The demand for gaskets and seals from the aerospace and electronics manufacturing industries remained a major revenue generator for the market which in turn, is fueling the market growth globally.
According to the latest Arizton's market research report, the gaskets and seals market size to reach around USD 79 billion by 2026, growing at a CAGR of over 4% during the forecast period.
Gaskets and Seals Market Growth Analysis
The demand for gaskets and seals from the aerospace and electronics manufacturing industries remained a major revenue generator for the market which in turn, is fueling the market growth globally. A majority of manufacturers in the global gaskets and seals market are increasing their yearly spending in R&D and infrastructure development to cater to a wide range of end-users with a high degree of product variability. The increasing usage of gaskets and seals across industries has encouraged key vendors in the market to offer innovations in terms of design and materials that can withstand higher temperatures and pressures over long periods of time.
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What’s Trending in the Market?
- Majority of vendors in the gaskets and seals market are adopting 3D printing technologies and smart manufacturing to produce high-quality zero-error gaskets.
- Innovation and R&D efforts of several market players were studied and weighed in before arriving at the projections as they can potentially disrupt the market both in terms of consumption and purchasing patterns.
- The center for automobile production has shifted from Europe to APAC, thus boosting the demand for gaskets and seals in the APAC region.
The most prominent aviation industry stakeholders across the world, such as Boeing, Airbus, and Rolls Royce are focusing on their engine development programs, hence the gaskets and seals market is expected to witness steady growth in the coming years.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, buyers, end-user, type, and geography
- Competitive Landscape – 7 Key Company Profiles and 36 Other Prominent Vendors
Which Region is Leading the Gaskets and Seals Market?
The advent of innovative designs and materials in the automotive segment enforced key players in the gaskets and seals market to boost their investments in order to devise better solutions. Aerospace and defense equipment manufacturing in APAC has been booming in the recent years, with key contributions from countries such as China, South Korea, and India. The prevalence of major players in the electronics market, such as Samsung, LG, Huawei, Nokia, Lenovo, and many more is widening the growth potential for electronic consumables in the region. The growth in the gaskets and seals market in APAC is challenged by increasing regulations by governments and geopolitical issues, such as the US-China trade war and Indo-China border clashes. Fresh innovations will increase productivity in the market to a huge extent. This comes from the advent of 3D printing, precision manufacturing, and laser cutting and engraving.
What Strategies are Adopted by Players in the Gaskets and seals Market?
The gaskets and seals market is highly fragmented owing to the presence of large number of players across regions. Mergers and acquisitions are observed at frequent intervals to gain scale and scope opportunities. Many companies are focusing on launching innovative products to strengthen their market position. The gaskets and seals market players are competing based on their brand, geographical presence, product portfolio, product features and efficiency. There are various growth opportunities for regional and local players as they target lower-tier OEM players by producing products at a cheaper cost. The global players in the gaskets and seals market is currently witness intense competition between major players. The rapid change in market dynamics with regards to product innovation and advancement is acting as a catalyst to intensify competition among existing players.
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