the Previous Research Done on – Automotive Exhaust Manifold Market Trends – https://www.globenewswire.com/news-release/2019/01/10/1686115/34408/en/Automotive-Exhaust-Manifold-Market-Size-Worth-US-11-219-6-Mn-by-2026-Future-Market-Insights.html
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