Market Forecast of Automotive Gasket and Seal : Consumption Volume, Value, Import, Export Shubham Jamdade
• July 15, 2021
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%.
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Global Automotive Gasket and Seal Market: Major Insights
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,