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Albany, New York, July 15, 2019 (GLOBE NEWSWIRE) -- The global automotive gasket and seal market is anticipated to grow at a healthy CAGR of 5.8 % from 2017 to 2022. The total revenue is estimated to reach up to US$84.0 Bn by the end of forecast period, reveals finds an upcoming Transparency Market Research (TMR) report. The rising demand for fuel efficient vehicles are carving the way to growth opportunities in the global automotive gasket and seal market in the succeeding years.
There are several players operating global automotive gasket and seal market, however some of the prominent players include Smith’s Group plc, Elringklinger AG, Trelleborg AB, Dana Limited, and Federal-Mogul Corporation.
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Technological Advancements in Vehicles to Fuel Automotive Gasket & Seal Market
With the emergence of new technologies, the new cars are being manufactured with advanced engine designs. The advanced engines boost the demand for automotive gaskets and seals for better performance, paving the way to expansion of the global automotive gasket and steal market.
Additionally, production of automated vehicles, rising number of passenger vehicles, and rapid industrialization are some of the factors that are expected to drive the global automotive gasket and seals market in the following years.
Rising demand and adoption for sustainable sources of energy is foretold as one of the factors responsible for the growth of the automotive gasket and seal market over the forecast period.
Further, rising cut throat competition in the global market and increasing research and development to introduce better and consumer friendly products are projected to provide growth potentials to the global automotive gasket and seal market in the near future.
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Asia Pacific to Strengthen Global Automotive Gasket and Seal Market
Asia Pacific is foretold to grow at an impressive rate during the forecast period. Developing economies such as India and China are projected to drive the growth due to rapid urbanization and industrialization. The automotive industry is emerging as a lucrative market in this region. Increasing demand for technologically improved products is expected to push the global automotive gasket and seal market to expand in future.
North America has always remained at the forefront in the global automotive gasket and seal market. This is mainly because this region is a hub for automotive manufacturing and availability of modern technology, aiding in the growth of the global automotive gasket and seal market.
Europe is a home for many automotive manufacturing giants; most of these units are located in Western Europe. They manufacture high performance, highly advanced, and quality vehicles. The Eastern Europe is adopting several strategies to penetrate into the competitive market, nudging the expansion of the global automotive gasket and seal market.
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Metal Gasket Segment to Stand Tall in Global Automotive Gasket & Seal Market
Among the product types, the global automotive gasket and seal market is divided into metallic and non-metallic gasket. But, the metallic gasket is likely to surge during the forecast period. This segment of the product type is likely to surge by generating large share of revenue. This segment is expected to grow at a healthy rate during the given period.
Further, the market is segmented into premium, luxury, commercial, heavy commercial, compact, and medium sized. Rising demand for less carbon foot print and more emphasis on environmental perspective is expected to surge the global automotive gasket and seal market in the upcoming years.
This review is based on the findings of a TMR report titled, “Automotive Gasket and Seal Market (Product - Metallic Gasket and Non-metallic Gasket; Vehicle - Compact, Mid-sized, Premium, Luxury, Commercial, and Heavy Commercial; Sales Channel - OEM and Aftermarket; Material - Metal, Fiber, Rubber, and Silicon)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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Global Automotive Gasket and Seal Market is segmented into:
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