Gaskets and Seals Market Worth $89.66 Billion By 2025 | CAGR: 5.2%

The global gaskets and seals market size is expected to reach USD 89.66 billion by 2025, at a CAGR of 5.2% from 2018 to 2025, according to a new report by Grand View Research, Inc. Increasing demand for LCD displays, backed by the high demand for electronics device is expected to drive the growth.

The use of gaskets and seals is projected to witness significant rise in demand from automobile industry as they mitigate sound and vibration in automobile engine and body parts. Moreover rising production of automobile in developing economies is anticipated drive the market growth due to extensive application scope including sunroofs, panels, interior door panels, and fuse boxes.

The threat of substitution is expected be relatively low, due to unavailability of commercially viable alternatives. However, presence of a number of internal substitutes, such semi-metallic gaskets is expected to result in substitution of their metal counterparts across application segments.

Technological advancements coupled with improvements in existing production and curing techniques, such as moisture cure and see cure is expected to result in the manufacture of advanced products. Growing application of advanced products across the application industries is expected to drive growth of the gaskets and seals market over the forecast period.

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Further key findings from the report suggest:

• Gaskets segment is expected to register the highest CAGR of 5.4% from 2018 to 2025, owing to the ability of the product to prevent ingress of toxic and corrosive chemicals in chemicals and oil and gas industries
• Seals accounted for a market share of USD 35.5 billion in terms of revenue in 2017 due to high product demand from industrial manufacturing on account of superior leak proofing offered by the product
• China contributes the largest share to the Asia Pacific gasket market, accounting over 54.0% of market share in 2017.owing to the presence of robust manufacturing base primarily for the automotive and electronics industries
• The gaskets and seals market is characterized by the presence of a large number of companies with extensive direct and third party distribution channels to boost the sales
• Key companies are involved in the production of a large volume of the products to increase the annual sales in addition to laying high emphasis on the product manufacturing with increased functionality

For More Information: www.grandviewresearch.com