Automotive Gasket & Seal Market – World Market Share, Consumption and Growth Rate 2015-2020

Posted July 16, 2019 by aaronsmithh

The global Automotive Gasket and Seal Market estimated a market value of around $ 8,877.5 million by 2015 and poised to reach $12,362 Million by 2020 at a CAGR of 6.85% from 2015–2020.
According to the market research report “Automotive Gasket & Seal Market by Product Type (Gasket, Metallic Gasket, Non Metallic Gasket, Seals, Mechanical Seals, O Ring Seals, Lip Seals & Rotary Seals), by Vehicle Type (PC, LCV & HCV), by Geography - Global Forecast & Analysis to 2020 ”, defines and segments the automotive gasket and seal market with analysis and forecast of the global volume and value.

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Key Market Players:

Key players in this market are Dana Corporation (U.S.), AB SKF (Sweden), Flowserve Corporation (U.S.), Federal-Mogul (U.S.), Smiths Group PLC (U.K.), Trelleborg AB (Sweden), Elringklinger AG (Germany), Freudenberg Sealing Technologies GmbH & Co. KG (Germany), Datwyler (Switzerland), and Victor Gaskets India LTD (India).

Asia-Pacific: A potential market and growing at a noteworthy rate

The Asia-Pacific region comprises of countries such as China, India, Japan, and South Korea. The region is dominated by developing countries including India and China, where the automotive industry is growing at a faster pace than other countries in region. Growth in the technological improvements in mechanical strength and sealing capabilities is expected to push the demand for high-performance and functional products used in the automotive industry. The automotive gasket and seal market of the Asia-Pacific region is projected to grow at a CAGR of 7.06% from 2015–2020.

Europe: Eastern Europe would be the upcoming potential market

Europe is a major hub for several renowned OEMs, which are known for delivering quality and high-performance vehicles. However, Eastern Europe still follows the western European countries such as the U.K., Germany, France, and Italy. This gives exposure to the OEMs to expand their footprints in Eastern Europe, which is expected to foster demand for automotive gaskets and seals in Europe. The European automotive gasket and seal market is projected to grow at a CAGR of 6.42% from 2015–2020.

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North America: Mexico & Canada have emerged as growing automotive hubs

The North American region comprises of developed countries such as the U.S., Canada, and Mexico. However, the North American automotive gasket and seal market is dominated by the U.S., which is known as an automotive hub for renowned OEMs. The materials used in gasket fabrication have improved over time; silicone rubber has become a preferred material for gaskets and seals. Lightweight components in automobiles are sealed with high-strength gaskets and seals to endure high heat and pressure. This indirectly helps in improving fuel-efficiency of vehicles with increasing use of lightweight materials in vehicles. Furthermore, many OEMs are planning to set up vehicle production plants in Mexico and Canada, which in turn drives the demand for automotive gasket and seal market in the region. The North American automotive gasket and seal market is projected to grow at a CAGR of 7.33% from 2015–2020.
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Last Updated July 16, 2019