June 10, 2020
According to the research report titled ‘Global Automotive Gasket & Seals Market Size study with COVID-19 Impact, by Product (Gasket (Metallic, Non-Metallic), Seals (O-Ring, Rotary, Mechanical, and more)), by Vehicle Type (Passenger Cars, Commercial Vehicles) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global automotive gasket and seals market was worth USD 11,553 million in 2019 and is expected to witness a growth rate of 7% over 2020-2026.
Seals and automotive gaskets are used to prevent leakage of gas and fluid in vehicles by bridging the gap between the automobile’s elements. The seals prevent the lubricants from escaping the bearings and acts a barrier preventing the entry of contaminants and dust in the vehicle.
On account of technological advancements, seals and gaskets have reduced the need of maintenance and repair, thereby enhancing the standard lifespan of several automotive elements as well as improving fuel economy. The above mentioned factors are likely to have a positive impact on the global automotive gasket and seals market expansion.
Rising inclination towards electric and commercial vehicles, as well as the effects of emissions on environment and health are a few factors which account for the high CAGR of the global market over the anticipated timeline.
According to the Edison Electric Institute, the sales of global electric vehicles were around 312,000 in first quarter of 2018, which is an increase of 58% compared to the first quarter of 2017. The number of electric vehicles on the road in the United States were around 6,00,000 in 2017 which popped up to 8,90,000 in 2018. This, in turn, will boost the demand for automotive gasket and seals in countries adopting EVs.
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The outbreak of COVID-19 pandemic has affected all the sectors including the automotive sector, resulting in the decline of the production of passenger cars and commercial vehicles. This is having an adverse effect on the demand for automotive gaskets and seals and degrading the market growth. Factors such as fluctuation in prices of raw material, along with design and installation issues may further slowdown the market growth over the anticipated timeline.
Based on the product, the market is divided into Gasket (Metallic, Non-metallic) and Seals (O-Ring, Rotary, Mechanical, and more). In terms of vehicle type, the market is bifurcated into Passenger Cars and Commercial Vehicles.
Citing the regional scope, the key regions include Latin America, Europe, North America, and Asia-Pacific. Asia-Pacific holds a significant fraction of the global market owing to the strict policies for vehicle safety and large volume of electric vehicles and passenger cars in the region.
The leading organizations in the global automotive gasket and seals market are Victor Gaskets India Limited, Datwyler Holding Inc., Elringklinger AG, Trelleborg AB, Smith Group PLC, Flowserve Corporation, Freudenberg Sealing Technologies (FST), Federal-Mogul Holdings Corporation, Dana Holding Corporation, and AB SKF among others.