Transportation Seals Market Expected to Reach $25.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Transportation Seals Market," The transportation seals market was valued at $12.9 billion in 2021, and is estimated to reach $25.2 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.

In 2021, Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the transportation seals market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The developments in the automotive, aviation and transportation industry are expected to fuel the growth of the transportation seals market. Moreover, high government support for development of transportation sector in the region is also boosting the market growth.

There are prominent key factors that drive the growth of the transportation seals market, such as growth in awareness pertaining to NVH, and rise in demand for advanced seals to improve fuel efficiency. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the transportation sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for the transportation seals market. Also, in some undeveloped countries, there is an increase in the vehicle production and growth of aviation sector, which is expected to boost the market.

The transportation seals market is segmented on basis of end use, type, material, motion and region. On the basis of end use, it is divided into aerospace, automotive, rail, marine, and others. On the basis of type, it is classified into Lip Seals, Gaskets, O-ring, and others. On the basis of on material, it is categorized into elastomers seals, thermoplastics, and metal seals. On the basis of motion, it is divided into Static Seals, Linear Seals, and Rotary Seals. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

COVID-19 Impact Analysis

• The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components which, in turn, negatively impacted the market for transportation seals market in 2020.
• The sales of transportation seals are inextricably linked to global automotive manufacturing and sales operations. If the global lockdowns are extended, production losses are expected to grow. The global light vehicle sales have decreased by almost 20% from 6,335 thousand units in February 2019 to 5,077 thousand units in February 2020. The pandemic has had a negative impact on transportation seals suppliers due to the decreased sales and manufacturing of vehicles.
• However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the transportation seals market
• Severe measures and restrictions across the world were slowly eased as COVID-19 cases started declining worldwide. The production of vehicles was stunted globally, owing to the pandemic yet the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry. These factors were responsible for fluctuation in sales of transportation seals across the world.

KEY FINDINGS OF THE STUDY

• By end use, the automotive segment is expected to register a significant growth during the forecast period.
• By type, the O-ring segment is projected to lead the global transportation seals market
• By material, the thermoplastics segment is projected to lead the global transportation seals market
• By motion, the rotary seals component segment is projected to lead the global transportation seals market
• Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players that operate in this transportation seals market are 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.