Industry Overview - The automotive sealing strip industry is crucial for vehicle performance, providing functions such as waterproofing, sound insulation, dust prevention, and energy efficiency [1][2] - Sealing strips are the largest rubber component used in vehicles, primarily applied in doors, windows, engine hoods, and trunk lids [1] - The industry has evolved with advancements in technology and increasing performance requirements, focusing on environmental friendliness, comfort, safety, and aesthetics [1] Industry Development Stages - The industry began in the 1980s, relying heavily on imports due to limited domestic production capabilities [4] - In the 1990s, domestic companies started to emerge, improving product quality through technology imports and expanding market presence [4] - The 21st century saw rapid growth in domestic production, with companies enhancing R&D and brand recognition, leading to a competitive market landscape [4] - Post-2010, the industry has focused on upgrading materials and manufacturing processes to meet the demands for lightweight and environmentally friendly products [5] Current Industry Status - The global automotive parts industry is essential for the automotive sector, with a trend towards globalized production and procurement [6] - Major automotive parts suppliers are concentrated in Japan, the US, and Germany, with China showing significant growth in recent years [6][8] - The automotive sealing strip market is expected to grow from $5.357 billion in 2020 to $6.745 billion by 2024, driven by increasing vehicle production [11] Market Demand and Growth - In China, the sealing strip demand is projected to reach 1.313 billion meters in 2024, with a compound annual growth rate (CAGR) of 6.05% from 2025 to 2029 [14][16] - The market size for China's automotive sealing strips is expected to grow from 12.691 billion yuan in 2020 to 18.196 billion yuan in 2024, with a CAGR of 3.23% [16] Industry Chain Analysis - The automotive sealing strip industry has a complete supply chain, with upstream materials including PVC, EPDM, and TPV [19] - The production of sealing strips primarily uses EPDM and TPV, with downstream applications in vehicle manufacturing and aftermarket services [19] Competitive Landscape - The market is fragmented, with a shift towards domestic brands as they gain market share from foreign companies [34] - The industry features a tiered structure, with leading companies like Zhejiang Xingyu and Zhejiang Xiantong at the top, followed by mid-tier and smaller firms [35] Driving Factors and Trends - The growth of the automotive sealing strip industry is supported by steady economic growth and increasing vehicle ownership in China [36] - National policies promoting the automotive industry and the shift towards domestic sourcing of components are also significant growth drivers [37] - Trends include increasing value per vehicle for sealing strips and a rise in demand for frameless sealing strips, particularly in electric vehicles [38][39]