Rapid rise in the rate of urbanization is expected to lead the gaskets and seals market trends during the forecast period. According to the UN Department of Economic and Social Affairs (UN DESA), currently 55% of the world’s population lives in urban areas. By 2050, close to 68%, or 2.5 billion people, will settle in urban spaces, with Asia and Africa accounting for 90% of this rise. The main factors driving this trend will be the increasing global population and the high rate of rural-to-urban migration, as per the 2018 Revision of World Urbanization Prospects of the UN DESA.
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Prominent Players Covered by the Gaskets and Seals Market Report of Fortune Business Insights™:
- Armacell Datwyler Holding Inc.
- Freudenberg Sealing Technologies Gmbh & Co. Kg
- Dana Holding Corporation
- Federal-Mogul Holdings Corporation
- Flowserve Corporation
- Cooper Standard
- Technetics Group
- Smiths Group PLC
Residential and commercial spaces in urban areas extensively utilize gaskets and seals in plumbing and electrical applications. As a result, this sharp rise in urbanization will be a crucial factor in the expansion of the gaskets and seals market size in the foreseeable future.
Fortune Business Insights™, through its report, titled “Gaskets and Seals Market Size, Share & Industry Analysis, By Type (Gaskets (Metallic, Non-Metallic, Composite) Seals (Mechanical Seals, O-ring Seal, Valve Stem Seal, Rotatory & Swivel Seal, Shaft Seal), By Application (Automotive, Electrical & Electronics, Industrial & Manufacturing, Aerospace, Marine & rail, Oil & Gas, Others) and Regional Forecast, 2019-2026”, provides the following information:
- An in-depth analysis of all the possible factors, drivers, and competitive and regional dynamics that can influence the market;
- An exhaustive research into the industry trends that can potentially shape the development of the market in the given period;
- A comprehensive evaluation of the size, share, revenue, and overall growth of the market; and
- A holistic understanding through segmentation of the market.
Major Segments includes:
- Electrical & Electronics
- Industrial & Manufacturing
- Marine & rail
- Oil & Gas
Speedy Growth of the Global Manufacturing Sector to Boost Sales
The International Yearbook of Industrial Statistics 2019 released by the UN Industrial Development Organization (UNIDO) reveals that the value of global manufacturing rose by 3.6% in 2018 from 2017 levels. Value added in manufacturing by developed countries increased by 2.3% in 2018, while in case of developing nations, the rise was by 3.8%.
These numbers indicate that the world manufacturing sector is gathering momentum. Gaskets and seals play a pivotal role in manufacturing processes and many other industrial applications. For instance, gaskets made from flexible materials such as rubber and plastic polymer are sturdy and can bear any pressure. Moreover, they act as a seal and are, therefore, ideal for employment in heavy industry activities.
Asia-Pacific to Progress at a Considerable Rate; Europe to Register Steady Growth
Among regions, Asia-Pacific is set to dominate the gaskets and seals market share in the forecast period. This is premised on the escalating demand for automobiles in the region, especially lightweight vehicles, which is likely favor the rise of non-metallic and composite gasket segments. In Europe, the market will be primarily driven by increasing applicability of gaskets and seals in aerospace, rail, and marine industries. The market in North America is anticipated to remain stable owing to the growing demand for commercial vehicles in the continent.
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Increasing Investment in Enhancing R&D Capacities to Spur Competition
The gaskets and seals market analysis indicates that competition in this market is set to get tighter as key players increasingly focus on taking their research capabilities to the next level. This is aimed at developing innovative products and diversifying their portfolio.
Key Industry Developments:
- September 2019: German sealing and electro-mobility leader, Freudenberg Sealing Technologies, announced the development of futuristic conductive seals. The product will be designed to bear electrical pressure in between shafts and housings and ensure prevention of damage that maybe caused by electromagnetic radiation.
- October 2019: Parker Hannifin unveiled its extensive product line of large-sized machine seals made from high strength polymer materials developed by its technology division, Parker Prädifa. These precision elastomer O-rings and metallic C-Ring seals are available in any dimensions.
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