PUNE, India, April 14, 2016 /PRNewswire/ --
Gaskets and seals are crucial in preventing fluid and gas leakage in vehicles. Demand in gasket and seals market is determined by factors such as the stringent emission regulations (CAFE and NEDC) and efforts by manufacturers to increase the warranty period. Thus, the rise in vehicle production globally offers a significant opportunity to market vendors.
Complete report on gasket and seals market spread across 74 pages, analyzing 5 major companies and providing 35 data exhibits is now available at http://www.sandlerresearch.org/global-gasket-and-seals-market-2016-2020.html.
The analysts forecast the global gasket and seals market to grow at a CAGR of 5.7% during the period 2016-2020.The role of mechanical seals in ensuring equipment and process safety is paramount, and therefore, their long-term functioning is an important criterion in various industries. Vendors have brought new technologies to the market to boost condition monitoring of mechanical seals - this is one of the major trends in gasket and seals market.
This report covers the present scenario and the growth prospects of the global gasket and seals market for the period 2016-2020. To calculate the market size, the report considers the demand for seals and gaskets from end-users. During 2015, the automotive segment dominated the gasket and seals market and accounted for more than 36% of the market share. Gaskets and seals are used extensively in automobile engines. They play a pivotal role in not only increasing in the lifespan of automotive components but also helps in reducing maintenance costs. With the increase in stringent emission standards, such as CAFE and NEDC, vehicle manufacturers are required to ensure that their vehicles cause the least GHG emissions possible, thereby propelling this segment's growth prospects during the predicted period.
The APAC region dominated the global gasket and seals market and will generate revenues of over USD 16 billion by the end of 2020. Factors such as a rise in demand from the automotive industry from emerging economies like India and China will drive the market in the region during the predicted period. Moreover, the growth of the construction and infrastructure market in APAC will also fuel the demand for gaskets and seals in the coming years.
The global gasket and seals market is very competitive and is characterized by the presence of several well-established global, regional, and local suppliers. The vendors are focused on developing and modifying their marketing and distribution channels to enhance their product placement in the market. Vendors compete on the basis of innovation, price, quality and performance, and customer-centrism.
Key players in the global gasket and seals market: Boyd Corporation, Dana Holding Corporation, ElringKlinger AG, Federal-Mogul Corporation, and SKF Group. Other prominent vendors in the market are: James Walker, Flowserve, Timken, Henniges Automotive Sealing Systems, Elring Klinger, Hutchinson, Parker Hannifin, SIEM Supranite, John Crane, and Lamons. Order a copy of Global Gasket and Seals Market 2016-2020 report @ http://www.sandlerresearch.org/purchase?rname=52969.
Further, the gasket and seals market report states that automotive seals and gaskets may suffer from several design and installation issues. There have been many instances of seal and gasket blowouts. Errors in design calculation, selection, and the assembly of seals and gaskets can result in blowouts.
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SOURCE Sandler Research