Market Synopsis
According to Market Research Future (MRFR), the global automotive window and exterior sealing system market is projected to report a CAGR of approximately 7% from 2017 to 2023 (forecast period). The study provides a rigorous and in-depth assessment of the effect of the COVID 19 pandemic on the global automotive window and exterior sealing system market.
The global automotive industry is undergoing a transformation. The innovation and development of efficient windows and sealants, which provide protection against rust and corrosion on the surface of the vehicle and protect passengers traveling in the automobile, have gained considerable importance for the production of automobiles that provide a higher level of passenger comfort.
Primary Boosters and Main Restraints
The automotive window and exterior sealing system market has been performing quite well, thanks to the rising need for smoother transportation among the expanding population and the growth in urbanization that has boosted the sales of vehicles.
Mounting disposable income, growth in the global economy, the surge in industrial activities, and the expanding commercial business have raised the preference for passenger cars and commercial vehicles among consumers. With the rejuvenating economic conditions across the world and the financing firms offering assistance to customers, the vehicles market has been thriving significantly in recent years. These factors have led to the striking expansion of the automotive industry, ultimately driving the growth of the automotive window and exterior sealing systems industry.
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As of June 2020, FORD has started offering advanced accessories for the re-launched Ford Ranger, which includes a Teflon-based carbon fiber piston seal for a smooth ride and the long life of the air compressor unit. This news gives a clear picture of the efforts being put in by the leading contenders to expand their customer base by offering the latest sealing systems in automotive. These product launches and expansions not only help these companies boost their profits but also induce substantial gains for the automotive window and exterior sealing system market.
Market Segmentation
Component, exterior seal and vehicle types are the primary segments based on which the automotive window and exterior sealing system industry has been reviewed by MRFR analysts.
The key component types studied in the report are Seals, Glass Run Channels, and Roof Ditch Molding. the glass run channels are the most widely used due to the low cost of production.
The exterior seal-based segments can be Hood Seals, Front Windshield Seals as well as Trunk Seals. The trunk and front windshield seals are most commonly used in the automotive manufacturing process.
Vehicle types considered in the market research are LCV, PV, EV, and HCV.
Regional Outlook
The key markets for automotive window and exterior sealing systems include Asia Pacific/APAC, North America, and Europe along with RoW/Rest of the World.
In 2016, the worldwide market for automotive window and exterior sealing systems was valued at USD 18 billion, out of which the U.S accounted for close to USD 6 billion. Experts estimate that almost one-third of the overall revenue comes from North America, making it the global leader. The market attractiveness in the region can be due to the rising preference for light commercial vehicles such as pickup trucks and trailers. Chevrolet, Ram, and Ford are the biggest manufacturers of these vehicles in the country.
APAC is considered to be the leading manufacturer of automobiles, in light of the booming population, making it a lucrative market for automotive window and exterior sealing systems. The surge in regulations that pertain to toxic emissions, the electrification trend has gained massive momentum in the region, which can also push the demand for automotive window and exterior sealing systems. The market is also bolstered by the high availability of cheap labor as well as various necessary resources in the region.
Europe is a perennially cold region throughout the year, which significantly boosts the value of automotive window and exterior sealing systems that ensure passenger and driver safety. Moreover, in developed economies like France, the U.K., and Germany, the government policies with regard to vehicular emissions have become stricter, which encourages OEMs to produce a higher number of electric vehicles. The trend of vehicle electrification has been a prominent trend that has pushed the market expansion rate in the region.
Leading Industry Vendors
Some of the leading vendors with considerable shares in the automotive window and exterior sealing system market include Standard Profil A.S. (Turkey), Saar Gummi Czech S.R.O. (Czech Republic), Magna International Inc. (Canada), Sumitomo Chemical Co., Ltd. (Japan), PPAP Automotive Ltd. (India), Toyoda Gosei Co., Ltd. (Japan), Henniges Automotive North America, Inc. (U.S.), Hutchinson Sealing Systems, Inc. (U.S.), Lauren Plastics LLC (U.S.), REHAU Incorporated (U.S.), Minth Group Limited (China), Cooper-Standard Automotive Inc. (U.S.), and more.
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