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NEW YORK , July 4, 2022 /PRNewswire/ -- A gasket is a type of static seal that provides a barrier between mating surfaces of mechanical assemblies. Gaskets are used to retain internal pressures; prevent liquids, gasses, and contaminants from escaping from assemblies; and seal two flanges or components that have a flat base. A seal is made up of a combination of materials and is used in pumps, engine parts, and rotating shafts to prevent the leakage of liquids and gases in industrial applications.
According to the report "Gasket and Seals Market by End-user and Geography - Forecast and Analysis 2021-2025", the market witnessed a YOY growth of 4.75% in 2021 and will witness a CAGR of 5.58% during the forecast period. The report is segmented by end-user (automotive, industrial machinery, electrical and electronics, and others) and geography (APAC, North America , Europe , MEA, and South America ).
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Threat of new entrants: New entrants are attracted to the market owing to the expansions and developments happening in end-user industries. However, they require significant capital to enter the market and offer products with differentiation. Hence, the threat of new entrants was moderate in 2020 and is expected to remain the same during the forecast period.
The gasket and seals market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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APAC will provide maximum growth opportunities in the gaskets and seals market during the forecast period. According to our research, the region will contribute 41% of the global market growth during the forecast period. China and India are the two major markets in APAC. The demand for energy and chemicals has increased rapidly in APAC owing to a shift toward urbanization.
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The automotive segment will have significant market share growth during the forecast period. Gaskets and seals are used to hold together various parts of the automotive assembly. Some of the end-users in this segment are focusing on expanding their presence. Such expansions can also influence the demand for gaskets and seals for automotive applications during the forecast period.
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Key Market Drivers & Challenges:
The rise in adoption of seals and gaskets by the automotive industry is driving the gasket and seals market growth. For example, gaskets are used in the engines of automobiles to maintain the pressure and prevent the leakage of fluids and entry of contaminated particles. Seals are used in bearings, drivelines, steering systems, suspensions, and wheels of automobiles. They are also used in other applications.
Fluctuation in raw material prices and installation issues are challenging the gasket and seals market growth. Changes in raw material prices have an impact on the cost required for manufacturing gaskets or seals. This can lead to fluctuations in the profit margins of companies. The design and installation considerations also pose a challenge to manufacturers.
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Gasket And Seals Market Scope
Accelerate at a CAGR of 5.58%
APAC, North America, Europe, MEA, and South America
US, China, Germany, Japan, and India
Leading companies, Competitive strategies, Consumer engagement scope
AB SKF, Aesseal Plc, Boyd Corp., Dana Inc., ElringKlinger AG, Flowserve Corp., Freudenberg FST GmbH, Smiths Group Plc, Tenneco Inc., and Trelleborg AB
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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