Gaskets and Seals Market Revenues will exceed US$ 102 billion by the end of 2026: FMI
Multiple manufacturing processes adopted across diverse
industrial verticals are all contingent upon the efficiency of engineering
equipment & systems. The need to improve the operability of such systems
can be met with the use of gaskets
& seals market value – devices that help connect multiple surfaces
& systems to complete a mechanical workflow.
According to Future Market Insights’ most recent report,
global demand for gaskets and seals is expected to rise steadily between 2016
and 2026. According to the report, more than US$ 60 billion in
gaskets and seals were sold globally in 2016. The report’s key projections
predict that global gaskets and seals revenues will exceed US$ 100
billion by the end of 2026, with a value CAGR of 5.4 percent.
To Know More @
https://www.futuremarketinsights.com/reports/gaskets-and-seals-market
The report has also compiled key factors impacting the growth
of global gaskets
& seals market overview 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.
Competitive Analysis:
According to a comparative forecast of global sales of
gaskets and seals over the forecast period, global demand for seals will remain
slightly higher than that for gaskets. Solid and spiral wound gaskets will be
the market’s top-selling products by the end of 2026, accounting for more than
US$ 25 billion in global revenue. Dynamic seals, on the other hand, will
account for the vast majority of global seal sales. Static seals are expected
to account for slightly more than 42 percent of global seals revenue by 2026.
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