Automotive Gasket and Seal Market to Reach US$84.0B 2022 - Transparency Market Research
Global Automotive Gasket and Seals Market: Improved Vehicle Performance and Increasing Use in Energy Systems to Drive Market Growth, Notes TMR
Albany,NY, November 15, 2017 (Newswire.com) - The global market for Automotive gasket and seal is projected to gain a significant momentum over the coming years of forecast period with increasing emphasis on the efficient design and better products that involve the application of high end material to sustain intense heat and pressure. The increasing pressure on the automotive industry owing to the concerns about environment and other changes is pushing the automotive manufacturers to develop innovative and improved components. In this way, newer gaskets and seals could gain a significant momentum in the global automotive industry. Thus, the increasing norms about fuel efficiency and growing production in the industry is expected to drive the overall growth of the global market. Some of the key players in the global gasket and seal market include names such as Federal Mogul Corporation, Freudenberg Sealing Technologies GmbH, Victor Gaskets India Ltd., KG and Flowserve Corporation, Elringklinger, and Datwyler among others.
The global market for automotive gasket and seal is expected to reach to an overall valuation of US$84.0B by the fall of 2022. This valuation is estimated from the initial market worth of US$63.2B achieved in 2017 with the help of a steady CAGR of 5.8% over the course of the given forecast period of 2017 to 2022. Depending on the type of product, the segment of metallic gasket is expected to dominate the global gasket and seal market. By the end of the given forecast period in 2022, the metallic gasket segment is projected to generate a revenue worth US$60.3 bn. On the basis of sales channel, the global market is expected to be dominated by the segment of original equipment manufacturer. From a geographical standpoint, the global market for gasket and seal is expected to be led by Asia Pacific except Japan region. This region is estimated to grow at a strong CAGR of 6.3% followed by North America with a CAGR of 5.8%.
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Increasing Use of Gaskets and Seals in Systems for Drawing Renewable Energy to Drive Market Development
The global market for Automotive gasket and seal is projected to enhance its growth prospects over the course of the given forecast period due to the growing adoption of the renewable sources of energy. Seals and gaskets are being used increasingly in the systems that harness geothermal, solar thermal, solar, wind, and other different sources of inexhaustible energy to generate power. As a result, the prospects of development of the global market are expected to soar up over the next few years because of the increasing focus towards the usage of renewable sources of energy and its sustainable development. The well-established replacement requirement in the industrial segment owing to the focus on the management of assets and the consequent step towards proactive monitoring of machine conditions could be seen as another important aspect driving the overall growth of the global gasket and seal market.
Proven Ability to Enhance Vehicle Performance to Propel Market Growth
Another important factor expected to drive the overall development of the global automotive gasket and seal market is increasing demand for these components as they considerably improve the fuel efficiency and vehicle performance. In addition to this, the automotive industry is projected to reap rewards of the aggressive advancement on the technological front which in turn could prove to be one of the important driving factors for the development of the global Automotive Gasket and Seals Market. These components have proven their ability to enhance the lifespan of the automotive parts and cutting down the overall maintenance cost of the vehicles.
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