iCrowd Newswire – Aug 1, 2020
Automotive Window and Exterior Sealing System Market is gaining traction due to consumer’s preference for comfort and experience. Increasing demand for comfort has paved the way for innovation in the manufacturing of windows & sealants to arrest rusting & corrosion and increase passenger safety priorities. The global Automotive Window and Exterior Sealing System Market can expect a CAGR of 7% during the forecast period (2020-2023), asserts Market Research Future (MRFR) in an extensive study of the said market. The report further incorporates various drivers and segmental analysis for a better understanding of the market. Among the many drivers, the safety of passengers from environmental hazards, the longevity of the vehicle due to less corrosion caused by dust, improvement in engine functionality, and protection of the automobile interior can play a significant role in taking the market forward.
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The global Automotive Window and Exterior Sealing System Market can be segmented by component type, exterior seals, and vehicle type.
By component type, the Automotive Window and Exterior Sealing System Market can be segmented into roof ditch molding, seals, and glass run channels. Glass run channels segment leads the market with the maximum market penetration owing to its low-cost production. The plastic reinforced glass can bring down the price considerably and is gaining significant ground. Seals play an integral role in protecting cars from heat and dust. However, it incurs a massive cost.
Based on exterior seals, the Automotive Window and Exterior Sealing System Market can be segmented into trunk seals, hood seals, and front windshield seals. Trunk seals and front windshield seals are more important than the hood seals. Hence, their better market position.
By vehicle type, the Automotive Window and Exterior Sealing System Market can be segmented into passenger vehicle, light commercial vehicle (LCV), high commercial vehicle (HCV), and electric vehicle (EV).
Geographic analysis of the Automotive Window and Exterior Sealing System Market includes namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Last time, the market was valued at USD 18 billion of which North America alone generates USD 6 billion. This quite clearly establishes North American dominance over the market. Automobile sector in the region is quite big which is driving the market ahead and is getting backed by several market behemoths who have their bases in the region.
The APAC market can be the fastest growing one during the forecast period. Huge population, increasing disposable income, and the region’s emergence as the choicest business hub for many market influencers can be seen as a boon for the regional market growth. Europe has several countries that experience frigid weather which requires windows operating in good condition for safe and secured transportation which is giving rise to the Automotive Window and Exterior Sealing System Market growth.
The intensely competitive market witnesses several strategic implementations for a better market position. For instance, Cooper Standard has recently agreed to buy Lauren Plastics, LLC recently. To expand the business further, Henniges Automotive North America, Inc. opened a new unit in 2016. On the other hand, Hanon Systems is planning to buy Magna International Inc. to expand their product portfolio.
Some of the key players in the global Automotive Window and Exterior Sealing System Market are Lauren Plastics, LLC (U.S.), Henniges Automotive North America, Inc. (U.S.), Saar Gummi Czech S.R.O. (Czech Republic), Magna International Inc. (Canada), Cooper-Standard Automotive Inc. (U.S.), Sumitomo Chemical Co., Ltd. (Japan), REHAU Incorporated (U.S.), Minth Group Limited (China), Hutchinson Sealing Systems, Inc. (U.S.), Standard Profil A.S. (Turkey), PPAP Automotive Ltd. (India), and Toyoda Gosei Co., Ltd. (Japan), and others.
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Keywords: Automotive Window and Exterior Sealing System Market