LONDON--(BUSINESS WIRE)--The global gasket and seal materials market is expected to post a CAGR of nearly 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in demand from developing countries such as India, China, Brazil, Mexico, the Philippines, and Indonesia. The global gasket and seal materials market is seeing high growth in these countries as several vendors of gaskets and seals are shifting their manufacturing activities to these developing countries. Factors such as the availability of raw materials, land, cheap labor, low transportation costs, and less stringent government regulations and policies are driving market growth.
As per Technavio, the growing demand from the renewable energy industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global gasket and seal materials market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global gasket and seal materials market: Growing demand from the renewable energy industry
The growing use of gasket and seal in renewable energy industry, which includes the solar and wind industry, is expected to foster market growth. Gaskets and seals protect materials inside the collector box that are prone to humidity and dirt contaminants; they are also used for sealing vacuum tube collectors and pipes.
“The increasing use of shaft seals for main bearing and blade, and tower bearing is expected to drive the demand for gaskets and seals. The use of hydraulic seals in pitch cylinders and oil seals for main gears is also expected to augment market growth. The product development of sealing solutions for large wind turbines will have a positive impact on market growth,” says a senior analyst at Technavio.
Global gasket and seal materials market: Segmentation analysis
This market research report segments the global gasket and seal materials market by type (rubber, fiber, silicone, graphite, and PTFE, and others), end-user (automotive, industrial machinery, electrical and electronics, oil and gas, and chemical, and others), and geographical regions (APAC, EMEA, and the Americas).
The rubber segment held the largest market share in 2018 and is expected to dominate the global market throughout the forecast period. APAC led the market in 2018 and the region will grow further and continue to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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