Global Gasket and Seal Materials Market 2019-2023
About this market
Increase in R&D activities to drive growth in the market. The increase in innovations and product developments in gaskets and seals are expected to drive market growth during the forecast period. The increase in investments from countries such as the US, Germany, Sweden, the UK, and Canada is expected to drive growth of the gasket and seal materials market. Technavio’s analysts have predicted that the gasket and seal materials market will register a CAGR of over 5% by 2023.
Increase in demand from developing countries
The global gasket and seal materials market is witnessing high growth across developing economies of the world such as India, China, Brazil, Mexico, the Philippines, and Indonesia. Many vendors of gaskets and seals are shifting their manufacturing activities to these developing countries.
High replacement cost of gasket and seal
The high replacement cost of gaskets and seals can hinder growth of the market.
For the detailed list of factors that will drive and challenge the growth of the gasket and seal materials market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Tenneco and Trelleborg the competitive environment is quite intense. Factors such as the increase in demand from developing countries and the increase in R&D activities, will provide considerable growth opportunities to gasket and seal materials manufactures. Boyd, Dana, EnPro Industries, Freudenberg, Hexpol Compounding, Parker Hannifin, SKF, STOCKWELL ELASTOMERICS, Tenneco, Trelleborg are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Gasket and Seal Materials Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increase in R&D activities.”
According to the report, one of the major drivers for this market is the increase in demand from developing countries.
Further, the report states that one of the major factors hindering the growth of this market is the high replacement cost of gaskets and seals.
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