LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive thrust washers market to grow at a CAGR close to 8% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive thrust washers market into the following end-users, including OEMs and aftermarket and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the need for lightweight thrust washers as a key factor contributing to the growth of the global automotive thrust washers market:
Need for lightweight thrust washers
Use of aluminum as an alternative to steel to manufacture automotive thrust washers enhances the performance of the thrust washers. Owing to its versatility, aluminum is the second most chosen material to replace steel. Some of its application end-user industries are building, construction, electrical, machinery, automotive, and transportation. Aluminum is used for various applications in various forms due to its unique features such as less weight, corrosion resistance, and recyclability. It is also used in the manufacturing of sheets for automobile and roofing; tubes for heating, ventilation, air-conditioning systems, and radiators; extrusions for doors and windows; castings for auto parts; foils for food packaging; and plates for shipping and tooling.
According to a senior analyst at Technavio for automotive components, “The automobile industry is witnessing a rise in the adoption of advanced technologies to reduce the emission levels, to increase the fuel efficiency, and to improve the driving dynamics of vehicles. Aluminum alloys are used for automotive thrust washers that weigh half the weight of the regular steel thrust washers. This proves to be stronger, safer, and more efficient. In countries such as China, Germany, Japan, and the US, the adoption rate of aluminum is expected to be the highest during the forecast period.”
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Global automotive thrust washers market segmentation
Of the two major end-users, the OEMs segment held the largest market share in 2017, accounting for nearly 64% of the market. The market share of this segment is expected to increase nearly 4% by 2022.
APAC was the leading region for the global automotive thrust washers market in 2017, accounting for a market share of 54%. APAC is expected to continue to dominate the market during the forecast period due to the rising production of automotive in the Asian market.
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