The global automotive seals and gaskets market is expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio’s latest market research.
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Technavio has published a new market research report on the global automotive seals and gaskets market 2017-2021 under their automotive library. (Graphic: Business Wire)
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive seals and gaskets market for 2017-2021. The market is further categorized into two segments based on vehicle type that include passenger cars and commercial vehicles.
Technavio’s research analysts segment the global automotive seals and gaskets market into the following regions:
- APAC
- EMEA
- Americas
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APAC: largest automotive seals and gaskets market
The rising competition among carmakers has forced many automobile manufacturers such as GM, Ford, Volkswagen, and Daimler Chrysler to shift their production bases to developing countries that assist them in operating efficiently. Over the past few years, APAC has emerged as a global hub for automobiles. Automobile exports, including components, are increasing at a rapid pace and the region is estimated to grow at a steady pace during the forecast period. APAC has become a major consumer as well as supplier of automobiles.
“APAC countries such as India and China are involved in R&D due to regional competition as an increasing number of automakers are demanding low-cost and high-quality seals. APAC is emerging as a preferred region for automakers. Countries such as China and India with a strong vehicle market, growing economy, growing auto component market, and ability to manufacture low-cost quality seals have helped them to acquire the highest revenue share in the seals market,” says Ganesh Subramanian, a lead automotive components research expert from Technavio.
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Automotive seals and gaskets market in the Americas
In North America, the automotive industry is one of the important contributors to the gross domestic product (GDP). It is interlinked to the economic growth of the region. Stringent fuel emission norms have led to the development of fuel-efficient and eco-friendly cars. The automotive market in North America is one of the established markets in the world. South American countries such as Brazil and Argentina provide good opportunities for carmakers due to low car ownership levels, growing middle-class population, and low-cost production base.
“The US, Mexico, and Canada have been the major contributors to the growth of automotive industry in the Americas and the region is technology-driven. Seals and gaskets manufacturers are using new and improved materials that can function even at high temperature and pressure. This has led to an increase in demand for improved products from OEMs operating from this region,” says Ganesh.
Automotive seals and gaskets market in EMEA
The European market is still recovering from the sovereign debt crisis. This has resulted in a decline in its automotive sales. However, growth has been observed in the Middle East and African markets, keeping automotive sales in the region at a steady rate. Norms in Europe regarding fuel-efficiency and product quality are stringent. This is increasing the focus on quality to meet the mandatory standards.
Penetration of electric vehicles and hybrid vehicles is increasing in this region. This is reducing the requirement for powertrain seals and gaskets. Powertrain seals and gaskets such as oil seals, shaft seals, transmission seals, and head gaskets are expensive. The decline in sales and stringent norms have made manufacturers shift their focus to countries such as China, India, and Thailand to explore cost advantages, due to which EMEA has been behind APAC in terms of revenue share in the global market.
The top vendors in the global automotive seals and gaskets market as highlighted in this market research analysis are:
- SKF
- Dana
- Blue Diamond Technologies
- ElringKlinger
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