Persistence Market Research
The automotive industry is estimated to gain traction in the coming years due to the fast-growing economics and developing markets across the globe. Advancements in the automotive industry have led to the higher acceptance of products, such as automotive oil seals, which are used to prevent lubricant escape. Automotive oil seals are also used to stop harmful contaminants from entering the machinery. Different types of automotive oil seals are available in the market based on types, which include rubber oil seals, plastic oil seals and metal oil seals. Among these, rubber oil seals are estimated to be highly preferred by automotive manufacturers.
The demand for automotive oil seals is expected to witness significant growth over the forecast period owing to an upsurge in automotive production across the globe.
Automotive Oil Seals Market: Market Dynamics
The ever-growing automotive industry in developed as well as developing economics is expected to be among prime factors responsible for the growth of the global automotive oil seals market over the forecast period. Moreover, in a complex working environment, advanced automotive oil seals have the highest ability to resist pollutant invasion. This is also expected to boost the demand for automotive oil seals in the coming future.
Though automotive oil seals are available at a low cost, they have to be replaced at regular intervals owing to rapid wear. This is expected to restrain the growth of the automotive oil seals market over the forecast period. Moreover, some of the disadvantages of automotive oil seals, which include high material selection standards, limited use area, etc., are also expected to hamper the growth of the automotive oil seals market over the forecast period.
In the next five years, manufacturers as well as OEMs of automotive oil seals are expected to invest significantly in R&D activities for the development of new and innovative products to maintain their leadership in the market. Moreover, the strong outlook of the global automotive market is expected to create significant opportunities for the manufacturers of automotive oil seals.
Automotive Oil Seals Market: Segmentation
The global automotive oil seals market can be segmented on the basis of types, sales channel and application.
On the basis of types, the global automotive oil seals market can be segmented as:
Rubber Oil Seals Metal Oil Seals Plastic Oil Seals
On the basis of sales channel, the global automotive oil seals market can be segmented as:
OEM (Original Equipment Manufacturer) Aftermarket
On the basis of application, the global automotive oil seals market can be segmented as:
Passenger Vehicles Commercial Vehicles
Automotive Oil Seals Market: Regional Outlook
Over the forecast period, Asia Pacific is expected to be closely followed by North America. Both markets are expected to witness significant growth in the automotive oil seals market owing to the estimated growth in the automotive sector in emerging economics such as India, China and the U.S. Western Europe is predicted to grow at a significant CAGR during the forecast period owing to an upsurge in the demand for automotive oil seals in the growing automotive sector. Germany is estimated to be the leading automobile and automotive market in the Western Europe region. The automotive oil seals market in developing economics, such as Latin America, is expected to witness growth over the forecast period. Middle East & Africa is estimated to grow at a considerable CAGR during the forecast period owing to the growing automotive fleet in the region.
Automotive Oil Seals Market: Market Participants
Examples of some of the key participants identified across the value chain of the global automotive oil seals market include:
Dana Holding Corporation ElringKlinger Engineered Plastics Federal-Mogul Motorparts LLC. HUTCHINSON
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