LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global industrial fastener seal market 2018-2022 to grow at a CAGR of around 4% during the forecast period, according to their latest report.
This market research report segments the global industrial fastener seal market into the following segments based on product (ring type seals, static seals, thread seals, and specialty products), end-user (process industries and discrete industries), and geography (the Americas, APAC, and EMEA). The report also presents a comprehensive analysis of the market based on the distribution channels.
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In this report, Technavio analysts highlight the following two market drivers that are contributing to the growth of the global industrial fastener seal market:
- Increasing use of fastener seals in automotive sector
- Capability of fastener seals to withstand harsh industrial operations
Increasing use of fastener seals in automotive sector
The global automotive industry is growing by incorporating innovative designs and specifications to manufacture high-end vehicles. Currently, manufacturers are focused on developing automobiles that utilize highly engineered tools to generate precise output. The massive expansion and demand for automobiles from APAC is one of the major driving forces toward the growth of the automotive industry. Manufacturers are also focusing on increasing the production of electric vehicles to lower the impact on the environment. This is one of the growing trends in the automotive industry.
Fastener seals are used in the automotive industry to achieve better control in manufacturing of automobiles of distinctive designs and specifications. After installing the fastener seals, industrial equipment used for manufacturing automobiles remains protected against internal and external contaminations and offers better control.
According to a senior analyst at Technavio for automation, “The self-centering feature in fastener seals eliminates the need for readjustments in the seals, which helps end-users to displace automobiles from one assembly line to another easily. Also, due to the precise connection that the fastener seals provide to industrial equipment, it becomes feasible to carry out high load applications without wear. These factors are leading to an increased adoption rate of fastener seals in the automotive industry.”
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Of the four product segments, the ring type seals held the largest market share in 2017, accounting for over 39% of the market, which is expected to increase further to reach 40% by 2022. The process segment accounted for over 51% of the market to emerge as the largest end-user segment.
APAC was the leading region for the global industrial fastener seal market in 2017, accounting for a market share of close to 42%, which is expected to increase to 43% during the forecast period. The market share of the Americas and EMEA is expected to drop slightly during the forecast period.
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