Global Automotive Gasket and Seal Market: Snapshot
The global automotive gasket and seal market is foreseen to grow significantly due to the rising demand to obtain improved vehicle performance and fuel efficiency. Moreover, the vehicles industry could offer exceptional growth prospects with the trend of aggressive technological developments. The usage of gaskets and seals are proven to be crucial in the improvement of the lifespan of automotive components and the reduction of the maintenance expenses of vehicles. Stringent emission regulations rising in the automobile industry are forcing original equipment manufacturers (OEMs) to focus on the obligatory inclusion of gaskets and seals. This could augur well for the growth of the market.
The global automotive gasket and seal market is foretold to be valued at a US$84.0 bn by the completion of 2022 while growing at a CAGR of 5.8% during the forecast period 2017–2022. In 2017, the market attained a valuation of US$63.2 bn.
Metallic Gasket to Exhibit Grander Absolute Growth between 2017 and 2022
The world automotive gasket and seal market is envisaged to be segregated into metallic and non-metallic gaskets as per type of product. Amongst these products, metallic gasket could collect a lion’s share of 71.7% by the end of 2022. The metallic gasket market is anticipated to grow with a greater absolute revenue compared to the non-metallic market. Annually, metallic gasket could expand at a US$3.1 bn during the course of the forecast timeframe.
In respect of vehicle type, the world automotive gasket and seal market is prognosticated to see a segmentation into compact, mid-sized, premium, luxury, commercial, and heavy commercial vehicles. In terms of sales channel, players could find favorable business prospects in the presence of OEM and aftermarket segments. On the basis of material type, there could be possible segments such as metal, fiber, rubber, and silicon.
APEJ to Reign over Developed Regions with Colossal Revenue Earning
On the geographical front, the international automotive gasket and seal market is predicted to be cataloged into different regions, where Asia Pacific except Japan (APEJ) could take a leading share by the end of 2022. A revenue valuation of US$30.3 bn is expected to be achieved by this region by the concluding forecast year. The Middle East and Africa (MEA) could showcase a somewhat improved performance compared to Japan. By 2022 end, the MEA could reach a valuation of US$4.2 bn. Japan, on the other hand, is forecast to rise at a 4.6% CAGR, which could be lower than that of the MEA.
Nonetheless, there could be attractive opportunities birthed by other promising regional markets such as North America and Europe. By 2022, North America is envisioned to earn a US$17.2 bn while Europe could expand at a 5.7% CAGR.
Some of the top-level companies showing face in the worldwide automotive gasket and seal market could be 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.
Global Automotive Gasket and Seal Market: Overview
The global automotive gasket and seal market is envisioned to increase its growth with rising research and development investments directed toward the development of novel materials that fulfill modern sealing requirements. While mature markets such as North America and Europe could base their growth on a strong replacement demand, larger regions such as Asia Pacific is projected to impress with more factors responsible for its growth. These are expected to include a rising demand for personalized solutions based on unique compression and pressure zones in various machineries, continuous technological development, and expanding manufacturing base.
In this report, the analysts offer a complete assessment of the global automotive gasket and seal market, which includes key studies on growth factors, trends and opportunities, and vendor landscape. Buyers could be able to decide on their future growth strategies with the help of useful guidelines provided in the report.
Global Automotive Gasket and Seal Market: Dynamics
The world automotive gasket and seal market is prophesied to embrace superior growth opportunities while riding on a high demand for sealing solutions from top end-use sectors that look to achieve enhanced performance, operational certainty, and reduced costs. One of the vital factors propelling the demand for advanced solutions could be strict compliance with tight quality standards in different sectors such as marine, rail, aerospace, construction, and electronic and electrical equipment manufacturing. High-strength gasketing and sealing solutions could invite spurred growth prospects on the back of constant innovation and development in the science of sealing.
Global Automotive Gasket and Seal Market: Segmentation
The international automotive gasket and seal market is envisaged to be classified according to product, vehicle, sales channel, and material. In terms of product, the market could see a classification into metallic and non-metallic gaskets. However, metallic gasket could account for a major share in the market by the end of the forecast period. In 2017, this product secured a 70.8% of the total market share.
In terms of vehicle, the international automotive gasket and seal market is prognosticated to be segmented into compact, mid-sized, premium, luxury, commercial, and heavy commercial vehicles. By sales channel, there could be prime segments such as original equipment manufacturer (OEM) and aftermarket. On the basis of type of material, the market is foretold to be cataloged into metal, fiber, rubber, and silicon.
By region, the international automotive gasket and seal market could include Asia Pacific except Japan (APEJ) as a leading segment rising at a 6.3% CAGR. North America and Europe are anticipated to be other lucrative regions of the market. However, Japan could be among the slow growing markets, where the Middle East and Africa (MEA) is expected to be slightly better.
Global Automotive Gasket and Seal Market: Competition
The worldwide automotive gasket and seal market is predicted to witness the presence of key players such as Dana Limited, Federal-Mogul Corporation, Trelleborg AB, Datwyler, Elringklinger AG, SKF AB, Smiths Group plc, Freudenberg Sealing Technologies GmbH & Co, KG and Flowserve Corporation, and Victor Gaskets India LTD.