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GASKET AND SEALS MARKET ANALYSIS

Gasket and seals are the materials used to prevent the passage of any foreign media through to and fro, the joined object while under compression.

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GASKET AND SEALS MARKET ANALYSIS

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. GASKET AND SEALS MARKET ANALYSIS • Gasket and Seals Market, By Product Type (Gaskets (Jacketed Gaskets, Solid Gaskets, Spiral Wound Gaskets and Kammprofile Gaskets) and Seals (Static Seals and Dynamic Seals)), By Sales Channel (OEM and Aftermarket), By Material Type (Metallic and Non-metallic (Elastomeric and Others), By End-use Industry (Automotive, Aerospace, Machinery, Electronics & Electrical, Marine & Rail and Others)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. Market Overview • Gasket and seals are the materials used to prevent the passage of any foreign media through to and fro, the joined object while under compression. Gasket is a mechanical seal, which fills the space between two or more mating surfaces, in order to prevent leakage. Gaskets allow perfect mating surface wherein they can fill irregularities. Gasket and seals are widely used across all end-use industries. Depending upon the application, a different types of gasket and seals are used among various end-use industries. Spiral wound, jacketed, kammprofile, solid ring are among the key gasket types, while o-ring seal, body seals, mechanical seals, shaft seal, piston seal, etc. are the key seal types used in different applications. • The global Gasket and Seals Market was accounted for US$ 69,457.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 5.4% for the period 2020-2027.

  4. Market Dynamics- Drivers • Increasing need to enhance performance of engineering equipment is expected to drive growth of theglobal gasket and seals market during the forecast period • Leakage from various industrial equipment can result in significant loss of material and indirect loss, in terms of labor and material cost of repair, environmental losses, wasted energy, sales due to downtime, etc. Both direct and indirect loses can incur a negative impact on a company’s operation in terms of revenue generation as well as diminishing the brand image in case of industrial accidents and claims for personal injury. Thus, these factors are expected to drive growth of the global gasket and seals market during the forecast period.

  5. Compliance with strict regulatory norms to minimize leakage and fugitive emissions is expected topropel the global gasket and seals market growth over the forecast period • There are various standards and regulations regarding reducing the environmental impact of leakage and fugitive emissions, have been in development from different government and environmental agencies. For instance, The EPA estimates that approximately 70.4 KT/year of volatile organic compounds (VOC) and 9.4 KT/year of hazardous air pollutants (HAP) are emitted from equipment leaks, which significantly contribute to the formation of ground-level ozone. Moreover, European Environmental Agency, Environmental Protection Agency, etc. are focused on the development of standards to control amount of the leaks. Thus, these factors are expected to propel the market growth in the near future.

  6. Statistics: • Asia Pacific held dominant position in the global Gasket and Seals market in 2019, accounting for 47.1% share in terms of value, followed by Europe and North America respectively

  7. Figure 1: Global Gasket and Seals Market Share (%) in terms of Value, By Region, 2019

  8. Gasket and Seals Market - Impact of Coronavirus (Covid-19) Pandemic: • COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. These economic slowdown expected to affect various sectors such as Automotive. Gasket and Seals are majorly used in the Automotive Industry to prevent leakage and reduce vibrations. • Moreover, According to Coherent Market Insight Analysis, Asia Pacific region constitutes world’s 60% population and higher population demands higher mobility. According to same analysis, the Asia Pacific region have largest Automotive industry by revenue but due to COVID-19 pandemic countries such as China and India declared lockdown in some areas of country. Due to the lockdown many manufactures of gasket and seals had to shutdown their plants. Owing to mentioned reasons, COVID-19 is expected to restrain the growth of the market during the year 2020.

  9. Market Dynamics- Restraints • Challenges associated with manufacturing, design, and material construction are expected to hinder the global gasket and seals market during the forecast period • Improvisation of machine design due to increasing need for compact, efficient, and high-performance processes has resulted in requirement of highly customized gasket and seals. The alteration in shape, size, or design also requires the change in the material of construction used for manufacturing gasket and seals. Limited availability of installation, manufacturing, service, and safety data for newly developed gasket and seals further pose challenges during working with them. Thus, these factors are expected to restrain growth of the market. • Issues regarding high-temperature sealing are expected to hinder the global gasket and seals market during the forecast period • Sealing at high temperatures and in challenging operating conditions has remained a major hampering factor. If standard materials such as expanded graphite are used in manufacturing of gasket and seals, such standard materials cannot perform reliably for an extended time period. Thus, these factors are expected to hinder the global gasket and seals market growth over the forecast period.

  10. Market Opportunities • Customized product offerings can provide major growth opportunities • Demand for integrated gasket and seals that can offer superior mechanical, electrical, and physicochemical properties is expected to boost during the forecast period. Manufacturer’s ability to respond to demand such products with reduced lead time and at competitive prices is expected to create significant growth opportunities in the global market. • New product launches can pose major business opportunities • The global manufacturers of gasket and seals, to better serve their customers, are introducing new products, and are involved in the expansion of their product portfolio. For instance, in February 2017, Federal-Mogul Motorparts announced the expansion of its FP Diesel ML7 multi-layer core head gaskets range. The gaskets can efficiently be used in various commercial diesel engines used in mining, construction, and other applications.

  11. Figure 2: Global Gasket and Seals Market Value (US$ Mn), 2017 - 2027

  12. Market Trends • Advent of 3-D printing to manufacture gaskets and seals • Key players in the market are focused on developing novel technologies to produce superior products, in order to cater to customized as well as high-end product demand from end users. For instance, in March 2017, Stratasys Ltd. launched two new materials for 3D printing: FDM Nylon 12CF, a carbon-fiber-reinforced thermoplastic. Agilus30 can be used for producing gasket and seals. • Expansion of product portfolio and business capacity • Major companies in the market involved in product portfolio and capacity expansion, in order to enhance the market presence. For instance, in May 2015, Press-Seal Gasket Corporation, a U.S.-based gasket, and seal manufacturing company, expanded its manufacturing facilities in Fort Wayne. In February 2017, LAMATEK, Inc. expanded its New Jersey, U.S.-based manufacturing facility. Moreover, in March 2015, Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation announced to build a new facility for sealing and gasket products in Nanchang, China. In January 2017, Federal-Mogul Motorparts introduced its Fel-Pro gasket range for racing engines to withstand extreme high-temperature.

  13. Competitive Section • Major companies involved in the global gasket and seals market are Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Banco Products (I) Lt, Federal-Mogul Holdings Corporation, Dana Incorporated, Smiths Group Inc. (John Crane), Trelleborg AB, Parker Hannifin Corp., and ElringKlinger AB.

  14. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now Reference:https://www.coherentmarketinsights.com/market-insight/gasket-and-seals-market-3897

  15. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  16. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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