About this market
Increase in R&D activities to drive growth in the market. The increase in innovations and product developments in gaskets and seals are expected to drive market growth during the forecast period. The increase in investments from countries such as the US, Germany, Sweden, the UK, and Canada is expected to drive growth of the gasket and seal materials market. The analysts have predicted that the gasket and seal materials market will register a CAGR of over 5% by 2023.
Market Overview
Increase in demand from developing countries
The global gasket and seal materials market is witnessing high growth across developing economies of the world such as India, China, Brazil, Mexico, the Philippines, and Indonesia. Many vendors of gaskets and seals are shifting their manufacturing activities to these developing countries.
High replacement cost of gasket and seal
The high replacement cost of gaskets and seals can hinder growth of the market.
For the detailed list of factors that will drive and challenge the growth of the gasket and seal materials market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Tenneco and Trelleborg the competitive environment is quite intense. Factors such as the increase in demand from developing countries and the increase in R&D activities, will provide considerable growth opportunities to gasket and seal materials manufactures. Boyd, Dana, EnPro Industries, Freudenberg, Hexpol Compounding, Parker Hannifin, SKF, STOCKWELL ELASTOMERICS, Tenneco, Trelleborg are some of the major companies covered in this report.