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Gasket is used to retain seal which connect two components or surfaces. This seal aims to provide full physical barrier for any potential leakage. Gaskets are usually made from sheet materials. Gaskets are majorly made to have properties such as impermeability, temperature and pressure resistance. These properties make it a high demanding in the market due to various applications such in automotive, electrical & electronics, industrial & manufacturing and others. The major application of gaskets & seals is to contain pressure while also prevent contamination from outside particles, they ensure high performance and safety involving fluid or gas systems operating under pressure.
On the basis of type, gaskets and seals market is segmented into gaskets & seals. Gaskets are further sub segmented into metallic, Non-metallic, and composites and seals are further sub segmented into mechanical seal, O-ring seal, valve stem seal, rotatory & swivel seal, and shaft seal. Metallic gaskets are largest segment in the market due to metals have higher surface sealing quality and are used in heat exchangers, condensers, pumps, compressors, turbines, and valves.
Key Market Driver -
Key Market Driver – Rising demand from automotive segment.
Key Market Restraint -
Key Market Restraint – Price volatility of raw materials.
On the basis of application, gaskets & seals are segmented into automotive, electrical & electronics, industrial & manufacturing, aerospace, marine & rail, oil & gas, and others. Automotive is the largest segment for gaskets and seals due to several use in manufacturing of automobile such as engine block and powertrains. Electrical & electronics is expected to be the fastest growing market during the forecast period due to increasing demand for electronics and technological advancement.
The key market driver, is the rising demand from the automotive segment due to growing applications of gaskets and seals in automobiles. Rising trend for lightweight vehicles, where non-metallic and composite gaskets & seals is expected to support the market growth during forecast period.
The key market restraints, is the price volatility of raw materials in manufacturing of gaskets & seals. Government regulations for environmental protection may also affect the market growth of gaskets & seals.
Some of the key players in the gaskets and seals market are Flowserve Corporation, Smiths Group PLC, Freudenberg Sealing Technologies Gmbh & Co. Kg, Armacell, Federal-Mogul Holdings Corporation, Datwyler Holding Inc., SKF, Parker-Hannifin, Cooper Standard, Dana Holding Corporation, Technetics Group, Flexitallic
On Geographical basis, gaskets and seals market is segmented into North America, South Latin America, Asia-Pacific, Europe, and Middle East & Africa. Asia-Pacific is the largest segment for gaskets & seals due to growing demand from the automotive segment. Rising trend of lightweight vehicles in automotive segment by using non-metallic or composite gaskets is expected to support the market growth.
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Growing use in aerospace and marine & rail segments is increasing the demand for gasket & seals in European market. In addition, gaskets & seals used in equipment production in chemicals manufacturing industry is also expected to grow in Europe. The increasing demand for commercial vehicles is expected to drive the market of gaskets & seals in North and Latin America. Middle East & Africa is expected to have significant gasket & seals market growth during the forecast period
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