Burgeoning Adoption of Electric Vehicle, and Growing Industrialization and Urbanization Propelled the Growth of the Gaskets and Seals Market in the Asia Pacific Region!

• Vikas Kumar
• July 8, 2023
• AUTOMOTIVE, NEWS
• 0 Comments

The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the rapid growth rate in the automotive industry in the last couple of years. As the region covers the country such as China, India, and Japan, and South Korea that have favorable technological infrastructure, with the leading automotive and industrial machinery companies such as Maruti Suzuki, BYD, and Toyota, Hyundai respectively, which are the major manufacturers of ICE vehicle and electric vehicles in the region, that to cater the demand for the gaskets and seals. For instance, in September 2022, according to the report published by International Energy Association have reported, in China the total market share for electric vehicles was 5% in 2020, which increased to 16% in 2021. Additionally, favorable government policies in China to adopt electric vehicles such as the extended NEV subsidy scheme to the end of 2022 (from a previous 2020 expiry date), although it has started reducing base subsidy amounts by 10%, 20%, and 30% each year (between 2020 and 2022). It further extended a purchase tax exemption for NEVs through the end of 2023. Therefore, the burgeoning adoption of electric vehicles in the region created an extreme demand for gaskets and seals.

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Further, the Asia Pacific Gaskets and Seals Market is expected to grow at a strong CAGR during the forecast period (2022-2028). Asia Pacific is anticipated to emerge as the fastest-growing gaskets and seals market primarily owing to the increased adoption of electric vehicles in the region. Furthermore, the rapid development of industrialization in the countries such as the China, India, and Japan have gained traction in the market. Additionally, the major automotive manufacturers in the region are taking advantage of several government initiatives that aim to promote the automotive industry has further propelled the demand for gaskets and seals market.

• Asia Pacific Gaskets and Seals Market Revenue (2020-2028)- USD Mn   
  

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Based on the product, the market is bifurcated into gaskets and seals. The seal segment led the market and is expected to lead in the forecast period. The major factors contributing to the growth of the segments owing to utilize in various applications such as chemicals, industrial plants, automobiles, and consumer durable products to prevent leakage. The rise in the electric vehicles and food processing business drives the seal market in the forecast period. Moreover, the growing industrial sector also plays an important role in the development of the seal market as it is used in large machines which require the installation of mechanical seals.

Based on end-user, the market is categorized into aerospace, electrical & electronics, automotive, oil & gas, industrial manufacturing, chemicals & petrochemicals, and others (Food & Beverages, Construction, others). Among these, the automotive segment held a significant share of the market in 2021. This is mainly due to the increasing demand for vehicles from all over the world due to the rising disposable income, and need for daily commuting purposes. According to OICA, automobile production in China and India witnessed a growth of 53% in the first nine months of 2021 when compared to the same period in 2020. One of the major demands of vehicles comes from the ride-sharing industry thus propelling the automotive segment in the gaskets and seal market. For instance, in February 2023, Uber Technologies Inc, a ride-sharing company having a presence worldwide signed a Memorandum of Understanding (MoU) with Tata Motors to bring 25,000 electric vehicles (EVs) onto the Uber platform in India.

Global Gaskets and Seals Market Segmentation

Market Insight, by Product

• Gaskets
  • Non-Metallic
  • Metallic-Ring Gasket
  • Composite
• Seals
  • Shaft Seal
  • Molded Packing & Seals
  • Motor Vehicle Body Seal
  • Others (Bearing Seals, Fastener Seals, Others)

Market Insights, by End User

• Aerospace
• Electrical & Electronics
• Automotive
• Oil & Gas
• Industrial Manufacturing
• Chemicals and Petrochemicals
• Others (Food & Beverages, Construction, others)

Market Insights, by Sales Channel

• OEM
• Aftermarket

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  • Mexico
  •  Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Flowserve Corporation
• SKF
• Freudenberg Sealing Technologies
• Dätwyler Holding Inc.
• Trelleborg AB
• Tenneco Inc.
• Dana Ltd.
• Smiths Group PLC
• Garlock Sealing Technologies LLC
• Parker Hannifin Corporation