MCP-1025: GASKETS AND SEALS – A GLOBAL STRATEGIC BUSINESS REPORT
March 8, 2017 - Growing Prominence of Customized Sealing Solutions that Meet Specific Lightweighting Needs in the Auto Industry Drives the Gaskets & Seals Market, According to New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Gaskets and Seals market. The global market for Gaskets and Seals is projected to exceed US$70 billion by 2022, driven by the rising demand from key end-use industries for sealing solutions that achieve reduced costs, operational certainty, and improved performance.
Gaskets and seals are mainly used for ensuring seamless joints between surfaces of two components. They prevent fluid and vapor leakages, both from and into the combining surfaces. The main purpose of gaskets and seals is maintaining the required pressure level within components by preventing contamination due to foreign substances and particles in the assembled unit. Also, gaskets and seals occupy space between surfaces and fill out surface irregularities in the assembled unit, which, when unattended, lead to failure of the entire assembly. The sheer diversity of application areas for gaskets and seals from the automotive industry to electronic & electrical equipment manufacturing, construction/transmission/other general machinery, aerospace, rail, and marine industries represent the primary factor for the strong evolution of the market over the years. Stringent product usage specifications that these industries have to adhere to, strong government safety regulations mandating safety of personnel and workplace where a range of physical assets are used, increasing focus on maximization of efficiency and tight quality control requirements that govern industries are also major growth driving factors for gaskets and seals.
Healthy growth is projected for the market in the coming years driven by projected increase in automobiles 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 represents the largest and the fastest growing market worldwide with a CAGR of 6.8% over the analysis period. Market for gaskets and seals in the developed economies of Europe and North America that have a huge installed base rests on the replacement demand, while growth in the upcoming years will primarily be from the developing economies of Asia-Pacific. Rapid industrialization, the subsequent need to adhere to safety standards, increasing construction activity and growth in major end-use industries will fuel demand for advanced sealing solutions in the region.
Key players covered in the report include Advanced Sealing, AIGI Environmental, Cooper-Standard Holdings Inc., Dana Holding Corporation, ElringKlinger AG, Eriks UK, Federal-Mogul Corporation, Garlock Sealing Technologies, Hennig Gasket & Seals Inc., Henniges Automotive, Hutchinson SA, LoneStar Group, Magnum Automotive Group, LLC, Parker Hannifin Corp., Saint Gobain Performance Plastics Corporation, SKF Group, Standard Profil AS, Smiths Group Plc., John Crane UK Ltd., TEADIT® Group, The Flexitallic Group, The Freudenberg Group, EagleBurgmann, Toyoda-Gosei Co., Ltd., and Trelleborg Sealing Solutions, among others.
The research report titled “Gaskets and Seals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Gaskets and Seals for all major geographic markets including 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, and 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.
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