Press release
Global Automotive Window and Sealing Systems Market to Reach $29.5 Billion by 2023
Automotive Window and Sealing Systems Market
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The automotive window and sealing systems market include products such as glass run channel, door seals, front and real windshield seals, and others exterior seals. These products are mainly manufactured using ethylene propylene diene monomer (EPDM) as the raw material; however, as the technology has developed, thermoplastic elastomers find their use as raw materials.
The major factors driving the growth of the glass run channel is increasing vehicle production and growing awareness and adoption of electric vehicle across the globe and growth in the automotive industry.3
In 2016, Asia-Pacific held the largest share in the global automotive window and sealing system market with over 40% share, in terms of value. The global automotive window and sealing systems market is expected to grow at a CAGR of 8.2%, during the forecast period, owing to increase in global GDP and rapid growth in developing countries such as India and China.
Additionally, the European market for automotive window and sealing systems market is expected to witness significant growth during the forecast period, owing to increase in manufacturing of commercial vehicles in developed countries such as Germany and the U.K.
The major factors driving the growth of the market include growing demand of passenger and electric vehicles globally. India and China have emerged as the growing countries where the vehicle production has increased rapidly in past five years and the trend is likely to continue during the forecast period.
The research states that the global automotive window and sealing systems market had a consolidated structure in 2015, where the market is dominated by organized players. Some of the key players in the global automotive window and sealing systems market include Cooper Standard Inc., Hutchinson Automotive, Magna International, Sumitomo Chemical Co. Ltd., Toyoda Gosei Co. Ltd., Minth Group, and Henniges Automotive Holdings Inc.
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Acquisition and strategic partnerships have been the major recent developments in the global automotive window and sealing systems. For instance, in September 2016, Hutchinson acquired the French company Composite Industrie based in Bondoufle, Paris. The company has a production unit in Casablanca, Morocco and is specialized in designing, qualifying and producing composite products serving the aerospace and defense markets.
Additionally, In May 2016, Henniges Automotive Holdings, Inc., expanded its partnership with Burkool S.A., a sealing solutions manufacturer based in Buenos Aires, Argentina, to meet the growing demand of the automotive original equipment manufacturers (OEMs) in Brazil.
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