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North America and Asia-Pacific Gasket and Seal Market to See Huge Growth During the Period 2021-2027
North America and Asia-Pacific Gasket and Seal Market
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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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.
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 accounted for more than half share of the gasket and seal market in 2017, and is expected to maintain its lead position during the forecast period, owing to increase in motor vehicle production. India, Japan, Indonesia are some of the countries in the Asia-Pacific region where there is significant rise in motor vehicle production, which fuels the demand for gasket. Asia-Pacific is expected to continue its dominance during the analysis period in terms of revenue, owing to rise in industrialization.
The North America and Asia-Pacific gasket and seal market analysis covers in depth information of major players. Arezda, EagleBurgmann Germany GmbH & Company KG, Flexitallic, Flowserve Corporation, Garlock, James Walker Group Ltd., John Crane, KLINGER Group, NICHIAS Corporation, Smiths Group plc, Tri Graha Sealisindo, and Valqua Ltd are the key players operating in the market.
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