Global Gaskets and Seals Market to Reach US$27.5 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

Share Article

GIA announces the release of a comprehensive global report on Gaskets and Seals market. Despite the temporary deceleration in growth, primarily due to the slowing down of key end-use markets amid the recessionary climate in the world economy, global market for gaskets and seals nevertheless is expected to recover poise and gain steady momentum in the short to medium term period to register US$27.5 billion by 2015. Growth in the market over the next few years will be primarily driven by post recession resurgence in production across key end-use industries, stricter environmental regulations and laws, and technology developments. Encouraging demand from Asia-Pacific region also augurs well for the market.

Gaskets and Seals: A Global Strategic Business Report

A part of the fluid containment and control products industry, gasket and seals are omnipresent in the field of mechanical engineering, as devices designed to act as a bond between two mating surfaces of a mechanical system, to ensure against leakages of liquids or gases into sensitive inner working machine components. The devices also perform the added function of protecting machine components from impurities by preventing the accumulation of dirt and grime between the matched components. As vital machine components, they play critical role in influencing machine function and durability of machine installation. Diverse end-use applications range from automobiles, industry machinery (construction & related equipment, general purpose machinery, engines, turbines & power, HVAC & service equipment) to electrical & electronic equipment (instruments, computers, appliances, marine & rail, and aerospace), among others.

Economic recession has resulted in a dip in demand for gasket and seals, not surprising, given the fact that fortunes in this market are tied to the health of key end-use industries. Demand for gaskets and seals plummeted to hurting levels, during the years 2008 and 2009. Tempered growth in the market dipped sub-zero in the year 2009, flagging the hostile business environment in most application markets. The recession brought out the automotive industry, one of the largest end-user of gasket and seals, as a major causality with automobile production and sales nose-diving. Plant closures, capacity idling, and scaling back of operating capacity in the auto industry sent ripples of broad based declines across all of the upstream component markets, including gasket and seals, which find application in vehicle manufacturing as engine gasket, camshaft and auxiliary shaft seals, water pump seals, trans axle seals, and oil seals, among others. Reduced frequency of maintenance and repairs of automobiles also resulted in reduced demand for replacement aftermarket purchases of automotive gaskets and seals. Slowing levels of economic activity, which exerted a disproportionate impact on industrial production, as a result of reduced manufacturing, commercial activity, and supply surpluses, resulted in a less urgent need for new plant establishments, and capacity expansions thus impacting both new and replacement demand for industrial machinery seals, such as, machinery rotary seals.

The recession, which had caused the market’s growth fundamentals to splinter, has now started to realign with demand already showing signs of recovery. Recovery in GDP growth, incomes levels, discretionary incomes, rise in consumer/business confidence, rebound in manufacturing activity and restoration of health in most end-use markets is currently reviving growth in the market. Replenishing of depleting inventories in the supply chain as a result of resurging production activities on wings of improving end-user demand will additionally help perk up demand for gasket and seals. Technology developments that bring about incremental improvements in mechanical strength, and sealing capabilities, and the sheer diversity of application areas for gasket and seals provide a quick and easy road for recovery. Improving economic conditions will unleash pent-up demand as hitherto postponed purchase decisions resurge to provide commercial opportunities.

The large installed based of aging industrial machinery, growing automotive population worldwide, and vehicle miles traveled, will drive up demand for gasket and seal replacements as a result of wear and tear. Additionally, growing importance of preventive maintenance and waxing appreciation of its long-term cost savings and benefits, will further step up replacement of worn out industrial gaskets and seals. As economic health aligns with environmental health, stricter environmental laws and regulations will trigger stronger demand for gaskets and seals, given their role in preventing lubricants and hydraulic service fluids from polluting the environment.

As stated by the new market research report, US continue to remain the largest regional market for Gaskets and Seals. Asia-Pacific represents the fastest growing regional market, displaying a CAGR of about 4.2% over the analysis period. Undeterred pace of industrialization and ballooning production, as a result of mass exodus of automotive and industrial manufacturing activity to developing countries such as China and India, will primarily drive growth in this region. By product, seals remains the largest product market. Growth in the gaskets segment will be primarily driven by non-metallic gaskets, the fastest growing among gaskets varieties. Elastomeric gaskets, manufactured using synthetic rubber or thermoplasic elastomers, in particular represent a key growth area for non-metallic gaskets.

Major players in the marketplace include Blue Diamond Technologies Ltd., Bode Hultec Russia, BRUSS, Dana Corporation, ElringKlinger AG, Federal-Mogul Corporation, Flowserve Corp., Greene, Tweed Company, Hutchinson SA, Parker Hannifin Corp., Reinz Dichtungs GmbH, SIEM Supranite SA, Saint Gobain Performance Plastics, SKF Group, Smiths Group Plc., The Freudenberg Group, Trelleborg Sealing Solutions, W.L. Gore & Associates Inc , Zone Reed Industries, among others.

The research report titled “Gaskets and Seals: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. Product segments analyzed include Gaskets (Non Metallic & Metallic), Seals (Mechanical & Others). Key end-use segments analyzed include Automotive, Process/Refinery/Other General Machinery, Pulp & Paper, and Marine/Rail among Others. Market estimates and projections are presented for all major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Gaskets_and_Seals_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Public Relations
Visit website

Media