Automotive Gaskets & Seals Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 27.06 Billion |
| Market Size (2029) | USD 37.63 Billion |
| CAGR (2024 - 2029) | > 5.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Gaskets & Seals Market Analysis
The Automotive Gaskets and Seals Market size is estimated at USD 27.06 billion in 2024, and is expected to reach USD 37.63 billion by 2029, growing at a CAGR of greater than 5.70% during the forecast period (2024-2029).
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, variations 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.
The growing electric vehicle fleet in the country will propel the market further. According to the newest figures from the Federation of Automobile Dealers Association of India (FADA), retail electric car sales in India increased by around 185% in October 2022, over the same month last year. The Indian government has already offered various production incentives along with heavy investments in electric vehicle infrastructure.
Some of the manufacturers in the market include Freudenberg, Dana Incorporated, Federal-Mogul, SKF GmbH, ElringKlinger AG, etc. As China dominates 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 the majority of the vehicles.
Automotive Gaskets & Seals Market Trends
Increasing Vehicle Production to Propel the Market Growth
The global automotive industry has been experiencing significant growth in vehicle production over the years. This growth can be attributed to various factors, including increasing population, rising income levels in emerging markets, improved infrastructure, and technological advancements. According to the European Automobile Manufacturers' Association (French: L'Association des Constructeurs Europ茅ens d'Automobiles (ACEA)), in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021.
Developing countries, particularly in Asia, have witnessed a surge in vehicle production. Countries like China and India have experienced rapid economic growth, leading to a rise in disposable income and increased demand for automobiles. As a result, many global automakers have set up production facilities in these markets to cater to the growing demand.
The automotive industry has witnessed remarkable technological advancements, including electric vehicles (EVs) and autonomous vehicles (AVs). The growing popularity of EVs, driven by environmental concerns and government initiatives, has led to increased production of electric cars and hybrids. Additionally, the development of AVs has prompted manufacturers to invest in research and development, leading to the production of self-driving cars.
Vehicle manufacturers are continually exploring new markets and expanding their operations globally. They establish manufacturing facilities in different regions to meet local demand and reduce production costs. This expansion strategy enables companies to tap into new customer bases and leverage the potential of emerging markets.
Thus, as the number of vehicles increases, so will the opportunity for players operating in the automotive gaskets & seals market to generate revenue, facilitating overall market expansion.
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 internal combustion engine (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.
- The Indian vehicle sector is predicted to reach USD 300 billion in revenue by 2026, growing at a CAGR of 15% from its present value of USD 74 billion creating opportunities for players operating in the vehicle gaskets and seals market.
- In addition, Europe is also expected to hold a significant share of 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.
Automotive Gaskets & Seals Industry Overview
The automotive gaskets and seals market is a 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 developing and launching new products across the world. For instance,
- In August 2023, Freudenberg SE announced that Freudenberg Sealing Technologies has developed the 3D thermal barriers, acting as protective layers that help slow down or even stop thermal runaway by increasing resistance to propagation, hence the better safety for electric cars.
- In August 2022, Trelleborg AB announced that Trelleborg Sealing Solutions has launched HMF FlatSeal, a new range of flat gasket materials for static sealing in low and high-temperature applications. The range includes specialist materials for use with harsh chemicals and mediums in various industries including the automotive industry.
Automotive Gaskets & Seals Market Leaders
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Freudenberg Group
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SKF Group
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Dana Incorporated
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Elringklinger AG
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Jayem Auto Industries Pvt.Ltd
*Disclaimer: Major Players sorted in no particular order
Automotive Gaskets & Seals Market News
- July 2023, NOK Corporation announced an agreement to acquire a 100% stake in Estoh Co., Ltd., a manufacturer of precision plastic products, to make the company its consolidated subsidiary. By this acquisition NOK aims to achieve business growth in the fields of electric vehicles (EVs) by adding Estoh鈥檚 products such as plastic gaskets for EV lithium-ion batteries (LIBs) to its product groups.
- July 2022: Dana Incorporated announced its partnership with TRATON, where it will supply Victor Reinz's high-quality cylinder-head gaskets for TRATON's latest line of 13-liter engines. These top-of-the-line gaskets will play a crucial role in enhancing the performance and reliability of the powerful six-cylinder in-line engine, known as the Scania Super engine. This collaboration marks a significant milestone in the automotive industry, as both companies strive to deliver cutting-edge solutions to meet the growing demands of the market.
Automotive Gaskets and Seals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Automobile Sales Across the Globe is Likely to Bolster Demand
4.2 Market Restraints
4.2.1 Volatility in Raw Material Prices
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
5.1 Type
5.1.1 Gaskets
5.1.2 Seals
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
5.3.1 Engine
5.3.2 Transmission
5.3.3 Steering
5.3.4 Battery
5.4 Vehicle Type
5.4.1 Passenger Cars
5.4.2 Commercial Vehicles
5.5 Sales Channel Type
5.5.1 OEM
5.5.2 Aftermarket
5.6 Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.1.3 Rest of North America
5.6.2 Europe
5.6.2.1 Germany
5.6.2.2 United Kingdom
5.6.2.3 France
5.6.2.4 Spain
5.6.2.5 Rest of Europe
5.6.3 Asia-Pacific
5.6.3.1 India
5.6.3.2 China
5.6.3.3 Japan
5.6.3.4 South Korea
5.6.3.5 Rest of Asia-Pacific
5.6.4 Rest of the World
5.6.4.1 South America
5.6.4.2 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 Industry Segmentation
Gaskets and seals are a key component of cars, motorcycles, and quad bikes to help prevent oils, coolants, and other lubricants from entering the engine and compromising the vehicle's performance.
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) for all the above segments.
| Type | |
| Gaskets | |
| Seals |
| Gasket Application Type | |
| Cylinder Head | |
| Exhaust Manifold | |
| Other Gasket Application Types |
| Seal Application Type | |
| Engine | |
| Transmission | |
| Steering | |
| Battery |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Sales Channel Type | |
| OEM | |
| Aftermarket |
| Geography | |||||||
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Automotive Gaskets and Seals Market Research Faqs
How big is the Automotive Gaskets and Seals Market?
The Automotive Gaskets and Seals Market size is expected to reach USD 27.06 billion in 2024 and grow at a CAGR of greater than 5.70% to reach USD 37.63 billion by 2029.
What is the current Automotive Gaskets and Seals Market size?
In 2024, the Automotive Gaskets and Seals Market size is expected to reach USD 27.06 billion.
Who are the key players in Automotive Gaskets and Seals Market?
Freudenberg Group, SKF Group, Dana Incorporated , Elringklinger AG and Jayem Auto Industries Pvt.Ltd are the major companies operating in the Automotive Gaskets and Seals Market.
Which is the fastest growing region in Automotive Gaskets and Seals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Gaskets and Seals Market?
In 2024, the North America accounts for the largest market share in Automotive Gaskets and Seals Market.
What years does this Automotive Gaskets and Seals Market cover, and what was the market size in 2023?
In 2023, the Automotive Gaskets and Seals Market size was estimated at USD 25.60 billion. The report covers the Automotive Gaskets and Seals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Gaskets and Seals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Gaskets and Seals Industry Report
Statistics for the 2024 Automotive Gaskets and Seals market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Automotive Gaskets and Seals analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
