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(IT-NEWSWIRE.COM, September 16, 2019 ) Market Overview
• Gasket and seals are primarily used to fill the empty spaces between the coupling surfaces to avoid leakage and wastage of fluids and gas. In addition, gaskets also help in maintaining pressure and avoid contamination from the external environmental condition.
• Gaskets and seals have the property of withstanding high compressive loads. Silicone and rubber are the most preferred material used for manufacturing gaskets and seals owing to their superior characteristics including high reliability, better strength, high flexibility, and resistance to high heat and pressure.
Market Dynamics
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The global gasket and seals market is primarily driven by with increase in industrialization and urbanization globally; there has been considerable rise in the number of manufacturing plants, machineries, automobiles, and various other mechanical instruments which use gasket and seals. In automobiles, gaskets and seals are widely used for shunting to avoid leakage or wastage of expensive fluids or gas. Owing to their property to sustain extreme pressure conditions, compressive loads, and heat, gasket and seals have significant scope across different industry verticals. Growing automobile industry will further fuel the growth in global gasket and seal market.
• However, high price volatility of raw materials such as rubber, silicone, and graphite will might hamper the growth of the market.
Market Segmentation
• By product, the global gasket and seals market is segmented into Gasket (Metallic, Semi-Metallic, and Non-Metallic) and Seals (Shaft, Molded Packing & Seals, Motor Vehicle, and Others). In 2018, Seals accounted for the major share in the market.
• However, gaskets are expected to witness higher CAGR during the forecast period, owing to their use in a wide range of applications.
Cylinder head gasket is one of the major components in a combustion engine, with growth of the product expected to benefit from the rising automotive production primarily in Asia Pacific and Europe. Increasing use of seals to prevent environmental contamination and energy saving through effective sealing is expected to drive the market growth.
• By application, the global gasket and seals market is segmented into Aerospace & Automotive, Electrical & Electronics, Marine & Rail, Industrial & Manufacturing, Oil & gas, Chemicals & Petrochemicals, and Others. In 2018, aerospace & automotive segment accounted for the largest share in the market. Gaskets and seals are an essential part of any engine repair. They prevent leakage of gases, coolant, and fuel and are discarded after single use. Sizeable number of gaskets and seals are required for any major repair operation in the automotive sector, driving the market growth. In addition, rising substitution of conventional products by advanced sealing methods, such as FIP gasketing and 3D printing is expected to drive growth.
Geographical Analysis
• By geography, the global gasket and seals market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, APAC accounted for the largest market share in the global gasket and seals market. It is expected to witness significant growth, owing to high government spending on the infrastructure sector and rising opportunities for Foreign Direct Investment (FDI), especially in countries like in China and India. Moreover, the demand for gasket and seals in APAC is largely driven by the growing automotive, aerospace & defense sector. The rise in population and increase in income per capita income are majorly driving the automotive industry in the region.
Competitive Analysis
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Gasket and seals market is highly competitive, and thus, manufacturers continuously focus on developing new strategies to grab more number of customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for gasket and seals. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for gasket and seals. Merger, acquisition, and product development are key strategies adopted by leading players.
• The major players in the market are Boyd Corp., Dana, EnPro Industries, Freudenberg, and Hexpol Compounding. Other prominent players in the market are Parker Hannifin, SKF, STOCKWELL ELASTOMERICS, Tenneco, and Trelleborg.
For instance, In 2018, HEXPOL acquired Kirkhill Rubber. Kirkhill is an industry leader with experience in aerospace, automotive, medical and other demanding industries.
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Source: EmailWire.Com 
Source: EmailWire.com
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