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 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.
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:
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.
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 E.S Oil Seal SDN BHD NAK Sealing Technologies Corporation NOK CORPORATION Qingdao TKS Sealing Industry Co., Ltd. Shaanxi Fenghang Rubber Sealing Parts Co., Ltd. SKF AB The Timken Company Trelleborg Group