The growing demand from the automotive sector is predicted to bolster the growth of the market during the forecast period, the enormous demand for hybrid lightweight vehicles is likely to enable speedy expansion of the market.
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Market Driver:
Launch of New Conductive Seals by Freudenberg to Propel Growth
Freudenberg Sealing Technologies, a leading specialist and supplier of a wide variety of sealing technologies announced the launch of new conductive seals to ensure a lasting electrical connection between housings and shafts while also preventing bearing damage. Similarly, in June 2019, Freudenberg Sealing Technologies introduced new material and sealing innovations that are designed for the aerospace industry to increase safety and performance requirements in the industry. The growing innovation in electric lightweight vehicles is expected to have a tremendous impact on the global market. Moreover, the electrical & electronics segment is predicted to account for the largest share during the forecast period owing to the increasing demand for electronics and technological advancement.
However, the price volatility of raw materials in the manufacturing of gaskets & seals is predicted to hamper the growth of the market. Also, government regulations about environmental protection are expected to further restrict the growth of the market in the foreseeable future.
Gain More Insights into the Gaskets and Seals Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/gaskets-and-seals-market-101723
The Report Lists the Main Companies in the Gaskets and Seals Market:
- Flowserve Corporation
- Smiths Group PLC
- Freudenberg Sealing Technologies Gmbh & Co. Kg
- Armacell
- Federal-Mogul Holdings Corporation
- Datwyler Holding Inc.
- SKF
- Parker-Hannifin
- Cooper Standard
- Dana Holding Corporation
- Technetics Group, Flexitallic
Regional Analysis:
Flourishing Aerospace Industry to Promote Growth in Europe
Geographically, the gaskets and seals market is segmented into North America, South Latin America, Asia-Pacific, Europe, and Middle East & Africa. Asia-Pacific is predicted to hold the largest share during the forecast period. The growth in the region is attributed to the heavy demand from the automotive sector. The demand for non-metallic or composite gaskets in the manufacturing of lightweight vehicles is predicted to foster healthy growth of the market. Europe is expected to account for the second-largest share in the global market owing to the booming aerospace and marine & rail industries in the region. The high demand for gaskets & seals in the chemical manufacturing industry is expected to boost the market in the forthcoming years. The rising demand for commercial vehicles is likely to create lucrative opportunities for the market in North and Latin America. The Middle East & Africa is expected to register a rapid growth rate owing to the rising demand for gasket & seals in the region.
