Global Gaskets and Seals Market Representing a CAGR of 5.4% in Terms of Value During the Forecast period
As per Market
Research Report Search Engin forecast, the global gaskets and seals market is
estimated to be valued at nearly US$ 63 Bn in the year 2017 and is expected to
touch a figure of nearly US$ 102 Bn by the year 2026, representing a CAGR of
5.4% in terms of value during the forecast period. The global gaskets and seals
market is projected to create an incremental dollar opportunity of nearly US$
42 Bn between 2016 and 2026.
Increasing
need to improve performance/efficiency of engineering equipment is boosting the
global market for gaskets and seals
There is
a significant loss of material and additional losses in the form of labour and
material cost of repair due to the leakages caused in various industrial
equipment. In addition, a significant chunk of energy is wasted coupled with
environmental losses that affect the bottom line of the industry adversely.
Sales are also impacted due to the downtime caused by such leaking industrial
equipment and leading to other malfunctions. Also, if things go wrong badly, an
industrial accident may occur due to the leaking industrial equipment and this
may lead to irreparable damage to the brand image of the concerned company and
claims for personal injury will translate into heavy financial losses. In order
to avoid such situations, and to increase the overall efficiency of the machine
systems, there is an increasing need from end-user industries to properly
manage gaskets and seals usage during their process systems and operations.
Customisation
in product offerings offers a great opportunity in the global gaskets and seals
market
Presently,
new materials are being used to produce newer types of gaskets and seals for
various end use applications and this makes the global market for gaskets and
seals attractive. There is an inherent demand for integrated gaskets and seals,
which can offer superior mechanical, physiochemical as well as desirable
electrical properties and this market is expected to gain traction in the
coming years. The ability of manufacturers to respond to such kind of demand
for new product types and materials is expected to create significant growth
opportunities in the global gaskets and seals market. In addition, signing
long-term contracts with direct end users can provide opportunities for
uninterrupted revenue flow and profit generation in the global gaskets and
seals market.
Introduction
of 3-D printing to manufacture gaskets and seals is an upcoming trend
Various
end users of gaskets and seals are demanding customised and high end products.
The leading market players are responding by developing and applying novel
technologies for producing superior quality products. For example, in March
2017, Stratasys Ltd, a company involved in 3D printing solutions, introduced
two new materials for 3D printing namely, FDM Nylon 12CF that is a carbon-fibre
reinforced thermoplastic; and Agilus30, a line of flexible and tear resistant
material for polyjet 3D printing. Agilus30 can also be used for producing
gaskets and seals through the process of 3D printing.
Global
Gaskets and Seals Market Attractiveness Analysis, by End Use Industry
By end
use industry, with a market attractiveness rating of 5.0, the Machinery segment
is expected to be a relatively attractive segment over the forecast period. The
growing use of machine equipment in various manufacturing sectors and in the
oil & gas industry is expected to drive the growth of this segment. The
Electrical and Electronics industry segment is inclined towards moderate growth
and possesses a moderate share of the market; and is expected to inch towards
the high growth region owing to the recent developments to fulfil the increased
demand for sealants in electrical gadgets. The Automotive industry segment is
projected to register a significant CAGR of 5.1% over the forecast period.
Increasing automotive production across specific regions and the growing demand
for cylinder head gaskets and body seals is expected to drive the growth of
this segment.
Development
of novel materials to produce gaskets and seals with superior characteristics
is an upcoming trend in the global gaskets and seals market
Sealing
at high temperatures and in tough operating conditions has always remained a
challenge for end users and even for gaskets and seals suppliers. If standard
materials such as expanded graphite are used to manufacture gaskets and seals,
such standard materials cannot perform reliably for extended time periods under
harsh operating conditions. Industries that require fluid catalytic cracking,
fertilizer production, ethylene production, flare systems, power generation,
etc. are subject to high temperature processes where gaskets and seals with
enhanced characteristics are needed. In order to meet the demand for high
performance gaskets and seals from such industries, manufacturers are involved
in the development of new materials that can perform efficiently under tough
conditions. On such lines, research and development is focussing on developing
a combination of metal, elastomer, fibres, etc. that can provide the required
properties to give the desired performance in tough conditions.
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