Government bodies of several nations from across the globe are imposing stringent regulations pertaining to carbon emissions. This scenario is pushing original equipment manufacturers (OEMs) to incorporate gaskets and seals in their products, which is likely to bode well with the expansion of automotive gasket and seal market in the years to come.
Growing need to achieve superior fuel efficiency and overall improved performance of vehicles is estimated to bring prominent growth opportunities for the companies operating in the global automotive gasket and seal market in the upcoming years.
Gaskets and seals find application in systems that utilize geothermal, solar thermal, solar, and wind sources of renewable energy in order to generate power. The products from automotive gasket and seal market are used for a wide range of vehicles including premium, compact, mid-sized, commercial, heavy commercial, and luxury vehicles.
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Over the period of past few years, there is notable growth in the use of gaskets and seals in order to improve the lifespan of different automotive components. Moreover, these products also help in reducing expenses required for the vehicles’ maintenance. These factors are boosting the sales number in the global automotive gasket and seal market.
Product Innovations: Key Focus of Market Enterprises
Some of the key companies operating in the global automotive gasket and seal market are Federal-Mogul Corporation, Dana Limited, Datwyler, Trelleborg AB, SKF AB, and Elringklinger AG. With presence of many active players, the competition levels in this market are highly intense.
Enterprises in the market for automotive gasket and seal are utilizing organic as well as inorganic strategies to maintain their prominent position. For instance, major companies in the market are growing concentration on the development of products with high level of efficiency.
Asia Pacific: Prominent Region for Automotive Gasket and Seal Market
In terms of region, the automotive gasket and seal market is expected to gather lucrative avenues in the Asia Pacific region. This expansion can be ascribed to many factors including presence of sturdy automotive sector in the region.
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