The global automotive gasket and seal market is foretold to gain prominence with a snowballing emphasis on the design of effective and superior products that involve the application of top-quality material to endure high pressure and heat. The rising pressure on the automotive sector owing to environmental concerns and changes is pushing vehicle manufacturers to develop improved and innovative components. In this regard, new gaskets and seals could draw a swelling demand in the automotive sector. Thus, growing fuel-efficiency norms and rising production in this sector is forecast to bode well for the market.
The global automotive gasket and seal market, as per Transparency
Market Research (TMR), is foreseen to earn a valuation of US$84.0 bn by the end
of 2022, from a US$63.2 bn attained in 2017, at a CAGR of 5.8%.
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Global Automotive Gasket and Seal Market: Major Insights
The international automotive gasket and seal market is
estimated to fortify its growth during the course of the forecast period
because of the rising adoption of renewable energy sources. Gaskets and seals
are increasingly used in systems that harness solar thermal, geothermal, wind,
solar, and other sources of renewable energy for generating power. As a result,
the growth prospects of the market are projected to fly high in the coming
years due to an elevating focus toward the use of renewable energy sources and
sustainable development. The well-boosted replacement demand in the industrial
sector owing to the focus on asset management and the subsequent step toward
proactive machine condition monitoring could be another powerful growth factor.
The international automotive gasket and seal market is
anticipated to be segregated as per product, vehicle, sales channel, and
material. On the basis of product, the market could witness the reign of
metallic gasket in the coming years. By the end of 2022, this segment could
collect a revenue of US$60.3 bn. In terms of vehicle type, the market could be
classified into compact, mid-sized, premium, luxury, commercial, and heavy
commercial. By sales channel, there could be segments such as original
equipment manufacturer (OEM) and aftermarket taking shape in the market. In
view of segmentation by material, the market is predicted to be cataloged into
metal, fiber, rubber, and silicon.
By region, the international automotive gasket and seal
market is prophesied to testify the dominance of Asia Pacific except Japan
(APEJ) while it expands at a 6.3% expected CAGR. North America could be another
region garnering a healthy growth in the market. It is prognosticated to rise
at a 5.8% CAGR. Europe is also prophesied to showcase a strong market growth as
it is projected to be valued at a US$21.4 bn by 2022 end. However, Japan and
the Middle East and Africa (MEA) are envisaged to grow lazily in the near
future.
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Global Automotive Gasket and Seal Market: Vendor
Landscape
The report is envisioned to include a study of some of the
finest industry players of the worldwide automotive gasket and seal market,
such as Dana Limited, Federal-Mogul Corporation, Trelleborg AB, Datwyler,
Elringklinger AG, SKF AB, Smiths Group plc, Victor Gaskets India LTD,
Freudenberg Sealing Technologies GmbH & Co, and KG and Flowserve
Corporation.
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