Global Gasket and Seal Materials Market 2020-2024 | Increase in Demand from Developing Countries
Posted: Apr 23, 2020
The global gasket and seal materials market is expected to grow by USD 12.88 billion during 2020-2024, according to the latest market research report by Technavio.
The strong growth of construction, logistics, mining, and other industries in developing countries has significantly increased the demand for commercial vehicles. Besides, the emergence of China and India as major manufacturing hubs for automotive, construction, and other general industries has increased the demand for gaskets and seals. In addition, many vendors are shifting their manufacturing facilities to developing countries owing to the availability of raw materials, land, cheap labor, low transportation costs, and less stringent government regulations. These factors are driving the growth of the global gasket and seal materials market.
As per Technavio, the growing use of gasket and seals in improving the performance of engineering equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Gasket and Seal Materials Market: Growing use of Gasket and Seals in Improving the Performance of Engineering Equipment
Industrial end-users rely heavily on the use of various engineering equipment for their daily operations. Most of the engineering equipment used in manufacturing, mining, and other applications is subjected to high temperatures and pressures, and any leakage of fluid, oil, or lubricants will directly impact the performance of the engineering equipment. Hence, gaskets and seals are used to ensure the proper functioning of engineering components. With the growth of end-user industries such as oil and gas, chemical, mining, food processing, machine tools, and others, the demand for gaskets and seals will increase significantly during the forecast period.
Gasket and Seal Materials Market: Segmentation Analysis
The APAC region led the gasket and seal materials market in 2019, followed by North America, Europe, MEA, and South America. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the increase in the number of automotive manufacturing plants and growing investment in water and wastewater treatment projects in the region.Market Competitive Analysis
The market is fragmented. The key players in the market are investing heavily in R&D to make products from agricultural intermediates. Manufacturers are also heavily emphasizing new product innovations and developments toward bio-based offerings to maintain a competitive edge. HEXPOL AB. Parker Hannifin Corp., Stockwell Elastomerics Inc., Tenneco Inc., and Trelleborg AB are some of the major market participants. Although the increase in demand from developing countries will offer immense growth opportunities, stringent regulations and policies will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this gasket and seal materials market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this gasket and seal materials market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- AB SKF
- Boyd Corp.
- Dana Inc.
- EnPro Industries Inc.
- Freudenberg SE
- HEXPOL AB. Parker Hannifin Corp.
- Stockwell Elastomerics, Inc.
- Tenneco Inc.
This growing client base relies on Technavio’s comprehensive coverage, extensive research