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
This market research report segments the gasket and seal materials
market by type (rubber, fiber, silicone, graphite, PTFE,
and others), end-users (automotive, industrial machinery, electrical and
electronics, oil and gas, chemical, and others), and geography (North America,
APAC, Europe, South America, and MEA).
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.
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