The automotive industry is anticipated to grow in the coming years due to the fast-growing economies and developing markets across the globe. Advancements in the automotive industry have resulted in a greater adoption of products, such as automotive oil seals, which are employed to prevent lubricant leakage. Automotive oil seals are employed to keep harmful contaminants out of the machinery. There are three types of automotive oil seals, which include rubber oil seals, plastic oil seals, and metal oil seals. Rubber oil seals are estimated to be highly preferred by automotive manufacturers. The demand for automotive oil seals is expected to rise significantly over the forecast period owing to an increase in automotive production across the globe.
COVID-19 Impact Analysis
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing, and R&D operations and consequently, hampered the. Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations, thus the COVID-19 impact on the industry has seemed to have returned to normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second time lockdown restrictions increasing the uncertainty in the automotive industry s. A gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months despite concerns around the risk of a second wave of infection in numerous countries.
Top Impacting Factors
Growth in oil leaks in automobile in aftermarket sales, and increase in per capita income drive the growth of the market.
Rise in demand of electric vehicle hinder the growth of the market.
Surge in number of automobiles, and rise in disposable income act as an opportunity for the market investments.
The Automotive Oil Seals Market Trends are as Follows:
Growing oil Leaks in Automobile
- Increase in oil leaks and vehicle recall activity by major automakers is likely to provide significant opportunities for the automotive oil seal market. For instance, Mercedes Benz recalled more than 660,000 vehicles in China in December 2020, due to probable oil leak between a high-pressure fuel pump and a low-pressure fuel pipe deteriorating with time, causing oil to leak when the engine starts in cold weather. Similarly, in November 2020, General Motors halted production for about 1.4 million vehicles due to a faulty valve cover gasket that might leak and cause vehicle fires. This is reportedly the third time General Motors has issued the same recall within seven years.
Key Benefits of the Report:
- This study presents the analytical depiction of the automotive oil seals market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive oil seals market.
- The current market is quantitatively analyzed to highlight the growth scenario of the automotive oil seal’s market.
- The report provides a detailed automotive oil seals market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Automotive Oil Seals Market Research Report:
- Who are the leading market players active in the automotive oil seals market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the automotive oil seals market?
- What are the future projections that would help in taking further strategic steps?
Automotive Oil Seals Market Report Highlights
By Sales Channel
Key Market Players
NAK Sealing Technologies Corporation., Blue Diamond Technologies Limited, Leak Pack, JTEKT Corporation, The Timken Company, NS Bearings, SKF, UK Seals & Polymers Ltd,, NOK Corporation, SSP Manufacturing Inc