CYLINDER HEAD GASKET MARKET REPORT OVERVIEW
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The global cylinder head gasket market size was USD 107 million in 2022 and is projected to touch USD 158.96 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.
The automotive cylinder head gaskets are used in vehicles of all types and vary in size and thickness based on the manufacturer's engine design. It is designed and manufactured with top quality because even a small defect can result in overheating or leakage of the engine, which may lead to the engine head removal and replacement with a new cylinder head gasket. The demand for engines increases due to the population's constant desire to own a personal vehicle.
The automotive cylinder gaskets play an important role in a vehicle. It can resist high temperatures and pressures throughout the vehicle's lifetime. It is compressed between the cylinder head and the engine block and acts as an element of force transmission which prevents the gasket from getting in contact with any other gas/liquid form such as oil, exhaust gas, and water.
COVID-19 Impact: Low Demand and Supply Harmed the Market
The global COVID-19 pandemic has been unprecedented and staggering, with cylinder head gasket experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the cylinder head gasket market growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic impacted every market including automotive sector. The spread of COVID-19 resulted in stringent rules and guidelines to avoid the virus spread. The workforce witnessed a downfall due to their health concern. Even though the pandemic supplemented a majority of the workforce to work from their homes, the limited market growth rate. These guidelines included shutting down of the manufacturing industries, which affected the growth rate of the market. Disruption in manufacturing and supply chain was noticed.
MARKET TRENDS
"Desire to Own a Personal Vehicle to Drive Market Growth"
The consistent evolution of combustion engines is expected to lead to the usage of advanced products, which eventually leads to an increased lifespan of cylinder head gaskets. The newly developed gasket quality fascinates the current consumer, which boosts the demand for engines for vehicles. These factors are anticipated to drive the major trend in the market. Youngsters' desire to own a personal vehicle is likely to boost the cylinder head gasket demand.
CYLINDER HEAD GASKET MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into the metal gasket, non-metal gasket, and composite material.
- By Application Analysis
Based on application, the market is classified into passenger cars and commercial vehicles.
DRIVING FACTORS
"High Temperature and Pressure Resistance Requirements to Fuel Market Growth"
The rising development of powerful, compact, advanced, lightweight, and energy-efficient engines is most likely to boost cylinder head gasket market growth in the forecast period. Moreover, the expanding population leads to higher demand for vehicles, which boosts the demand for the product and helps expand the market share.
"Population's Higher Standard of Living to Expand Market Share"
Customers' increasing demand and higher living standards are estimated to result in a willingness to design and manufacture more cylinder head gaskets with advanced technology, which is forecasted to expand the cylinder head gasket market share.
RESTRAINING FACTORS
"Shifting Focus Toward the Electric Vehicles to Hinder the Market Growth"
The automotive industry witnessed a downfall in demand for cylinder head gaskets due to the launch of electric vehicles. The population is rapidly adopting electric vehicles, leading to lower demand for the product. Thus, the adoption of electric vehicles is expected to limit the market's growth.
CYLINDER HEAD GASKET MARKET REGIONAL INSIGHTS
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"Asia Pacific to Dominate Due to The Presence of the Biggest Automotive Industry"
Asia Pacific is forecasted to hold the major market share due to major companies in the region. China holds the maximum contribution to the expansion cylinder head gasket market share because it is the biggest automotive market in the world. China and India are the key growth factors of the region's growth, along with raw material suppliers, tier players, and OEMs. The rise in used cars and other vehicles in developing countries such as India, China, and Japan.
Europe is also expected to show sizeable growth due to consistently rising demand for vehicles, with developments in electric vehicles and ICE (Internal Combustion Engines) segments in the automobile industry.
KEY INDUSTRY PLAYERS
"Major Players to Emphasize On Enhancing Product Portfolio to Grow"
Key market players strive to adopt strategies that offer long-term growth to the company. The companies also emphasize enhancing the product portfolio by launching new products. Significant players also boost their presence through investments, partnerships, agreements, joint ventures, expansions & investments, and partnerships. The key players have a strong presence in the global market. Additionally, they emphasize strengthening their distribution networks across various regions to gain a competitive advantage.
List of Market Players Profiled
- ElringKlinger (Germany)
- Federal-Mogul (Tenneco) (India)
- Nippon Gasket (Japan)
- Dana (U.S.)
- NOK (Japan)
- Yantai Ishikawa Sealing Technology (China)
- Nippon Leakless Corp (Japan)
- NICHIAS Corporation (Japan)
- Sanwa Packing Industry (Japan)
- Ajusa (Spain)
- Uchiyama Manufacturing Corp (U.S.)
- Kokusan Parts Industry (Japan)
- Freudenberg (Germany)
- Jayem Auto Industries (India)
INDUSTRY DEVELOPMENT
- January 2021- Dana company announced the supply of 60 AdvanTEK solid rear axles and the cylinder head gaskets for the 2021 RAM 1500 TRX.
REPORT COVERAGE
The report describes the product and its applications, benefits, and side effects. The market report provides insights and situations of the key players. The new strategies adopted by the key companies are covered in this report. Major key players and their headquarters are mentioned in the report to offer market insights and represent cylinder head gasket market insights. This report includes the factors responsible for the growth of the market and the factors expected to limit the market growth. Segmentation of the market is represented to offer the details of various market segments. A brief analysis is done on the regions to understand the cause of the growth of the dominant region. It is an all-inclusive report on market insights.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 107 Million in 2022 |
Market Size Value By |
US$ 158.96 Million by 2031 |
Growth Rate |
CAGR of 4.5% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What value is the market expected to touch by 2028?
Based on our research, the cylinder head gasket market is projected to touch USD 139.3 million by 2028.
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What CAGR is the market expected to exhibit by 2028?
The market is expected to exhibit a CAGR of 4.5% by 2028.
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What are the segments of the market?
By type, the market is segmented into the metal gasket, non-metal gasket, and composite material. Based on application, the market is classified into passenger cars and commercial vehicles.
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Which are the driving factors of the market?
High temperature and pressure resistance requirements to fuel market growth and the Population's Higher standard of living to expand market share are driving the market.
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Which are the top companies operating in the market?
ElringKlinger, Federal-Mogul (Tenneco), Nippon Gasket, Dana, NOK, Yantai Ishikawa Sealing Technology, Nippon Leakless Corp, NICHIAS Corporation, Sanwa Packing Industry, Ajusa, Uchiyama Manufacturing Corp, Kokusan Parts Industry, Freudenberg, and Jayem Auto Industries are the top companies operating in the market.