Polymer seals find wide application across industries such as transportation equipment, automotive, aircraft, railroad, machinery, marine, electronics, healthcare, oil & gas, and various others. Fluoro-rubber (FKM) and polytetrafluoroethylene (PTFE) are the most widely-used materials as far as polymer seals are concerned. Demand is especially high from sectors such as transportation equipment and oil & gas, and these two sectors are set to lead over the coming years as well.
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Shift in trade winds has been observed over the past-half decade where a number of industries have been opening production facilities in South Asia and East Asia. Low labour cost and effective incentives to shift the cost curves to lower side of production have attracted European manufacturers in setting up their plants in the region. European companies dealing in automotive, healthcare, equipment manufacturing, and others have created a strong footprint in developing nations. This is set to enhance demand for polymer seals in the region as they are widely used across these industries.
As per Fact.MR analysis, the global polymer seals market is set to experience a healthy CAGR of close to 6% throughout the forecast period of 2021 to 2031.
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