North America’s Pioneering Role in Steering the Gaskets and Seals Market Throughout the Forecast Period – Insights by Future Market Insights
During the projection period of 2023 to 2023, it is expected that demand for gaskets and seals would grow steadily throughout the world. According to the data, global sales of gaskets and seals reached more than US$ 86.6 Billion in 2023. According to the report’s key forecasts, the global gaskets and seals market will generate more than US$ 154.7 billion in revenue by the end of 2033, representing a 6% value CAGR.
According to a comparison of the projected global sales of
gaskets and seals during the forecast period, the demand for seals is expected
to continue to be somewhat larger than that for gaskets. Solid and spiral wound
gaskets, which will generate more than US$ 25 Billion in global sales by the
end of 2026, would be seen as the market’s top sellers.
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.
Request For Sample Report: Elevate Your Industry
Intelligence with Actionable Insights
https://www.futuremarketinsights.com/reports/sample/rep-gb-815
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.
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 Bn revenues by 2026-end.
Other regions are expected to showcase a sluggish growth in
terms of gaskets & seals sales, exhibiting CAGRs below 5%.
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.
Gaskets and Seals Market Survey by Category
By Product Type:
- Gasket
- Jacketed
- Solid
- Spiral
Wound
- Kammprofile
- Seal
- Static
- Dynamic
By Material Type:
- Metallic
- Non-Metallic
- Elastomeric
- Others
By End-use:
- Automotive
- Aerospace
- Machinery
- Electrical
and Electronics
- Marine
and Rail
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- Asia
Pacific Excluding Japan
- The
Middle East & Africa (MEA)
- Japan
Comments
Post a Comment