CLEVELAND, Jan. 6, 2020 /PRNewswire/ — Through 2023, demand for gaskets and seals in China is projected to grow 4.9% annually to $20.9 billion. Machinery is the largest market for gaskets and seals. Through 2023, gains will be driven by increased production of smart products – including automated types and robots – that are higher value and therefore require higher value gaskets and seals that will prevent the machinery from breaking down.
The electrical and electronic equipment market is expected to expand more quickly and offer opportunities similar to the larger machinery market as the manufacture of more technologically advanced products increases, driving demand for higher value gaskets and seals.
For more information regarding the Global Gaskets & Seals study visit: https://www.freedoniagroup.com/industry-study/global-gaskets-seals-3807.htm
Gasket and seal manufacturers have devoted immense resources to researching the potential of a number of alternative materials to perform these essential functions. This research has led to the use of an array of alternative materials at the expense of traditional ones (e.g., commodity rubber, paper, felt, and cork):
- Advanced fiber gaskets and packings – including those made from fiberglass, aramid fibers, and carbon (or graphite) fibers – are among the most prominent examples of this trend.
- Gaskets and seals can also be made using recycled and other nontraditional materials to reduce costs and improve productivity.
Contact Corinne Gangloff for an interview with the analyst.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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