The global automotive gasket and seal market is foretold to gain prominence with a snowballing emphasis on the design of effective and superior products that involve the application of top-quality material to endure high pressure and heat. The rising pressure on the automotive sector owing to environmental concerns and changes is pushing vehicle manufacturers to develop improved and innovative components. In this regard, new gaskets and seals could draw a swelling demand in the automotive sector. Thus, growing fuel-efficiency norms and rising production in this sector is forecast to bode well for the market.
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%.
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.
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.