Press release
Automotive Gasket and Seal Market to Witness Growth Acceleration During 2017 – 2022
The global automotive gasket and seal market, as per Transparency Market Research (TMR), is foreseen to earn a valuation of US$84.0 bn by the end of 2022, from a US$63.2 bn attained in 2017, at a CAGR of 5.8%.
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Global Automotive Gasket and Seal Market: Major Insights
The international automotive gasket and seal market is estimated to fortify its growth during the course of the forecast period because of the rising adoption of renewable energy sources. Gaskets and seals are increasingly used in systems that harness solar thermal, geothermal, wind, solar, and other sources of renewable energy for generating power. As a result, the growth prospects of the market are projected to fly high in the coming years due to an elevating focus toward the use of renewable energy sources and sustainable development. The well-boosted replacement demand in the industrial sector owing to the focus on asset management and the subsequent step toward proactive machine condition monitoring could be another powerful growth factor.
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The international automotive gasket and seal market is anticipated to be segregated as per product, vehicle, sales channel, and material. On the basis of product, the market could witness the reign of metallic gasket in the coming years. By the end of 2022, this segment could collect a revenue of US$60.3 bn. In terms of vehicle type, the market could be classified into compact, mid-sized, premium, luxury, commercial, and heavy commercial. By sales channel, there could be segments such as original equipment manufacturer (OEM) and aftermarket taking shape in the market. In view of segmentation by material, the market is predicted to be cataloged into metal, fiber, rubber, and silicon.
By region, the international automotive gasket and seal market is prophesied to testify the dominance of Asia Pacific except Japan (APEJ) while it expands at a 6.3% expected CAGR. North America could be another region garnering a healthy growth in the market. It is prognosticated to rise at a 5.8% CAGR. Europe is also prophesied to showcase a strong market growth as it is projected to be valued at a US$21.4 bn by 2022 end. However, Japan and the Middle East and Africa (MEA) are envisaged to grow lazily in the near future.
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Global Automotive Gasket and Seal Market: Vendor Landscape
The report is envisioned to include a study of some of the finest industry players of the worldwide automotive gasket and seal market, such as 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.
About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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