Global Gasket and Seal Materials Market 2020-2024 | Increase in Demand from Developing Countries to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Mar 19, 2020--
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. Request a free sample report
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Technavio has published a latest market research report titled Global Gasket and Seal Materials Market 2020-2024 (Graphic: Business Wire)
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.
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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.
“Increasing preference for 3D printing for the production of gaskets and seals and the rising demand from the renewable energy industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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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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Some of the key topics covered in the report include:
- Industrial machinery
- Electrical and electronics
- Oil and gas
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE MANUFACTURING MANUFACTURING OTHER AUTOMOTIVE AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 03/19/2020 11:30 AM/DISC: 03/19/2020 11:30 AM