Automotive Window and Sealing Systems Demand Globally
The increasing adoption of vehicles will boost the sales of automotive window and sealing systems in the coming years. The rapid urbanization in emerging economies, such as China, Indonesia, and India, has fueled the adoption of commercial and passenger vehicles in these countries. Moreover, the soaring disposable income of people in developed and developing nations will also propel vehicle sales in the coming years. Owing to this reason, the adoption of such systems will escalate in the near future.
In recent years, original equipment manufacturers (OEMs) have shown a great inclination toward lightweight sealants, due to the amplifying focus on lightweight vehicles. Such sealants help in increasing the fuel efficiency of vehicles, as weight reduction directly lowers the fuel usage. Moreover, advancements in the sealing technology have resulted in the production of high-performance engineered solutions for industrial, aerospace, and automotive sealing applications. These developments will accelerate the automotive window and sealing systems market growth at a CAGR of 7.6% during 2018–2025. The market has the potential to grow from $21.7 billion in 2017 to $38.7 billion by 2025.
According to P&S Intelligence, the Asia-Pacific (APAC) region led the automotive window and sealing systems market in the past, and it is expected to display the fastest growth in the coming years. This can be owed to the soaring disposable income and escalating gross domestic product (GDP) of developing countries, particularly India and China. Due to these reasons, the production and adoption of automobiles have significantly increased in these countries. The Society of Indian Automobile Manufacturers (SIAM) states that India produced 3,434,013 passenger vehicles and 752,022 commercial vehicles during Financial Year 2019–2020.
Thus, the surging adoption of passenger and commercial vehicles will accelerate the adoption of automotive window and sealing systems in the coming years.
