Dublin, Aug. 13, 2021 (GLOBE NEWSWIRE) — The “Gaskets and Seals Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Gaskets and Seals Market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).
The market is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. The automobile, oil and gas, electronics industries has witnessed a decline due to the halt in the activities. For instance, according to OICA, automobile production has declined by around 16% in 2020 compared to 2019 which negatively impacted the market growth of the gaskets and seals market.
Over the medium term, the major factors driving the growth of the gaskets and seals market are the increase in the use of gaskets and seals in the oil and gas industry and increasing demand from the chemical and petrochemical sector.
On the flip side, the declining automotive production and stagnant industrial growth in developed countries are likely to hinder the growth of the market. Asia-Pacific region is expected to dominate the global market owing to huge demand from countries such as China and India.
Key Market Trends
Automotive Industry to Dominate the Market
Gaskets and seals are the components utilized in vehicles to check fluid and gas leakage. They fill the gap between the automotive components thus assuring no leakage, blocking lubricants from leaving the bearings, dodging dust and other contaminants from penetrating the machinery.
With the technological progressions, gaskets and seals offer an efficient means to achieve better fuel economy and have decreased the repair and maintenance requirement, thereby increasing the average life span of automotive components.
Furthermore, the rigorous regulations regarding the maximum limit of emission of harmful gases such as carbon monoxide and nitrogen oxide as incorporated by automotive agencies and bureaus are further anticipated to drive the market.
Materials that can increase fuel efficiency and can resist high heat and pressure are gaining popularity in the global gaskets and seal market. There has been an increased usage of lightweight materials such as silicone rubber to further lower fuel costs and improve efficiency.
The global automotive industry has been witnessing a declining growth since 2018. The production has been declined by 5.2% and 16% in in 2019 and 2020 respectively. The trend is expected to continue in the coming years.
Moreover, the manufacturers are also concentrating on to enhance the fuel economy by offering lightweight, easy to assemble and upgraded quality automotive gaskets and seals components.
Thus, the declining automotive industry is likely to negatively affect the gaskets and seals market over the forecast period.
Asia Pacific Region to Dominate the Market
In Asia-Pacific, the factors that add to the growth of the market are accelerated industrialization, and augmented demand from numerous end-use industries such as oil and gas and petrochemical. However, the decline in automobile production in the region has been negatively affecting the growth.
According to OICA, automobile production in China and India has witnessed a decline of 2% and 25% respectively in 2020 compared to 2019.
China is a hub for chemical processing, accounting for a major chunk of the chemicals produced globally. With the growing demand for various chemicals, globally, the demand for gasket and seals from this sector is projected to grow during the forecast period.
China has plans to expand its network of inter-country pipelines, with new pipeline connections to Central Asia and Russia. China National Petroleum Corporation (CNPC) plans to complete major sections of the massive Russian oil and gas pipelines, which lie in the northeastern province of Heilongjiang.
India has now been ranked sixth among the world’s 10 largest manufacturing countries. The petrochemical industry contributes about 30 percent of raw material to the chemical industry which is expected to reach USD 300 billion by 2025. The petrochemical industry itself is expected to cross the USD 100 billion by 2021 at a CAGR of 14%.
Furthermore, factors such as the growing industrial, electrical and electronics sectors in the developing economies including China, India, and ASEAN Counties, among others are further expected to boost the demand for gaskets and seals in the region.
All these factors are projected to show an impact on the market growth in the region during the forecast period.
The gaskets and seals market is partially fragmented with the existence of many gaskets and seals manufacturers across the globe. The major players in the market include Flowserve Corporation, Trelleborg, Dana Limited, ElringKlinger AG, and SKF, amongst others.
Reasons to Purchase this report:
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increase in the Use of Gasket and Seals in the Oil and Gas Industry
4.1.2 Growing Demand from the Chemical and Petrochemical Sectors
4.2.1 Declining Automotive Production
4.2.2 Stagnant Industrial Growth in Developed Countries
4.2.3 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AMG Sealing Limited
6.4.2 BRUSS Sealing Systems GmbH
6.4.3 Cooper Standard
6.4.4 Datwyler Holding Inc
6.4.5 Dana Limited
6.4.6 ElringKlinger AG
6.4.7 Tenneco Inc.
6.4.8 Flowserve Corporation
6.4.9 Freudenberg Sealing Technologies
6.4.10 GARLOCK FAMILY OF COMPANIES
6.4.12 Smiths Group plc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jtum62
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