Grommets are metal, rubber, or plastic rings inserted into a hole to protect them from wear and tear. The global Automotive Grommet market is growing with CAGR of 5.8% during the forecast period, 2021-2027. The increasing sales of automobiles across the globe is expected to fuel the growth of the market during the forecast period.
The demand for passenger cars and commercial vehicles has been increasing significantly in developing countries, such as China, India, Brazil, and Thailand. Economic development has increased the average household income in these countries which will positively impact the sales of passenger cars and commercial vehicles. For instance, according to the China Association of Automobile Manufacturers (CAAM), in China, vehicle sales maintained an upward trend from April and reached 25.311 million units for the full year of 2020, with a year-over-year (y/y) increase rate of less than 2.0%. Thus, these facts supported the growth of the market during the forecast period.
The growing use of the 3D manufacturing process is projected to boost the growth of the market during the forecast period. In the 3D manufacturing process, the material is solidified and joined with the assistance of superior computer software to form a 3D object. The technology fuses powder grains or liquid molecules to form solid structures. 3D manufacturing is being researched to automate the production of diverse automobile components to expedite the overall manufacturing process. The use of 3D manufacturing decreases the overall manufacturing time per vehicle and accelerates the availability of a model when compared to the traditional manufacturing process.
The commercial vehicles segment is expected to hold the major market share during the forecast period owing to the uses of grommets in various applications such as HVAC ducting system components, Weatherstripping and sealing systems for windows, doors, etc., and others.