Weatherstrip Seal Market Forecast and CAGR
According to the latest study by Fact.MR, weatherstrip seal market is expected to show decent growth over the forecast period (2021-2031). Historically, higher product penetration was witnessed in the western nations with North America accounting more than 23% total value share, however its recognition in the developing countries is providing an uplift to the market. Constant demand for the product from the construction industry is projected to drive its growth in the long run.
What is Driving Demand for Weatherstrip Seal?
Rapid urbanization coupled with increase in construction and housing activities is expected to drive seal sales globally. Additionally, growing off-site or prefabrication projects in construction is gaining high traction among builders and contractors which has led to a surge in demand for weatherstrip seal.
Moreover, robust use of seals in the automotive industry for the prevention of dust, noise, air and water is providing a positive outlook to the seal industry thus increasing its sales in the long run.
Furthermore, the increase in demand for sustainable construction coupled with the introduction of the green building concept has given the required boost to the seal industry.
Key Trends Identified in the Weatherstrip Seal Market
Some of the key trends identified in the weatherstrip seals market are:-
- Long term infrastructure and construction-related investments are seeing a surge in the agenda of developed countries which tends to propel the demand and sales of weatherstrip seal.
- Mounting off-site construction activities along with prefabrication of components have hit the market due to its advantages over on-site construction which in turn have given an uptick to the sales of weatherstrip seal.
- Moreover, leading players are adopting strategies such as collaboration, partnership agreements, capacity utilization, technological upgradations, sales agreement, hiring of technical expertise to expand their market share.
North America Weatherstrip Seal Market
North America dominates the weatherstrip seal sales attributed to the constant demand from construction and automotive industry. Additionally, long term infrastructure investment plans are giving a major boost to the seals' sales. For instance, in Ontario LTIP (long term investment plan) has been proposed which includes the construction of highways and roads, promoting construction.
Moreover, with sustainable construction picking pace, various private and government institutions in the US are promoting the green building concept. For instance, the LEED neighbourhood development project was revealed by U.S green building council in 2017.
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Asia Pacific Weatherstrip Seal Market
Increasing construction activities and industrial growth in countries like China & India are likely to drive the demand for weatherstrip seal. Additionally, an increase in purchasing power of people with a change in preference in terms of material and properties will propel the growth of industry.
With a focus on mitigating CO2 emissions in countries like China, India and Japan, the countries are investing heavily in the green business equally contributing towards the growth of weatherstrip seals. For instance, Japan is leading the race in the environmental goods and services (EGS) sector with the production of resource-efficient technology and greening of businesses to promote environmental sustainability.
Who are the Key Manufacturers and Suppliers of Weatherstrip Seal?
Some of the key prominent players in this industry are
- Cooper Standard Corporation
- Magna International Corporation
- Hutchinson Corporation
- Guihang Corporation
- Toyoda Gosei
- Xiantong Limited
- Nishikawa Corporation
- Hubei Zhengo Corporation
- Qinghe Huifeng
The aforementioned players mainly rely on a blend of organic and inorganic growth strategies such as product launches, collaborations, capacity expansion, partnership and mergers & acquisition. For instance:-
- Toyoda Gosei Corporation in December 2019 entered into an agreement with Aeqph GmbH to dissolve its German subsidiary Toyoda Gosei Meteor.
- Magna International Inc. recently launched a series of "Crimp-on Flange" weatherstrip tools which offers numerous customized solutions such as crimping tools for weatherstrip seals.
An Adaptive Approach to Modern-day Research Needs
Weatherstrip Seal Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Material Type
- PVC (Polyvinyl chloride)
- EPDM(Ethylene Propylene Diene Monomer)
- Engine Hood
By End-use Industry
- North America
- US & Canada
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.