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Transportation Seals Market to Reach $25.2 Billion by 2031, Fueled by Advancements in Logistics Security - Allied Market Research
Transportation Seals Market
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The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
There are prominent key factors that drive the growth of the transportation seals market, such as growth in awareness pertaining to NVH, and rise in demand for advanced seals to improve fuel efficiency. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the transportation sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for the transportation seals market. Also, in some undeveloped countries, there is an increase in the vehicle production and growth of aviation sector, which is expected to boost the market.
COVID-19 Impact Analysis
🔹The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components which, in turn, negatively impacted the market for transportation seals market in 2020.
🔹The sales of transportation seals are inextricably linked to global automotive manufacturing and sales operations. If the global lockdowns are extended, production losses are expected to grow. The global light vehicle sales have decreased by almost 20% from 6,335 thousand units in February 2019 to 5,077 thousand units in February 2020. The pandemic has had a negative impact on transportation seals suppliers due to the decreased sales and manufacturing of vehicles.
🔹However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the transportation seals market
🔹Severe measures and restrictions across the world were slowly eased as COVID-19 cases started declining worldwide. The production of vehicles was stunted globally, owing to the pandemic yet the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry. These factors were responsible for fluctuation in sales of transportation seals across the world.
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The report segments the global transportation seals market on the basis of end use, type, material, motion, and region.
Based on motion, the rotary seals segment held the largest share in 2021, accounting for nearly two-fifths of the market. In addition, the segment is estimated to register the highest CAGR of 8.0% during the forecast period.
On the basis of end use, the automotive segment dominated the market in terms of revenue in 2021, contributing to more than one-third of the market. Furthermore, the segment is projected to portray the highest CAGR of 8.2% from 2022 to 2031.
Based on type, the o-ring segment held the largest share in 2021, accounting for around two-fifths of the market, and is expected to continue its dominance during the forecast period. In addition, the segment is expected to register the highest CAGR of 8.3% during the forecast period.
On the basis of material, the elastomers seals segment held the largest share in 2021, contributing to more than two-fifths of the market. However, the thermoplastics segment is projected to register the highest CAGR of 8.4% during the forecast period.
The global transportation seals market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion's share in 2021, accounting for more than one-third of the market. In addition, the region is expected to register the highest CAGR of 8.0% from 2022 to 2031.
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The global transportation seals market report includes an in-depth analysis of the prime market players such as Compagnie de Saint-Gobain S.A., Cooper Standard Holding Inc., Dana Limited, Datwyler Holding Inc., Federal-Mogul Corporation, Freudenberg Sealing Technologies GmbH & Co. KG, Hutchinson SA, Meccanotecnica Umbra S.p.A., Meggitt Plc, Parker-Hannifin Corporation, SKF, Smiths Group PLC, Tennecco Inc., Toyoda Gosei Co., Ltd., and Trelleborg AB.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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