South & Central America Form-In-Place Gasket Market Forecast to 2030 - Regional Analysis - by Application (Marine, Automotive, Electrical and Electronics, Aerospace, Lighting, and Others)

South & Central America Form-In-Place Gasket Market Forecast to 2030 - Regional Analysis - by Application (Marine, Automotive, Electrical and Electronics, Aerospace, Lighting, and Others)

The South & Central America form-in-place gasket market is expected to grow from US$ 35.86 million in 2022 to US$ 42.93 million by 2030. It is estimated to record a CAGR of 2.3% from 2022 to 2030.

Integration with Industry 4.0 Technologies Fuels South & Central America Form-In-Place Gasket Market

Industry 4.0 technologies enable the automation of manufacturing processes, including the application of form-in-place gaskets. Automated systems enhance efficiency, reduce production time, and minimize errors. Integration with smart sensors allows real-time monitoring of various parameters during the gasket application process. This includes monitoring material dispensing, curing conditions, and quality control, leading to improved product consistency and reliability. The data analysis related to form-in-place gasket production helps manufacturers to identify opportunities for optimization, reduce waste, and enhance overall process efficiency. Advanced technologies facilitate advanced quality control measures, ensuring that form-in-place gaskets meet stringent standards. Traceability features allow manufacturers to track and trace each product throughout the production process, enhancing accountability and meeting quality assurance standards. Collaborative robots and human-machine collaboration technologies can be integrated into form-in-place gasket manufacturing process. Parker Hannifin Corp offers ParPHorm, a product line consisting of a formulation developed to be robotically dispensed onto small housings and then cured. Industry 4.0 enables remote monitoring and control of manufacturing processes. Manufacturers can oversee gasket production from remote locations, making it easier to manage multiple production facilities. Therefore, integration with Industry 4.0 technologies is a potential trend in the form-in-place gasket market.

South & Central America Form-In-Place Gasket Market Overview

According to the United Nations Conference on Trade and Development, in South & Central America, FDI rose by 56% (US$ 102 billion) in 2021 compared to 2020, sustained by strong inflows in traditional target industries such as automotive manufacturing, financial & insurance services, and electricity provision, and pushed by record-high investments in information and communication services across the region. Thus, the increasing FDI in the region is anticipated to drive the demand for form-in-place gaskets. Further, the form-in-place gasket market growth in South & Central America is attributed to the surging production of vehicles in the region. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total number of vehicles manufactured in South & Central America grew from ~2.72 million in 2021 to ~2.96 million in 2022, registering an increase of 9%. In addition, rising car ownership due to increased spending power and higher living standards fuels the market for automotive refinishes. Moreover, major market players in the automotive sector have strategized development and expansion of their operational capacities in South & Central America to tap the lucrative automotive market. In 2022, Audi AG invested US$ 19.2 million to restart production at its plant in Parana, Brazil, registering a capacity of 4,000 vehicles per year. The region's automotive industry, which relies mainly on import and export revenue generation, considerably creates lucrative opportunities for form-in-place gaskets. The rise in passenger car sales is the prime factor driving the form-in-place gaskets market growth in the region. Further, Brazil is one of the strongest markets for aircraft manufacturing across the world. Brazil-based Embraer is the fourth largest aircraft manufacturer in the world, after Airbus, Boeing, and Bombardier Aerospace. According to the International Air Transport Association (IATA), passenger numbers recorded in 2019 are projected to surpass in 2023, i.e., Central America (102%), followed by South America in 2024 (103%), and the Caribbean in 2025 (101%). Furthermore, regional manufacturers invest in strategic initiatives such as product development, mergers, and acquisitions to gain a competitive position in the market. In September 2022, South American rotorcraft operator Ecocopter collaborated with Airbus on possible plans to launch urban air mobility (UAM) services with eVTOL aircraft in markets including Chile, Ecuador, and Peru. Under a MoU signed in September 2021, the companies are working on possible use cases for air taxis and other eVTOL operations, including early-adopter markets in the three countries. Such initiatives by manufacturers and the rising number of air passengers are anticipated to increase aircraft production. Form-in-place gaskets are used in manufacturing aerospace components. Thus, all the factors mentioned above drive the demand for form-in-place gaskets in South & Central America.

South & Central America Form-In-Place Gasket Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Form-In-Place Gasket Market Segmentation

The South & Central America form-in-place gasket market is segmented into application and country.

Based on application, the South & Central America form-in-place gasket market is segmented into marine, automotive, electrical and electronics, aerospace, lighting, and others. The electrical and electronics segment held the largest share of the South & Central America form-in-place gasket market in 2022.

Based on country, the South & Central America form-in-place gasket market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America form-in-place gasket market in 2022.

3M Co, Henkel AG & Co KGaA, Parker Hannifin Corp, Dow Inc, Compagnie de Saint Gobain SA, Bostik SA, and HB Fuller Co are some of the leading companies operating in the South & Central America form-in-place gasket market.

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