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Gaskets & Seals: A Global Strategic Business Report

Gaskets and seals market to report strongest growth in Asia totalling 7.8% CAGR


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2014-01-29 06:59:03 - Gaskets & Seals: A Global Strategic Business Report - a new market research report on companiesandmarkets.com

The global gaskets and seals market is forecast to report growth during the period 2013 to 2018 with the Asian market representing the fastest expanding region, with revenues forecast to increase by a CAGR of 7.8% during the period 2013 to 2018. From key analysis of the gaskets and seals market, the automotive sector represents the largest end-use industry. Segment-wise, seals represents the largest and fastest growth product category. The US represents the largest market worldwide.

Major players operating in the global gaskets and seals market include Blue Diamond Technologies Ltd., BRUSS, Dana Holding Corporation, ElringKlinger AG, Federal-Mogul Corporation, Garlock Sealing Technologies, Greene, Tweed & Co., Hutchinson SA, Lamons, LoneStar Group, Magnum Automotive Group, LLC, Parker Hannifin Corp., Prompt Manufacturing, Saint

 

 

Gobain Performance Plastics Corporation, SKF Group, Smiths Group Plc., John Crane UK Ltd., Stockwell Elastomerics Inc., TEADIT® Group, The Flexitallic Group, SIEM Supranite SA, The Freudenberg Group, EagleBurgmann, Trelleborg Sealing Solutions, W.L. Gore & Associates Inc., and Zone Enterprises LLC, among others.

Rising Demand from Key End-Use Industries Drives the Global Gaskets and Seals Market. A part of the fluid containment and control products industry, gasket and seals are omnipresent in the field of mechanical engineering. Gaskets and seals prevent leakages of liquids or gases into sensitive inner working machine components. As vital machine components, they play critical role in influencing machine function and durability of machine installation. Increasing demand from key end-use industries of automotive, process, refinery, pulp & paper, marine and rail, aerospace, among others, represents a major growth driver for the gaskets and seals market. Stringent product usage specifications that these industries have to adhere to, strong government safety regulations mandating safety of personnel and workplace where a range of physical assets are used, increasing focus on maximization of efficiency and tight quality control requirements that govern industries are also primary factors influencing demand for gaskets and seals.

The 2007-2009 economic recession took its toll on the gaskets and seals market as demand plummeted to hurting levels during the years 2008 and 2009. The exhibited signs of distress were the result of recessionary pressures manifested in the form of reduced consumption as a result of decline in demand from major sectors such as manufacturing, automobiles and process industries, etc., lower capital investment activity and project delays in processing and manufacturing industries. The year 2010 witnessed a turnaround in market fortunes led by recovery in GDP growth, employment rates, incomes levels, discretionary incomes, rise in consumer/business confidence, rebound in manufacturing activity and restoration of health of most end-use markets.

Automotive sector represents one of the major sectors driving demand with steady growth in the production of automobiles coupled with increased sophistication of vehicles translating into increasing demand for gaskets and seals. Another major factor fostering market growth is the pressing need to adhere to stringent environmental norms. Major sectors such as chemical, oil and gas, among others, need to adhere to stringent safety norms and thus call for superior sealing abilities to avoid contamination of end product and to prevent accidental leakages and emission of potentially hazardous gases.

Latest advances in technology are resulting in incremental improvements in mechanical strength and sealing capabilities thus enabling the foray of gaskets and seals into newer application areas. These developments will also aid in turbocharging market growth in the medium to long-term period given the evolving demand among end-user industries for high performance and functional products. Demand for improved performance will continue to push manufacturers to stress on R&D to advance their product capabilities. The increasing exploration and extraction activity of shale gas across the globe translates into robust demand for gaskets and seals that find extensive applications in various machineries used in exploration, extraction and transport of the fuel. Banking on the latest innovative products with advanced sealing capabilities, the market for gaskets and seals is projected to witness robust adoption in the next few years.

Market for gaskets and seals in the developed economies of Europe and North America that have a huge installed base rests on the replacement demand. Aging installed base of machinery in key end-use sectors presents growth opportunities as the machinery warrants periodical replacement of sealing products. However, growth in the upcoming years will primarily be from the developing economies of Asia-Pacific and Latin America. Rapid industrialization in these regions, the subsequent need to adhere to safety standards, increasing construction activity and growth in major end-use industries will fuel demand for advanced sealing solutions.

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Mike King
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