BURNABY, Canada, May 21, 2015 /PRNewswire/ --
Growth in automobile production and declining fuel prices to drive automotive seals and gaskets market in the United States through 2020
According to TechSci Research report "United States Automotive Seals and Gaskets Market Forecast & Opportunities, 2020", the market for automotive seals and gaskets in the United States is projected to reach USD4.8 billion by 2020. Recovery in the automotive demand post-recession was a key factor propelling robust growth in the US automotive seals and gaskets market during 2010-14. In addition, decline in gasoline prices and longer auto-loan period fueled sales and production of automobiles in the country, and hence, boosted the demand for automotive seals and gaskets in the US.
During the forecast period, automotive seals and gaskets market in the US is expected to witness moderate growth as automotive production and sales begin to saturate. Growth in the automotive seals and gaskets market is forecast to be driven by increasing sales of green vehicles and autonomous vehicles, rising vehicle exports and introduction of new models by leading automobile manufacturers. Additionally, growth in construction and infrastructure sector on account of implementation of the Build America Investment Initiative is projected to increase production and sales of heavy vehicles and OTR vehicles in the US, thereby augmenting sales of automotive seals and gaskets over the next five years.
Technological advancements in the industry are being directed towards the development of seals and gaskets that use better quality raw materials in order to comply with regulations imposed by the government. These technological and raw material improvements have increased the life span of automotive seals and gaskets, thus increasing the replacement cycle. This is expected to impact the replacement sales of automotive seals and gaskets in the coming years.
"The automotive seals and gaskets market in the US was dominated by OEM sales in 2014. This trend is expected to continue in the coming years as the aftermarket sales of automotive seals and gaskets in the US are expected to witness comparatively lesser growth on account of higher replacement cycle of high-quality seals and gaskets.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United States Automotive Seals and Gaskets Market Forecast & Opportunities, 2020" has analyzed the potential of the automotive seals and gaskets market in the US and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
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