Gaskets and Seals Market Revenues will exceed US$ 100 billion by the end of 2026: FMI

Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon the efficiency of engineering equipment & systems. The need to improve the operability of such systems can be met with the use of gaskets & seals – devices that help connect multiple surfaces & systems to complete a mechanical workflow.

According to Future Market Insights’ most recent report, global demand for gaskets and seals is expected to rise steadily between 2016 and 2026. According to the report, more than US$ 60 billion in gaskets and seals were sold globally in 2016. The report’s key projections predict that global gaskets and seals revenues will exceed US$ 100 billion by the end of 2026, with a value CAGR of 5.4 percent.

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https://www.futuremarketinsights.com/reports/gaskets-and-seals-market

The report has also compiled key factors impacting the growth of global gaskets & seals market during the forecast period, which follow:

• Rising instances of leakage in industrial units that cause considerable loss in terms of property damage & health risks can be averted by use of gaskets & seals
• The demand for gaskets & seals is also expected to rise on the account of their compliance with several strict regulations, that prompt minimisation of leakage & fugitive emissions, observed across the globe
• Advent of 3D printing is likely to lower costs of manufacturing gaskets & seals, and will also facilitate the urgency to deliver customised products
• Key challenges inhibiting the market’s growth during the forecast period are complex manufacturing processes, altering designs and limited material applicability for production of gaskets & seals.

Competitive Analysis:

According to a comparative forecast of global sales of gaskets and seals over the forecast period, global demand for seals will remain slightly higher than that for gaskets. Solid and spiral wound gaskets will be the market’s top-selling products by the end of 2026, accounting for more than US$ 25 billion in global revenue. Dynamic seals, on the other hand, will account for the vast majority of global seal sales. Static seals are expected to account for slightly more than 42 percent of global seals revenue by 2026.