Automotive Gaskets & Seals Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
|CAGR:||> 5.5 %|
*Disclaimer: Major Players sorted in no particular order
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Automotive Gaskets & Seals Market Analysis
The automotive gaskets and seals market was valued at USD 23 billion in 2020. The market is expected to reach USD 32 billion by 2026, by registering a CAGR of over 5.5% during the forecast period.
The COVID-19 pandemic had a negative impact on the automotive gaskets and seals market. Due to the lockdown and social distancing protocols in place, the production of different sealing materials was halted. Also, the transport of raw materials across the world was halted, and as a result, a scarcity of materials used in production was also observed. These factors reduced the revenues for the gaskets and seals market and have damaged the industry's economy.
The growth of the market studied depends on various factors, such as the adoption rate of electric vehicles in developing nations, increasing electric vehicle infrastructure trends in developed nations, variation in raw material prices, etc. Additionally, the impact of tariff rates among the United States, Europe, and China for automotive components may also contribute to the demand for gaskets and seals.
· Manufacturers of gaskets and seals have been conducting R&D activities, to develop special types of gaskets and seals, for the expected rise in demand for IC engine vehicles and battery electric vehicles.
· Some of the manufacturers in the market include Freudenberg, Dana Incorporated, Federal Mogul, SKF GmbH, ElringKlinger AG, etc. As China dominates the electric vehicle sales, local manufacturers, such as Kunshan Sanwa Engine Parts Industry Co. Ltd have been supplying the necessary cylinder heads and exhaust manifold gaskets to majority of the vehicles sold in the country since 2016.
Automotive Gaskets & Seals Industry Segmentation
The automotive gaskets and seals market has been segmented by type (gaskets and seals), gasket application (cylinder head, exhaust manifold, and other gasket applications), seals application (engine transmission and steering battery), vehicle type (passenger cars and commercial vehicles), sales channel (OEM and aftermarket), and geography (North America, Europe, Asia-Pacific and Rest of the World). The report offers market size and forecasts for automotive gaskets and seals in volume and value (USD billion) for all the above segments.
|Gasket Application Type|
|Other Gasket Application Types|
|Seal Application Type|
|Sales Channel Type|
Automotive Gaskets & Seals Market Trends
This section covers the major market trends shaping the Automotive Gaskets & Seals Market according to our research experts:
Declining Vehicle Sales is expected to hinder the Market
The number of vehicles sold annually was on a growing trend until 2018. However, due to the worldwide economic downfall, the number of new vehicle sales registered has been on a decreasing trend from 2019. This was further worsened due to the COVID-19 pandemic in 2020. For instance, a total of 89,013,293 units of both passenger and commercial vehicles were sold in 2019, followed by a reduced 77,052,911 units in 2020, with a Y-o-Y decline of 13.43% in sales worldwide.
Although the gaskets and seals are conventionally used majorly in internal combustion engines, they have recently found major applications in electric vehicles. The need to protect the electric motor from the lubricants used in wheel axles and external environmental conditions in electric vehicles is a major market opportunity for the seals market.
The huge battery packs housed in the undercarriage of electric vehicles are a major market for automotive gaskets and seals. The battery packages need to be protected from moisture, dust, and external environmental conditions for the vehicle to achieve optimum range. The seals and gaskets also help prevent the vibrations felt from the road and keep the chemicals inside the battery safe, by dampening the vibrations and restricting battery movement.
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Asia-Pacific and Europe to dominate the Market
Over the last decade, the Asia-Pacific automotive industry has undergone the most significant transformation in its history. The market is recording an increasing share of global vehicle sales. Another major factor driving the growth of the automotive gaskets and seals market is increased production and sales of electric vehicles in the region.
The Asia-Pacific region is home to major automotive markets like China, India, and Thailand. China is the world's biggest automotive market and the second-largest market for electric vehicles after Europe recently surpassed it in 2020. Since gaskets and seals find applications in both electric vehicles and conventional ICE vehicles, China presents huge market opportunities. With a large market for passenger and commercial vehicles, India is another major area for potential growth for the gaskets and seals market.
Europe is also expected to hold a significant share in the global automotive gaskets and seals market. The commercial vehicle demand is growing in the region, with high developments in both the ICE and electric vehicle segments of the automobile industry. Although a decreasing trend is being observed in terms of vehicle sales in its entirety, the increase in sales for used cars and other used vehicles, especially in the Asia-Pacific region, is a major growth factor in the aftermarket sales for gaskets and seals.
Also, with the governments of different countries gradually lifting the lockdown restrictions, the new and aftermarket sales of gaskets and seals are expected to increase and revive the economic condition of the market.
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Automotive Gaskets & Seals Industry Overview
The automotive gaskets and seals market is a highly fragmented market. Some of the major players in the market are Freudenberg Group, SKF Group, Dana Incorporated, Elringklinger AG, Jayem Auto Industries, Kunshan Sanwa Engine Parts Industry, and Sumitomo Riko, among others. Different manufacturers are gaining traction by supplying parts and materials for large automakers across the world. For instance,
- In January 2021, Dana Incorporated announced that it will supply the company's 60 AdvanTEK solid rear axles along with cylinder head gaskets for the 2021 RAM 1500 TRX.
- In December 2020, Sumitomo Riko announced that it will supply cell gaskets for Toyota's new Fuel Cell Vehicle - Mirai.
Automotive Gaskets & Seals Market Leaders
Jayem Auto Industries Pvt.Ltd
*Disclaimer: Major Players sorted in no particular order
Automotive Gaskets & Seals Market News
In December 2020, ElringKlinger created a new "Metal Sealing Systems & Drivetrain Components" business unit by combining former Cylinder-head Gaskets and Speciality Gaskets business units for more aligned and efficient operations.
Automotive Gaskets & Seals Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2 Gasket Application Type
5.2.1 Cylinder Head
5.2.2 Exhaust Manifold
5.2.3 Other Gasket Application Types
5.3 Seal Application Type
5.4 Vehicle Type
5.4.1 Passenger Cars
5.4.2 Commercial Vehicles
5.5 Sales Channel Type
5.6.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.6.4 Rest of the World
220.127.116.11 South America
18.104.22.168 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 SKF Group
6.2.2 Dana Incorporated
6.2.3 Elringklinger AG
6.2.4 Jayem Auto Industries Pvt Ltd
6.2.5 Kunshan Sanwa Engine Parts Industry Co. Ltd
6.2.6 Sumitomo Riko
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Gaskets & Seals Market Research FAQs
What is the study period of this market?
The Automotive Gaskets and Seals Market is studied from 2018 - 2028.
What is the growth rate of Automotive Gaskets and Seals Market?
The Automotive Gaskets and Seals Market is growing at a CAGR of >5.5% over the next 5 years.
What is Automotive Gaskets and Seals Market size in 2018?
The Automotive Gaskets and Seals Market is valued at 23 Billion USD in 2018.
What is Automotive Gaskets and Seals Market size in 2028?
The Automotive Gaskets and Seals Market is valued at 32 Billion USD in 2028.
Which region has highest growth rate in Automotive Gaskets and Seals Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Gaskets and Seals Market?
North America holds highest share in 2021.
Who are the key players in Automotive Gaskets and Seals Market?
Freudenberg Group, SKF Group, Dana Incorporated , Elringklinger AG, Jayem Auto Industries Pvt.Ltd are the major companies operating in Automotive Gaskets and Seals Market.
Automotive Gaskets and Seals Industry Report
Statistics for the 2023 Automotive Gaskets and Seals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Gaskets and Seals analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.