LONDON--(BUSINESS WIRE)--The gasket and seal materials market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increase in demand from developing countries is one of the major reasons for the gasket and seal materials market growth. The global gasket and seal materials market is witnessing high growth in developing economies such as India, China, Brazil, Mexico, the Philippines, and Indonesia. This is mainly because several vendors of gaskets and seals are shifting their manufacturing activities to these developing countries. In addition, 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.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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 are increasingly being used to seal the gap between the glass and collector box. Gaskets and seals protect materials inside the collector box that is prone to humidity and dirt contaminants. They are also used for sealing vacuum tube collectors and pipes.
“Factors such as the increasing preference for 3D printing to produce gaskets and seals and increase in R&D activities will have a significant impact on the growth of the gasket and seal materials market value during the forecast period,” says a senior analyst at Technavio.
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Gasket and Seal Materials Market: Segmentation Analysis
This market research report segments the 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 Americas).
APAC led the market in 2018 with a market share of nearly 41%. This region is expected to grow further and dominate the market throughout the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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
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