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 2024 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 2024
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 2024. 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 2024. 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 2024 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.
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Nonetheless, there could be attractive opportunities birthed by other promising regional markets such as North America and Europe. By 2024, 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.
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