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Global Gaskets and Seals Market to reach USD 102 Bn by 2026 – FMI Study
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The global gaskets and seals market is set to reach USD 102 Bn by 2026, driven by non-metallic demand and growth in the APEJ region.
The global gaskets and seals market is anticipated to hold a market value of USD 102 Bn by 2026, while recording a CAGR of 5.4% during the assessment period.
The report, titled “Gaskets and Seals Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” further projects that in 2017 and beyond, the demand for non-metallic gaskets & seals will be considerably higher than metallic materials. By the end of 2026, more than 60% of global revenues will be accounted by sales of non-metallic gaskets & seals.
The growing need to enhance the performance of engineering products is anticipated to augment the global market for gaskets and seals.
By end use industry, the machinery segment is predicted to hold lucrative market opportunities, expanding at a CAGR of 5.4% from 2016 to 2026.
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APEJ is projected to dominate the global gaskets and seals market by recording a CAGR of 6.8%, procuring a market value of USD 43 Bn by 2026 end.
Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon efficiency of engineering equipment & systems. The need to improve operability of such systems can be met with the use of gaskets & seals – devices that help connect multiple surfaces & systems to complete a mechanical workflow.
Apropos a latest report published by Future Market Insights, the global demand for gaskets & seals is projected to surge at a steady rate during the forecast period 2016-2026. The report estimates that in 2016, more than US$ 60 Bn worth of gasket & seals were sold across the globe.
Key projections compiled in the report predict that global gaskets & seals revenues will surpass US$ 100 Bn by the end of 2026, registering a value CAGR of 5.4%.
Non-metallic materials will remain in great demand due to their competitive advantage over metallic materials on the grounds on environmental imprint and cost-effective procurement.
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The report has also compiled key factors impacting the growth of global gaskets & seals market during the forecast period, which follow:
Nevertheless, the report expects that customisations made to existing gasket & seal products will hold lucrative opportunity for manufacturers in the years to come. Companies such as Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Federal-Mogul Holdings Corporation, Smiths Group Inc. (John Crane), ElringKlinger AB, Trelleborg AB, Dana Incorporated, Banco Products (I) Ltd. and Parker Hannifin Corp. are observed as key manufacturers in global market for gaskets & seals.
A comparative forecast on the global sales of gaskets and seals during the forecast period projects that global demand for seals will remain fairly higher than that of gaskets. By the end of 2026, solid and spiral wound gaskets will be observed as top-selling products in the market, procuring more than US$ 25 Bn in global revenues.
On the other hand, a majority of global sales of seals will dominated by dynamic seals. Static seals are projected to procure just over 42% share on global seals revenues through 2026-end.
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The report further reveals that automotive industry will be one of the largest end-user of gaskets & seals in the world. However, the imprint of automotive end-use on the global gaskets & seals market will witness a downtrend, while revenues accounted by machinery and electronics & electrical industries during the forecast period will register 5.5% and 5.6% CAGRs respectively.
Key findings in the report also predict that more by the end of 2026, more than three-fourth of gaskets & seals revenues will be accounted by OEM sales channels. The report also expects Asia-Pacific excluding Japan region to dominate global gaskets & seals revenues by registering a value CAGR of 6.8% and brining in over US$ 43 Bn revenues by 2026-end.
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The article discusses the projected growth of the global gaskets and seals market, expected to reach USD 102 Bn by 2026.
Non-metallic gaskets and seals are expected to see higher demand due to cost-effectiveness and environmental benefits.
The APEJ region is projected to dominate the market with a CAGR of 6.8% by 2026.
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