High-end properties of gasket & seal like thermal and chemical stability and their explicit strength have made them a perfect choice for applications in chemical industries, automotive, and others
PORTLAND, Oregon, May 22, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "North America and Asia-Pacific Gasket and Seal Market by Type (Gasket and Seal), and End-Use Industry (Automotive & Transport, Industrial & Manufacturing, Oil & gas, Power & Energy, Chemicals, and Others): Opportunity Analysis and Industry Forecast, 2018–2025." The report provides a detailed analysis of evolving market trends, top investment pockets, key segments, drivers & opportunities, and competitive landscape. According to the report, the North America and Asia-Pacific gasket and seal market was estimated at $343.69 billion in 2017 and is expected to register $528.08 billion in 2025, growing at a CAGR of 5.5% during the forecast period.
High-end properties of gasket & seal like thermal and chemical stability, and their explicit strength have made them a perfect choice for applications in chemical industries, automotive, and others. On the other hand, fluctuating crude oil prices has hampered the growth to some extent. Nevertheless, increase in demand for gasket and seal in the automotive industry and rise in stringent leakage regulations by the Environmental Protection Agency (EPA) to prevent damage to the environment have created multiple opportunities in the segment.
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The automotive and transport segment to rule the roost-
By application, the automotive and transport segment contributed to more than one-fourth of the total market in 2017 and is anticipated to remain dominant throughout the estimate period. Increased production of vehicles and technological advancement in automotive industry have led to the rise in adoption of gasket and seal in the automotive industry.
The gasket segment to maintain its top status during the study period-
Based on type, the gasket segment held the major share, contributing to nearly two-third of the total market. Rise in demand for gaskets from automotive industry in the Asia-Pacific region has driven the growth. On the other hand, the seal segment is expected to grow at the highest CAGR of 5.8% from 2018-2025.
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Asia-Pacific to dominate the market till 2025-
Based on region, Asia-Pacific contributed to more than half of the total market share in 2017, thereby coming out as the highest revenue generator. This is attributed to growing application of gasket and seal in the end-use industries such as automotive and oil & gas refineries for filling the gap between two parts, so that no leakage problem occurs during the compression stage.
Frontrunners in the industry-
The key market players analyzed in the research include EagleBurgmann Germany GmbH & Company KG, Flexitallic, Arezda, Garlock, Valqua Ltd James Walker Group Ltd., John Crane, Smiths Group plc, KLINGER Group, and Tri Graha Sealisindo. Adopting a number of strategies including group effort, partnerships, mergers & acquisitions, developments, joint ventures, and others, they have become successful in maintaining their top status in the market.
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SOURCE Allied Market Research