Stable Demand from Key End-Use Industries to Sustain the Gaskets and Seals Market
The global Gaskets and Seals market is
projected to exceed US$83 billion by 2024, driven by sustained demand from all major
end-use industries such as Automotive, Electronics, and Construction in both
emerging and developed markets.
Gaskets and seals
are used for manufacturing a range of general and heavy machinery/equipment
used in industries like manufacturing; energy/power generation, automotive;
construction; and heavy industrial sectors. As a key enabler of industrial
revolution and indispensable element for assembly of a vast gamut of machinery,
gaskets and seals therefore wield a major impact on productivity in the manufacturing industry. Fortunes of gaskets and seals market is
therefore directly dependent on the health of industrial/manufacturing sector
and level of production/manufacturing activity, which in turn are primarily
dictated by overall health of economy, level of consumer spending on a range of
goods, credit availability etc. Demand responses to economic ups and downs are
typically amplified in this market highlighting the level of sensitivity to the
broader economy. Any change in consumer demand for commodities/products
influenced by overall health of economy, has a cascading impact
manufacturing/production activity, which in turn influences demand patterns for
gaskets and seals used in manufacturing such products.
A part of the fluid
containment and control products industry, gasket and seals are omnipresent in
the field of mechanical engineering as devices designed to act as a bond
between two mating surfaces of a mechanical system. Gaskets and seals prevent
leakages of liquids or gases into sensitive inner working machine components.
The devices also perform the added function of protecting machine components
from impurities by preventing the accumulation of dirt and grime between the
matched components. While gaskets are used to fill the gap between two
irregular surfaces to prevent inward or outward leakage from the joined objects
when kept under compression, seals are used to eliminate or control gas or
fluid leakage, along with prevention of entry of contaminants such as dust or
dirt from the surrounding environment. As vital machine components, they play critical role in influencing machine
function and durability of machine installation.
Increasing demand
from key end-use industries represents a major growth driver for the gaskets
and seals market. The growing need to improve the performance of engineering
equipment is one of the major drivers of the Gaskets and Seals market. Growing
adoption of on-board condition monitoring with advanced support systems is also
fueling growth in the global gaskets and seals market. Healthy
growth is projected for the market in the coming years driven by projected
increase in [automobile production, and growing prominence of operationally
efficient, and customized technologies in the automotive industry. The auto
industry is transforming into an era where disruptive innovations are pushing
original equipment manufacturers (OEMs) towards technologies that are fuel
efficient, light-weight, clean, safe and smart. The large installed base of
aging industrial machinery, and vehicle miles travelled, will further drive
demand for gasket & seal replacements as a result of wear & tear. Additionally,
growing importance of preventive
maintenance and waxing appreciation of its long-term cost savings and
benefits, will further step up replacement of worn out industrial gasket &
seals. Latest advances in technology are resulting in incremental improvements
in mechanical strength and sealing capabilities thus enabling the foray of
gaskets and seals into newer application areas. These developments will also
aid in turbocharging market growth in the medium to long-term period given the
evolving demand among end-user industries for high performance and functional
products. Demand for improved performance will continue to push manufacturers
to stress on R&D to advance their product capabilities.
As stated by the
new market research report on Gaskets and Seals, Asia-Pacific region represents the largest
regional market worldwide, followed by Europe, and the United States. Asia-Pacific
region, driven by fast growing markets such as China and India, is also forecast
to emerge as the fastest growing market with a CAGR of 7.2% over the analysis
period. Other emerging markets such as the Middle East & Africa and Latin
America also offer substantial growth opportunities. Aging installed base of
machinery in key end-use sectors in Europe and North America presents growth
opportunities as the machinery warrants periodical replacement of sealing
products, while growth in emerging markets would be driven by new installations
and expanding market base. Gaskets represent the largest market, while Seals
are projected to offer the fastest growth opportunities. Non-Metallic Gaskets and
Molded Packings Seals offer the best growth opportunities among all
segments. By end-use, Automotive industry represents the largest market for
Gaskets and Seals, while Construction/Transmission/Other General Machinery,
Aerospace, and Rail industries are forecast to provide the best growth
opportunities.
Major players in the market include AB SKF, AIGI
Environmental Inc., Bal Seal Engineering, Inc., BRUSS Sealing Systems GmbH,
Cooper-Standard Holdings Inc., Dana Incorporated, Datwyler Group, DowDuPont
Inc., ElringKlinger AG, Enginetech, Inc., Eriks NV , Federal-Mogul LLC,
Flowserve Corporation, Freudenberg & Co. Kommanditgesellschaft, Freudenberg
Sealing Technologies (FST) , Gallagher Fluid Seals, Inc., Garlock Sealing
Technologies, Gasket Engineering Company, Greene, Tweed & Co., Inc., Hennig
Gasket & Seals Inc., Henniges Automotive, Hutchinson SA, Interface
Performance Materials, Inc., Kemtron Gaskets & Seals Limited, Krausz
Industries, Lamons , LMK Technologies, LSP Holding (UK) Ltd., Parker Hannifin
Corporation, Pipeotech AS, Press-Seal Corporation, RAM Gasket Solutions, Saint
Gobain Performance Plastics Corporation, Sankar Sealing Systems Pvt. Ltd., Seal
Company Enterprises, Inc., Seal Innovations, Inc., Standard Profil AS, Sur-Seal
Corporation, Smiths Group Plc, John Crane UK Ltd. , Stockwell Elastomerics,
Inc., Talbros Group, TEADIT® Group, Temel Gaskets, The Flexitallic Group,
Toyoda-Gosei Co., Ltd., Trelleborg Sealing Solutions, W.L. Gore &
Associates Inc., and Winderosa Mfg. & Dist. Co., USA, Inc. among others.
The research report titled "Gaskets and
Seals- Market Analysis, Trends,
and Forecasts" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers,
innovations and launches, and strategic industry activities various players.
The report provides market estimates and projections in in US$ Million for Gaskets
and Seals for major geographic markets such as the US, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific
(China, and Rest of Asia-Pacific), Middle East & Africa, Latin America. Key product segments analyzed in the
report include Gaskets (Non-Metallic, and Metallic) and Seals (Mechanical &
Rotary, Molded Packings, and Others). Major end-use industries analyzed in the
report include Automotive; Electronic & Electrical Equipment; Construction/Transmission/Other General Machinery, and Others.
Global Industry Analysts,
Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
Comments
Post a Comment