The latest report by Report Ocean include the detailed study of various market determinants such as key product launches, regional study, market demand, government initiatives, etc. Moreover, it describes the impact of COVID-19 pandemic on the market with the help of graphs and data.
According to a new report published by Report Ocean ,”North America and Asia-Pacific Gasket and Seal Market by Type, and End-Use Industry:
Opportunity Analysis and Industry Forecast, 2021 – 2027,”the North America and Asia-Pacific gasket and seal market accounted for revenue of $343,697.5 thousand in 2021 and is anticipated to generate revenue of $528,083.3 thousand by 2027. The market is projected to grow at a CAGR of 5.5% from 2021 to 2027.
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Gaskets are shaped sheets or rings of rubber or other materials that are inserted between two joined metal surfaces to prevent gas, oil, or steam from escaping. They are made from a flat material, a sheet such as paper, rubber, silicone, metal, cork, felt, neoprene, nitrile rubber, fiberglass, polytetrafluoroethylene, or a plastic polymer. An effective gasket in industrial application has the ability to withstand high compressive loads.
Seals are generally molded or machined products used between engine parts, pumps, and shafts to prevent occurrence of leaks within a molded or machined product. Significant increase in motor vehicle production, machinery output, and electrical and electronic equipment production is anticipated to boost the demand for gaskets and seals in the market. Furthermore, rise in adoption of mechanical seals from oil and gas refineries in North America to ensure perfect or precise sealing in a pipeline, which is expected to increase the market value significantly. However, volatility in prices of raw material is anticipated to hamper the market during the forecast period. Moreover, need of superior sealing requirements majorly in the food & beverage, and chemical industries is projected to create huge growth opportunities in the near future.
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
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On the basis of end-use industry, the North America and Asia-Pacific gasket and seal market is classified into automotive & transport, industrial & manufacturing, oil & gas, power & energy, chemicals, and others. Automotive & transport and oil & gas dominated the end-use industry segment in terms of revenue. Increase in adoption of gasket and seal solutions in oil and gas refineries is due to stringent regulations implemented by Environmental Protection Agency (EPA) in North America. As compared to Europe and LAMEA, North America and Asia-Pacific gasket and seal market share is dominant, owing to rising industrialization in Asia-Pacific, and significant increase in adoption of mechanical seals in oil and gas refineries of North America.
Asia-Pacific accounted for more than half share of the gasket and seal market in 2017, and is expected to maintain its lead position during the forecast period, owing to increase in motor vehicle production. India, Japan, Indonesia are some of the countries in the Asia-Pacific region where there is significant rise in motor vehicle production, which fuels the demand for gasket. Asia-Pacific is expected to continue its dominance during the analysis period in terms of revenue, owing to rise in industrialization.
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The North America and Asia-Pacific gasket and seal market analysis covers in depth information of major players. Arezda, EagleBurgmann Germany GmbH & Company KG, Flexitallic, Flowserve Corporation, Garlock, James Walker Group Ltd., John Crane, KLINGER Group, NICHIAS Corporation, Smiths Group plc, Tri Graha Sealisindo, and Valqua Ltd are the key players operating in the market.
Key Findings of the North America and Asia-Pacific Gasket and Seal Market:
The North America gasket and seal market is projected to grow at the considerable growth rate of nearly 4.4% in terms of revenue, during the forecast period
Based on type, gasket market has highest market share in terms of revenue.
Based on end-use industry, the industrial & manufacturing sector of the market is anticipated to witness noteworthy growth rate of 5.8%, in terms of revenue, during the forecast period.
Asia-Pacific dominated the gasket and seal market with a revenue share of over 54% in 2017
The North America, and Asia-Pacific gasket and seal market trends are also analyzed across major countries of the regions.
The qualitative data in this report aims on the market dynamics, trends, and developments in the North America and Asia-Pacific gasket and seal industry. A comprehensive analysis of the factors that drive and restrain the North America and Asia Pacific gasket and seal market growth is provided. The quantitative data provides information of the North America and Asia-Pacific gasket and seal market size in terms of revenue.
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the highly import-dependent Gasket and Seal Market, a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
The report provides a snapshot of the Gasket and Seal Market . It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.
The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
Following are the questions answered by the Market report:
What are the goals of the report?
This market report shows the projected market size for the Gasket and Seal Market at the end of the forecast period. The report also examines the historical and current market sizes.
On the basis of various indicators, the charts present the year-over-year growth (%) and compound annual growth rate (CAGR) for the given forecast period.
The report includes an overview of the market, its geographical scope, its segmentation, and the financial performance of key players.
The report examines the current state of the industry and the potential growth opportunities in North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.
The research report includes various factors contributing to the market’s growth.
The report analyzes the growth rate, market size, and market valuation for the forecast period.
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This report covers aspects of the regional analysis market.
The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
This report analyzes current and future market trends by region, providing information on product usage and consumption.
Reports on the market include the growth rate of every region, based on their countries over the forecast period.
What factors are taken into consideration when assessing the key market players?
The report analyzes companies across the globe in detail.
The report provides an overview of major vendors in the market, including key players.
Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
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What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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