How the Gasket and Seals Market is Set to Rise Through to 2020
A recent industry report highlights that the worldwide demand for gaskets and seals is on the up, with an estimated compound annual growth rate of 5.7% between 2016 and 2020. The report, studying 6 world regions and looking to 32 global industry players, predicted a 5.3% yearly rise in the demand for gaskets and seals through to 2019.
Seals and gaskets control the leakage of liquids and gases and internal pressures in mechanical assemblies. They are key components to minimise pollution and improve equipment efficiency in a range of industries including manufacturing, automotive, aerospace and electrical and electronics.
Although the market has seen a decline in recent years as a result of the recession, the worldwide demand for gaskets and seals is now experiencing a good growth which is expected to continue steadily for the next 4 years.
What’s driven this global demand?
Improved technologies: because gaskets and seals are so instrumental to the long-term safety of processes and equipment in many different sectors, manufacturers have been able to make use of new technologies to enhance their extrusions.
A leap in the global automotive industry: though all markets for gaskets and seals are predicted to rise, this is particularly so for the automotive industry. With an expected 3.9% yearly increase in global automotive production, the demand for associated sealing products is also expected to increase.
Further demand in other industries: The growth of the construction and infrastructure sectors in some regions will boost the demand for gasket and seals production. However, the electrical and electronics sector is set to achieve the fastest growth through to 2020, with forecast annual 5.2% rise.
Fast growth in emerging economies: the sealing market in regions such as Africa and Asia are some of the fastest growing, especially because of the rise in the automotive industry. In fact, the report suggested that China could well represent over 25% of the world market by 2019.
Expected growth in mature markets: even mature economies such as Western Europe and the US expect an increased demand for gaskets and seals in the forecast period. Although this growth won’t be as significant as in emerging economies, these regions contain some of the major sealing manufacturers with a high production demand.
ExtrudaSeal is a UK leading gaskets and seals manufacturer specialising in high-quality flexible extrusions for a wide range of industries. To find out more about their products or to discuss your bespoke requirements, please visit www.extrudaseal.com, or alternatively call their team on 0121 356 8733.