LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the Global Advanced Fiber-Based Gasket Market for the forecast period 2019-2023. This advanced fiber-based gasket market analysis report segments the market by application (chemicals, industrial machinery, electrical and electronics, and other applications) and geography (APAC, Europe, MEA, North America, and South America).
Global advanced fiber-based gasket market size will grow by USD 190.86 million during 2019-2023, at a CAGR of almost 4%. Vendors are focusing on the development of high-performance materials and coatings for gasket and seals by investing in R&D. This is because the quality and standards of materials used in the manufacturing of gasket and seals are used to determine their performance level. Consequently, manufacturers are using advanced materials such as silicon carbide and tungsten carbide. They also use diamond coatings for gasket and seals in centrifugal pumps to ensure a high level of performance. This will boost the availability of advanced fiber-based gaskets in the market that are made from different coatings.
Adoption of advanced fiber-based gaskets to improve the performance of engineering equipment
Industries such as food processing, oil and gas, machine tools, chemicals, mining, and agricultural equipment extensively use engineered components and equipment. The day-to-day operations and the use of different components might involve leakage of fluids, oils, lubricants, and other chemicals. This drives the need for advanced fiber-based gaskets that can prevent energy loss and excessive emission of toxic gases. As a result, industrial facilities and businesses are motivated to deploy application-specific advanced fiber-based gaskets in their production facilities.
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“The growing focus of developing countries such as India, Indonesia, and Malaysia on improving their domestic manufacturing sector will positively influence the demand for advanced fiber-based gaskets. This will drive advanced fiber-based gasket market growth in APAC. Additionally, the increase in investments in the manufacturing industry in countries such as India will also drive the growth of the market in APAC”, says an analyst at Technavio.
Vendors are increasingly investing in compounds such as polytetrafluoroethylene glass fibers to develop gasket and seals that are ideal for high-pressure applications. They are also introducing gasket and seals made from Ni-resist. These gaskets and seals find higher scope in water and wastewater applications and are less expensive in comparison to tungsten carbide. They are also adopting new technological advances to devise gasket and seals using plasma coatings. These coatings can be used as substitutes for comparatively expensive coating methods.
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This advanced fiber-based gasket industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several advanced fiber-based gasket manufacturers including -
- ElringKlinger AG
- Freudenberg Group
- PARKER HANNIFIN CORP
- Tenneco Inc.
- Trelleborg AB
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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