According to the latest report published by Credence Research, Inc. “Global Elastic Gaskets Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global elastic gaskets market was valued at US$ 2,201.1 Mn in 2017, expected to reach US$ 3,220.3 Mn By 2026.
Demand for elastic gaskets is expected to see significant growth in the coming years due to the steady growth of the automotive and electronics industries. The car industry is moving to lightweight materials. The research and development of innovative products with advanced specifications in terms of operating temperature, material compatibility, tensile strength, elongation at break, compression setting, stress relaxation, ageing resistance, cold behavior, ozone resistance and chemical resistance is the focus of companies operating in the market for elastic gaskets.
Rising end-use industries in Asia Pacific are currently a key driver of market growth for elastic gaskets. Asia-Pacific is the world’s largest manufacturing center for consumer electronics, electronic devices & components and automotive parts. Elastic gaskets find promising applications in the above-mentioned industries, thus driving overall market growth. After a period of slow growth between 2009 and 2012, the production of commercial vehicles in the Asia-Pacific region revived. Countries such as China, Japan, India and Indonesia have seen a dramatic increase in automotive output from 2012 to 2016, and this trend is expected to continue in the coming years, which in turn will propel the demand for elastic gaskets in automotive industry in coming years.
In addition, the advent of 3D printing in gaskets and seals is another key driver of the market growth of elastic gaskets. Manufacturers now prefer 3D printing technology to bulk gasket production to save time and cost. Due to increasing demand and ongoing development in the market for gaskets and seals, manufacturers are responding to this transition by implementing advanced 3D printers and new materials that are compatible with these 3D printers. 3D printed elastic gaskets offer a number of advantages to manufacturers, such as fast turnaround, low-cost production volume and greater flexibility in terms of multiple materials and multi-material printing.
3D printing technology offers the ability to manufacture customized elastic gaskets suitable for a variety of applications. This leads to a growing acceptance of this technology for the development of gaskets, which in turn drives overall market growth. Nevertheless, the increasing versatility of gasket designs represents an important opportunity for the industry to expand in the coming years. Customization in gaskets requires the production of gaskets of any size and shape of the gaskets, depending on the customer’s requirements. Players present in the industry are keen to address the customer’s changing requirements by providing customized elastic gaskets used in non-traditional end-use industries such as aerospace & defense, medical & healthcare, energy & power, food & pharmaceuticals, etc. consequently creating huge growth opportunities for elastic gaskets.
Asia Pacific has led the demand for elastic gaskets to rise in 2017 and is expected to show similar trends in the coming years as well. China, Japan and India are expected to play a leading role in the growth of the market for elastic gaskets in Asia Pacific. The growth of the market for elastic gaskets in the area is mainly driven by the steady growth of the automotive and electronics & electrical industries. The region is also expected to show the fastest growth in the forecast period from 2018 to 2026.
The global market for elastic gaskets is marked by intense competition from the major players in this sector. Tactical mergers & acquisitions, joint ventures & partnerships, product & packaging developments and expansions, among others, are some of the key strategies adopted by leading players to ensure long-term sustenance in this sector. Notable players operating in the global elastic gaskets market include Boyd Corporation, DowDupont Inc., Parker Hannifin Corporation, James Walker, SRP, Stockwell Elastomerics Inc., W.L. Gore & Associates, Dana Holdings Corporation, Elring Klinger A.G., and Denver Rubber Company among others.
Key questions answered in this report:
- Who are the major manufacturers and distributors operating in the elastic gaskets market?
- What are the largest segments in the market during the forecast period from 2018 to 2026?
- Which are the fastest growing segments in the market for the forecast period?
- What are the current market trends in the elastic gaskets market and valuable opportunities for the players?
- How are the regulatory frameworks affecting the global as well as regional markets?