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Automotive Gaskets And Seals Market Size, Overview, Outlook, Trends, Size: 2024-2033
Automotive Gaskets And Seals Market Size
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According to The Business Research Company's, The automotive gaskets and seals market size has grown strongly in recent years. It will grow from $17.26 billion in 2023 to $18.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in automotive industry, aging vehicle fleet, regulatory compliance, rise in demand for automotive maintenance and repairs, economic growth.
The automotive gaskets and seals market size is expected to see strong growth in the next few years. It will grow to $24.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing vehicle complexity, rise in autonomous vehicles, increasing adoption rate of electric vehicles, increasing demand for fuel efficient and environment-friendly vehicles, rise in disposable income. Major trends in the forecast period include sustainability and green sealing solutions, advanced materials adoption, customization and 3d printing, digital twin technology.
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Market Drivers and Trends:
The increase in demand for electric vehicles is driving the automotive gaskets and seals market. Gaskets and seals are used in many EV applications such as battery packs to provide environmental sealing and insulation. For instance, in June 2022, according to the United States Department of Energy (DOE), a US-based government agency, the total number of electric vehicle registrations in the United States was 1.45 million, with California accounting for approximately 563,070 registrations of light-duty electric vehicles, representing 39% of EVs nationwide in 2021. The next-greatest number was in Florida, followed by Texas. Therefore, the rapidly growing demand for electric vehicles is supporting the growth of the automotive gaskets and seals market.
3D printing is increasingly being used in the manufacturing of automotive gaskets and seals. 3D printing or additive manufacturing is the process of making three-dimensional objects from a digital file. By using 3D printing, manufacturers can economically and efficiently create gaskets of varying dimensions as per applications. For example, DP Seals, a leading global supplier of custom seals, gaskets and molding uses 3D printing rubber seals to identify design faults and accelerate the development process.
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Major Key Players of the Market:
Freudenberg Co., Elringklinger Silicon Valley Inc., Dana Holding Corporation, Svenska Kullagerfabriken AB, Trelleborg AB, Federal-Mogul Corporation, Flowserve Corporation, Custom Gasket Manufacturing, Arizona Sealing Devices Inc., Economy Die & Gasket Inc., Gasket Express, Sealing Specialties Inc., XTO Inc., New Process Fibre Company Inc., CGR Products Inc., RD Rubber Technology Corporation, PDI Gaskets & Seals, Mercer Gasket & Shim, Phelps Industrial Products LLC, REDCO Rubber Engineering & Development Company, Kent Rubber Supply Co., MAHLE Aftermarket Inc., Interface Performance Materials, Garlock Sealing Technologies, James Walker Ltd., Flexitallic Ltd., Teadit Pvt. Ltd., Lamons Manufacturing & Service Co., Klinger Limited, Henniges Automotive
Automotive Gaskets And Seals Market 2024 Key Insights:
• The automotive gaskets and seals market size is expected to see strong growth in the next few years. It will grow to $24.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Surging Demand For Electric Vehicles Powers The Automotive Gaskets And Seals Market
• Rise Of 3D Printing Technology Revolutionizing Automotive Gaskets And Seals Market
• Asia-Pacific was the largest region in the automotive gaskets and seals market in 2023
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