Press release
Asia-Pacific to Contribute Over 40% to the Global Automotive Window and Sealing Systems Market by 2023
Global automotive window and sealing systems market worth $17,064.0 million in 2016
As per the research, the global automotive window and sealing systems market high is likely to grow from $17,064.0 million in 2016 to $29,515.0 million by 2023. The rapidly growing automotive industry especially in emerging economies of Asia-Pacific, Africa and Latin America is generating significant demand for automotive sealing systems.
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 developing economies such as India and China use EPDM as raw materials. Whereas the technologically-advance markets such as U.S. and Germany, use Thermoplastic Elastomers (TPEs) as raw material for exterior sealing systems. The new technology is likely to be adopted in developed countries during the forecast period.
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Asia-Pacific stands as the largest region in the global automotive window and sealing systems market
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.
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The market is dominated by organized players
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.
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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