Automotive Gasket and Seals Market to Witness Growth at 7% CAGR
Increasing
environmental concern, growing emphasis on the efficient design and aggressive
technological advancement, to drive the Global Automotive Gasket and Seals
Market through 2023
According to TechSci Research report, “Global
Automotive Gasket & Seal Market, By Product Type (Gasket Vs Seal), By
Vehicle Type (Passenger Car, Light Commercial & Heavy Commercial),
Competition Forecast & Opportunities, 2013 – 2023’’, Global automotive gasket & seal market is projected
to grow at a CAGR of over 7%, in value terms, during 2018-2023. Growing demand
for passenger car, increasing automotive production, growing adoption of the
renewable sources of energy, requirement for replacement in industrial sector
and rapidly evolving competition scenario are some factors, will propel the
demand for automotive gasket & seal over the next five years. Further, the
growing demand for fuel-efficient vehicles is anticipated to drive the growth
of the market in the next five years.
Moreover,
the advancements in car engine designs is expected to drive the growth of the Global
Automotive Gasket and Seals market during forecast period. The advanced car
engines require engine gaskets that are vital for engine performance as they
work as a seal for maintaining pressure, hold fluids and prevent any residue or
debris to enter the engine. Additionally, the growing investments in R&D of
development of suitable materials are anticipated to drive the growth of the
market by 2023.
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Based on gasket type, the the Global Automotive
Gasket and Seals is segmented into Metallic Gaskets and Non-Metallic Gaskets. The
Metallic gasket segment is anticipated to grow at a very high CAGR during the
forecast period, owing to increasing use of metallic head gaskets to seal cylinders for enabling maximum compression and
prevent any leakage of engine oils or sealants in the cylinders.
Dana Limited, Federal-Mogul Corporation, Trelleborg AB,
Datwyler, Elringklinger AG, SKF AB etc, are major companies operating in Automotive Gasket and Seals, globally.
APAC is anticipated to remain a strong
contributor in the automotive gasket & seal market in the forecast period,
owing to increase demand for light and heavy vehicles in the region. APAC is
expected to register high growth during the forecast owing to increasing vehicle
demand, production of fuel-efficient vehicles. Moreover, factors such as
flourishing automotive sector, increased vehicular sales and the presence of
major automotive manufacturers in the region is expected to drive the growth of
the market by 2023.
“Growing
fuel efficiency regulations, technological advancements in engine design and
the increasing use of lightweight components in vehicles are likely to drive
the growth of the market in the coming years. Moreover, the increasing
investments in the research and development of advanced materials for the
manufacture of gaskets and seals will drive the Automotive
Gasket and Seals market through 2023.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Automotive
Gasket & Seal Market, By Product Type (Gasket Vs Seal), By Vehicle Type
(Passenger Car, Light Commercial & Heavy Commercial), Competition Forecast
& Opportunities, 2013 – 2023”
has evaluated the future growth potential of Global Automotive Gasket and Seals
market and provides statistics and information on market size, structure and
future market growth. The report offers decision makers superior market
intelligence, thereby enabling them conduct thorough investment appraisal.
Besides, the report also analyzes
the evolving market inclinations along with indispensable drivers, challenges
and opportunities in Global Automotive Gasket and Seals Market.
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