Technavio analysts forecast the gasket and seals market in the US to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the gasket and seals market in the US to grow at a CAGR of nearly 4% by 2023. (Graphic: Business Wire)
The growing renewable energy sector in the US is one of the major trends being witnessed in the gasket and seals market in US 2019-2023. In the US, a major challenge faced by the gasket and seals market is the growth of the renewable energy sector especially the solar energy and wind energy. Over the last few years, due to the growth in population urbanization and industrialization, there has been a rise in the demand for electricity generation. Governments of various countries across the world have started switching to renewable energy production owing to the increasing demand for electricity and the increasing concerns over environmental pollution.
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According to Technavio analysts, one of the key factors contributing to the growth of the gasket and seals market in the US is the growing need to increase the efficiency of equipment and machinery:
Gasket and seals market in the US: Growing need to increase the efficiency of equipment and machinery
Several industries such as oil and gas, mining, food processing, textile, and industrial machinery manufacturing, use various engineered equipment to carry out their operations. Leakages in equipment result in significant material losses, which add to the overall cost of operations. Additionally, labor costs are associated with the repair of equipment, which increases the overall OPEX for operators. The improper coupling and sealing of mechanical components lead to energy losses, which ultimately reduces the efficiency of the equipment.
According to a senior analyst at Technavio for research on industrial machinery, “Any leakage in the equipment leads to a significant effect on the environment and human health. For instance, leakages in a diesel engine, which is used as a power source in the mining industry, lead to energy losses in terms of the excessive consumption of diesel and excessive emission of toxic gases. This results in longer downtimes and can even result in fatal accidents. Thus, gaskets and seals are increasingly being used in various industrial machinery applications in order to overcome such situations and improve the overall efficiency of the engineering equipment. This is expected to drive the gasket and seals market in the US during the forecast period.”
Gasket and seals market in the US: Segmentation analysis
The gasket and seals market in US research report provides market segmentation by type (metallic gasket and seals and non-metallic gasket and seals) and by end-user (automotive, industrial machinery, and electronics). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The metallic gasket and seals segment held the largest market share in 2018, accounting for nearly 57% of the market. This type segment is expected to dominate the global market throughout the forecast period.
The automotive segment held the largest market share in 2018, accounting for over 41% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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