Gaskets and seals are components used in vehicles to fill the gap between automotive components to prevent leakages. The common applications where they are used are fuel injection, pinion oil, transmission, steering, axle, fuel pump, oil pump, brake pump, coolant pump, and washer pump. Gaskets and seals offer an effective means to obtain better fuel economy and have reduced the repair and maintenance requirement. The global automotive seals and gaskets market will reach 99.71 billion USD by 2025 from 64.93 billion USD in 2018 with a CAGR of 6.32% during the period.
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Growth by Region
Asia Pacific is expected to contribute major share in the market during the period. The rising demand for automotive industry in emerging economies like India and China is driving the market in this region. In North America, OEMs have decided to establish vehicle production plants in Mexico and Canada, which will drive the growth of the market. Japan and the Middle East and Africa are expected to grow at moderate rate in the near future
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Drivers vs Constraints
The growing demand for vehicles globally is a key factor for growth of the market. Due to technological advancements in vehicles sector and growing demand for better fuel efficiency and performance are driving the growth of the market. However, the high replacement costs of the components is hindering the growth of the market.
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Industry Trends and Updates
Federal-Mogul has launched a new product line of cylindrical components and gaskets, which are used in agricultural, construction and industrial vehicles.