This market research study presents a detailed segmentation of the global gaskets and seals market by end-user (automotive, industrial machinery, electrical and electronics, and others) and by geography (Americas, APAC, and EMEA). The key vendors identified in the market are Boyd Corp, Dana Holding, ElringKlinger, Federal-Mogul, and SKF.
Technavio’s market research analysts estimate the global gaskets and seals market to grow at CAGR of 5% between 2016 and 2020. The imposition of stringent environmental regulations is one of the most important factors driving the growth of this market. Growing fuel efficiency norms are driving the demand for gaskets and seals as essential components in the automobile, pharmaceutical, chemical, oil and gas, mining, and water and wastewater management industries. APAC leads the global gaskets and seals market, owing to rise in demand from the automotive industry from emerging economies like India and China and growth of the construction sector in the region
The new market research report from Technavio provides a breakdown and analysis of the gaskets and seals segments by technology.
“The most important trends gaining prominence in this market is the rising adoption of renewable sources of energy. Gaskets and seals are employed in systems that harness renewable energy sources such as solar, wind, geothermal, and solar thermal for power generation. Therefore, the increasing focus toward sustainable development and the use of renewable sources of energy will propel this market’s growth prospects over the predicted period,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
Thje automotive segment is the largest end-user of gasket and seals, and accounts for than 36% of the market share. Gaskets and seals are used extensively in automobile engines. They play a pivotal role in not only increasing in the lifespan of automotive components but also helps in reducing maintenance costs. With the increase in stringent emission standards, such as CAFE and NEDC, vehicle manufacturers are required to ensure that their vehicles cause the least GHG emissions possible, thereby propelling this segment’s growth prospects during the predicted period.
The key vendors in the global gaskets and seals market include Boyd Corp, Dana Holding, ElringKlinger, Federal-Mogul, and SKF. This market is very competitive and is characterized by the presence of several well-established global, regional, and local suppliers. The vendors are focused on developing and modifying their marketing and distribution channels to enhance their product placement in the market. Vendors compete on the basis of innovation, price, quality and performance, and customer-centrism.
A more detailed analysis is available in the Technavio report, Global Gasket and Seals market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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