NEWARK, Del, July 13, 2022 (GLOBE NEWSWIRE) -- Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon efficiency of engineering equipment & systems. The need to improve operability of such systems can be met with the use of gaskets & seals – devices that help connect multiple surfaces & systems to complete a mechanical workflow.
Apropos a latest report published by ESOMAR-certified market research and consulting firm, the global demand for gaskets & seals is projected to surge at a steady rate during the forecast period 2016-2026. The report estimates that in 2016, more than U.S. $60 Billion worth of gasket & seals were sold across the globe.
Key projections compiled in the report predict that global gaskets & seals revenues will surpass US$ 100 Bn by the end of 2026, registering a value CAGR of 5.4%.
The report, titled “Gaskets and Seals Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” further projects that in 2017 and beyond, the demand for non-metallic gaskets & seals will be considerably higher than metallic materials. By the end of 2026, more than 60% of global revenues will be accounted by sales of non-metallic gaskets & seals.
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Non-metallic materials will remain in great demand due to their competitive advantage over metallic materials on the grounds on environmental imprint and cost-effective procurement.
The report has also compiled key factors impacting the growth of global gaskets & seals market during the forecast period, which follow:
- Rising instances of leakage in industrial units that cause considerable loss in terms of property damage & health risks can be averted by use of gaskets & seals
- The demand for gaskets & seals is also expected to rise on the account of their compliance with several strict regulations, that prompt minimisation of leakage & fugitive emissions, observed across the globe
- Advent of 3D printing is likely to lower costs of manufacturing gaskets & seals, and will also facilitate the urgency to deliver customised products
- Key challenges inhibiting the market’s growth during the forecast period are complex manufacturing processes, altering designs and limited material applicability for production of gaskets & seals
Nevertheless, the report expects that customisations made to existing gasket & seal products will hold lucrative opportunity for manufacturers in the years to come. Companies such as Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Federal-Mogul Holdings Corporation, Smiths Group Inc. (John Crane), ElringKlinger AB, Trelleborg AB, Dana Incorporated, Banco Products (I) Ltd. and Parker Hannifin Corp. are observed as key manufacturers in global market for gaskets & seals.
A comparative forecast on the global sales of gaskets and seals during the forecast period projects that global demand for seals will remain fairly higher than that of gaskets. By the end of 2026, solid and spiral wound gaskets will be observed as top-selling products in the market, procuring more than US $25 billion in global revenues.
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On the other hand, a majority of global sales of seals will dominated by dynamic seals. Static seals are projected to procure just over 42% share on global seals revenues through 2026-end.
The report further reveals that automotive industry will be one of the largest end-user of gaskets & seals in the world. However, the imprint of automotive end-use on the global gaskets & seals market will witness a downtrend, while revenues accounted by machinery and electronics & electrical industries during the forecast period will register 5.5% and 5.6% CAGRs respectively.
Key findings in the report also predict that more by the end of 2026, more than three-fourth of gaskets & seals revenues will be accounted by OEM sales channels. The report also expects Asia-Pacific excluding Japan region to dominate global gaskets & seals revenues by registering a value CAGR of 6.8% and brining in over US $43 Billion revenues by 2026-end.
Other regions are expected to showcase a sluggish growth in terms of gaskets & seals sales, exhibiting CAGRs below 5%.
Global gasket and seals market: Introduction of 3D printing to boost growth
The increasing complexity related to the manufacture of gaskets and seals has resulted in the need for innovation. Many players in the industry are responding to this need by producing gaskets and seals using the 3D printing technology. For instance, in 2017, Stratasys, a company engaged in 3D printing introduced a product called Agilus 30, which is a polyjet rubber-like material that can be used to manufacture gaskets and seals using 3D printing.
“3D printing technology facilitates enhanced capabilities for producing customized gaskets and seals. This is leading to the increasing adoption of this technology for the manufacture of gaskets and seals,” says a senior analyst at Future Market Insights on tools and components.
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Gaskets and Seals Market Survey by Category
By Product Type:
- Gaskets
- Jacketed Gaskets
- Solid Gaskets
- Spiral Wound Gaskets
- Kamm profile Gaskets
- Seals
- Static Seals
- Dynamic Seals
By Sales Channel:
- OEM
- Aftermarket
By Material Type:
- Metallic
- Non-Metallic
- Elastomeric
- Others
By End Use Industry:
- Automotive
- Aerospace
- Machinery
- Electronics & Electrical
- Marine & Rail
- Others
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Table of Content
1. Executive Summary
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Product Overview
4. Market Dynamics
4.1. Drivers
4.2. Restraints
4.3. Opportunities
4.4. Trends
5. Gaskets and Seals Market Analysis Scenario
5.1. Market Size (US$ Mn) and Forecast
5.1.1. Market Size and Y-o-Y Growth
5.1.2. Absolute $ Opportunity
5.2. Market Overview
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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