May 25, 2022 17:00 ET | Source: Precedence Research Precedence Research
Tokyo, May 25, 2022 (GLOBE NEWSWIRE) -- The global gaskets and seals market size was accounted at US$ 59.32 billion in 2021. The continuous growth in the gaskets and seals market across the globe is due to the advancements in technologies and the growth in automobile sector. The gaskets and seals are used in vehicles to prevent fluid and gas leakages. They seal the gaps between the vehicle components in order to prevent the leakage. Seals help in stopping the leakage from the bearings and keeps dust and other impurities out of the equipment. Due to technological improvements in gaskets and seals they are providing fuel efficiency to the vehicles and reducing the maintenance cost of the vehicles.
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There's a profound growth in the market in the Asia Pacific region, the Asia Pacific automotive sector has seen a lot of growth. As there is an increase in the demand for the vehicles there is an increased production of the electrical vehicles, there has been a major growth in the market. China happens to be the world's largest automotive market and second largest for electrical vehicles. China offers an enormous market for growth, as gaskets are seen and seals are used in both the electric as well as the traditional ICE automobiles. The Asia Pacific region holds large number of passenger and commercial vehicles there is a robust growth in gaskets and seals market in this region. The European market is expected to have a larger share in the global automotive, gaskets and seals market as the demand for the vehicles is rising and there are improvements in both the internal combustion of the engine and the electrical vehicle segments growth. A major chunk of the chemicals produced globally are mainly produced in China and due to a demand for various chemicals globally, the demand for gasket and seals market from this region is expected to grow during the forecast.
In order to improve the fuel efficiency in automobiles, the gaskets and seals market is on the rise. There is constant research and development in order to manufacture or use materials for developing the gaskets and seals to endure extreme pressure and heat. There's an increasing demand for different kinds of gaskets and seals in the market, so the companies need to focus on expanding their product portfolio.
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Due to rapid technological advancements in the automobile sector and as there is a need for improved fuel efficiency and increased vehicle performance to automotive gaskets and seals, market is expected to grow. It is seen that the vehicles require low maintenance due to the usage of gaskets and seals, also the lifespan of the automotive components of the vehicles is increased due to the use of gaskets and seals. So these happen to be the major drivers or the major factors to drive the market.
During the high prices of the raw materials, the manufacturing process is expensive and therefore the global automotive, gaskets and seals market has a slow growth. Another restraining factor is that there is a shift towards the electrification of the vehicles, so there needs to be a lot of research and developments in this sector.
The manufacturers in this industry are concentrating on developing the materials that will use lesser fuel and that can endure in extreme heat and pressure. They're focusing on research and development in order to manufacture unique type of products that will increase the demand for ICE engine vehicles and electric vehicles that are battery operated. There is an increasing demand for gaskets and seals that can offer superior mechanical, Physical, chemical and electrical properties. So customizing the product according to the needs of the market is a good opportunity, also offering the products at competitive prices is another opportunity in the global market. The existing company should try to expand their product portfolio and bring in better gaskets and seals than the existing ones.
The challenges related to gaskets and seals market is related to the manufacturing, the design and the material that is used for the construction. In order to make the design compact and the product efficient improvisation has to be made. For high performance processes, there's a requirement of highly customized gaskets and seals, so this happens to be a challenge for the market growth. The changes in the design, shape and size also requires a different material for construction.
The use of materials like the expanded graphite, for manufacturing seals is not reliable to use for an extended period of time, so this also happens to be a challenge.
Stratasys Limited, a renowned company, introduced 3D printing materials for gaskets and seals. The material is a carbon fiber reinforced thermoplastic named FDM Nylon 12 C F and the other one is a range of flexible and tear resistant material for polyjet 3D printing called Agilus30.
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