New Gasket And Seals Market Research Indicates Accelerating CAGR of Over 5% Through 2020-2024 | Technavio - Business Wire

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LONDON--(BUSINESS WIRE)--The new gasket and seals market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the rise in adoption of seals and gaskets by the automotive industry,” says a senior analyst for industrials at Technavio. Seals and gaskets are extensively used to seal several automobile parts and assemblies that carry fluids and gases. As the markets recover Technavio expects the gasket and seals market size to grow by USD 14.78 billion during the period 2020-2024.

Gasket and Seals Market Segment Highlights for 2020

• The gasket and seals market is expected to post a year-over-year growth rate of 4.03%.
• Based on the end-user, the automotive industry segment led the market in 2019. Some of the end-users such as original equipment manufacturers (OEMs) are focusing on expanding their presence, which is driving the growth of the segment in the market.
• The market growth in the segment will be significant during the forecast period.

Regional Analysis

• 41% of the growth will originate from the APAC region.
• The expansion of the oil and gas industry will foster the market growth in APAC during the forecast period.
• China, Japan, and India are the key markets for gasket and seals in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Notes:

• The gasket and seals market size is expected to accelerate at a CAGR of over 5% during the forecast period.
• The gasket and seals market is segmented by end-user (Automotive, Industrial Machinery, Electrical and electronics, and Others) and geography (APAC, North America, Europe, MEA, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including AB SKF, Aesseal Plc, Boyd Corp., Dana Inc., ElringKlinger AG, Flowserve Corp., Freudenberg SE, Smiths Group Plc, Tenneco Inc., and Trelleborg AB

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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. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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New Gasket And Seals Market Research Indicates Accelerating CAGR of Over 5% Through 2020-2024 | Technavio - Business Wire
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