Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global gasket and seals market is expected to grow from USD 64.5 Billion in 2017 to USD 120.3 Billion by 2025 at a CAGR of 8.1% during the forecast period from 2018-2025.
A gasket is an automated seal which fills the space between two or more surfaces so as to avoid leakage from or into the joined objects when they are under compression. “Seals” is a group covering it different types. They need extra instrument for sealing the surfaces, and a controlled scope or quantity of seal material to make it up. The main difference between the two is that a gasket is a mechanical piece that goes between two bases to create a seal at a joining point between two components. Gaskets helps in less-than-perfect mating surfaces on machine parts where they can fill disruptions wherever needed. Gaskets are manufactured by cutting from sheet materials. Gaskets are used for specific benefits such as high pressure steam systems. However, due to health dangers associated with asbestos exposure, non-asbestos gasket materials are used by manufacturing industries. Gaskets and seals are important equipments required in plumbing systems.
Global gasket and seals market is expected to witness rapid growth over the forecast period, owing to increasing fixed investment levels influences the capacity to purchase gasket and seal-containing vehicles and equipment which performs as a driving the marketplace. Evolution of fuel efficient vehicles may channelize the rise in demand for lightweight components which will considerably reduce the overall weight of the automobile, thereby mobilising the growth of the market. In addition, technological improvements has led to the production of high strength gaskets and seals capable of enduring high pressure and heat which is also fuelling the growth of market. But due to rise in price of raw materials like rubber, silicone, graphite etc., the overall price of gaskets and seals is also expected to rise to some extent which may hamper the growth of market. However, better transmission sealing for meeting OEM demands may increase up the marketplace in coming years.
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Key players in the gasket and seals market are AB SKF, Dana Holding Corporation, Federal-Mogul Holdings Corporation, Freudenberg Sealing Technologies Gmbh & Co. Kg, Flowserve Corporation, Smiths Group PLC, Trelleborg AB, Elringklinger AG, Datwyler Holding Inc., Victor Gaskets India Limited, Boyd Corp, Dupont, Cooper standard holding Inc., BRUSS, Bal Seal Engineering and AIGI Environmental among others. To enhance their market position in the global gasket and seals market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities and development of newer products.
- For instance, February 2016, Dana Holding Corporation acquired Magnum Gaskets, a U.S.-based supplier of aftermarket gaskets and sealing products for automotive and commercial-vehicle applications. Magnum Gaskets will improve Dana's sealing product aids and complement the company's Victor Reinz and Glaser global sealing brands. This strategic action will enable Dana to increase customer satisfaction, while accelerating their aftermarket growth by expanding portfolio of their products and the geographical regions in which they operate.
Rubber gasket section is leading the market with a share of 26.30% in 2017
The material type section is classified into rubber gasket, fiber, silicone gasket, graphite, Polytetrafluoroethylene (PTFE) and other materials. The rubber gasket is dominating the market in 2017 as it is used for producing gaskets and seals because among all, they have better properties characteristics including high reliability, better strength, high flexibility, and resistance to high temperature and pressure.
Electrical and electronics section valued around USD 15.41 Billion in 2017
End user type segment is divided into segments such as oil and gas, automotive, marine and rail, electrical and electronics, industrial and manufacturing, power and energy, chemical and petrochemicals and other end users. Electrical and electronics is dominating the market in 2017. The electrical and electronics segment appears to be an attractive segment because of the usage of machine equipment in various manufacturing sectors.
The gasket section is rising with the highest CAGR of 10.4% over the forecast period
Product type segment includes gasket and seals. The gasket section is increasing with the uppermost CAGR over the forecast period. It stops leakage and waste of liquids and gas. Besides this, gaskets also sustains the essential amount of pressure and avoid contamination from the external environmental condition.
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Regional Segment Analysis of the Gasket and Seals market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions examined for the market comprise North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global gasket and seals market with USD 22.9 Billion in 2017 where as the Middle East and Africa region is growing rapidly in the market. Asia Pacific is leading the market with the shares with key revenue shares in gasket & seals market. This development is due to growing demand from the automotive industry in developing economies like India and China. The growth in Middle East and Africa region is expected to be mobilised by rapid development of small markets in countries which are attempting to expand from resource extraction to manufacturing of higher value goods.
About the report:
The global gasket and seals market is analysed on the basis of value (USD Billion), volume (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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