Increase in international trade activities, growth in awareness pertaining to NVH, and surge in demand for advanced seals to improve fuel efficiency have boosted the growth of the global transportation seals market. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market.
Portland, OR, Nov. 12, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global transportation seals market generated $12.9 billion in 2021, and is expected to reach $25.2 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chains, key investment pockets, competitive scenarios, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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Transportation Seals Industry Report Coverage & Details:
|Market Size in 2021||$12.9 billion|
|Market Size in 2031||$25.2 billion|
|No. of Pages in Report||380|
|Segments Covered||End Use, Type, Material, Motion, and Region|
|Drivers||Increase in international trade activities|
|Growth in awareness pertaining to NVH|
|Surge in demand for advanced seals to improve fuel efficiency|
|Opportunities||Surge in demand from developing countries|
|Restrains||Surge in demand for electric vehicles & aircrafts|
|Volatile prices of raw materials|
- The Covid-19 outbreak forced several governments across the globe to implement strict lockdowns and ban on import-export of essential raw materials. This resulted into sudden decline in availability of raw materials for vehicle components.
- The sales of transportation seals have directly linked the global automotive manufacturing and sales operations. The prolonged lockdown hampered the manufacturing of automotive.
- However, vaccination drives, relaxed regulations regarding lockdown and social distancing, and decline in the number of Covid-19 patients would open new opportunities in the future.
The report segments the global transportation seals market on the basis of end use, type, material, motion, and region.
Based on motion, the rotary seals segment held the largest share in 2021, accounting for nearly two-fifths of the market. In addition, the segment is estimated to register the highest CAGR of 8.0% during the forecast period.
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On the basis of end use, the automotive segment dominated the market in terms of revenue in 2021, contributing to more than one-third of the market. Furthermore, the segment is projected to portray the highest CAGR of 8.2% from 2022 to 2031.
Based on type, the o-ring segment held the largest share in 2021, accounting for around two-fifths of the market, and is expected to continue its dominance during the forecast period. In addition, the segment is expected to register the highest CAGR of 8.3% during the forecast period.
On the basis of material, the elastomers seals segment held the largest share in 2021, contributing to more than two-fifths of the market. However, the thermoplastics segment is projected to register the highest CAGR of 8.4% during the forecast period.
The global transportation seals market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market. In addition, the region is expected to register the highest CAGR of 8.0% from 2022 to 2031.
The global transportation seals market report includes an in-depth analysis of the prime market players such as Compagnie de Saint-Gobain S.A., Cooper Standard Holding Inc., Dana Limited, Datwyler Holding Inc., Federal-Mogul Corporation, Freudenberg Sealing Technologies GmbH & Co. KG, Hutchinson SA, Meccanotecnica Umbra S.p.A., Meggitt Plc, Parker-Hannifin Corporation, SKF, Smiths Group PLC, Tennecco Inc., Toyoda Gosei Co., Ltd., and Trelleborg AB.
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The report analyzes these key players in the global transportation seals market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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