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Elastic Gaskets Market By Material (Nitrile Butadiene Rubber (NBR), Ethylene Propylene Diene Monomer (EPDM), Neoprene, Silicone, Fluoroelastomers, Others), By Application (Automotive, Electronics) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

The global elastic gaskets market was valued at $2,202.1 million in 2017 and is expected to reach $3,220.3 million by 2026, growing at a CAGR of 4.5% during the forecast period. Asia Pacific was the largest region for elastic gaskets in 2017 and is expected to retain its position throughout the forecast period from 2018 to 2026. Further, the region is also expected to generate the fastest growth during the forecast period.

A gasket is a sealing material used between two surfaces to create a static seal that generally prevents leakage and loss of pressure at connection points under compression. Elastic gaskets are gaining more traction across the world owing to increasing demand from the automotive industry. The automotive industry is switching to lightweight materials to achieve greater fuel economy, thereby propelling the demand for elastic gaskets for the high-strength sealing of these lightweight materials. Silicone rubber is the preferred material used for elastic gasket fabrication. Silicone rubber gaskets offer several advantages over other alternatives owing to their resistance to acids, bases, solvents, chemicals, oils, water, extreme temperatures, UV rays, and ozone cracking, which makes them an ideal material for several end-use industries.

Factors such as rising motor vehicle production coupled with increasing demand for elastic gaskets from the electronic industry owing to superior mechanical, physiochemical, as well as desirable electrical properties are expected to bolster market demand in the coming years. Furthermore, increasing demand from automotive and electronics manufacturing, the advantages of elastic gaskets over other non-metallic gaskets, and the introduction of 3D printing technology to produce customized and low-cost gaskets are some of the factors driving the elastic gaskets market's growth. However, the presence of competitive alternatives such as rubber or plastic o-rings might hamper the elastic gaskets market's growth during the forecast period.

Market Synopsis: Value

Throughout the Forecast Period, Silicone Material is expected to maintain its leading position.

Based on material, the elastic gaskets market is dominated by silicone, which is expected to retain market dominance throughout the forecast period as well. Silicones are a group of elastomeric materials made from silicone, oxygen, hydrogen, and carbon. Extreme temperature range and low-temperature flexibility are characteristics of silicone compounds. Silicones have excellent temperature resistance ranging from -50 °C to + 232 °C. Furthermore, some special compounds resist even higher temperatures. As a group, silicones have poor tensile strength, tear resistance, and abrasion resistance. Silicone-based gaskets have good temperature resistance and moderate chemical and oxidation resistance. Silicone is resistant to hot air, ozone, UV radiation, engine and transmission oils, animal and vegetable fats and oils, and brake fluids. However, silicone-based gaskets are more expensive than acrylic and have reasonable adhesion. Silicone compounds are not recommended for dynamic O-ring sealing applications due to their relatively low tear strength and a high coefficient of friction. Silicone can be compounded to be electrically resistant, conductive, or flame retardant. Many silicone compounds have higher than normal mold shrinkage. Therefore, production molds for silicone products are often different than molds for nitrile.

Automotive Application Dominated the Global Elastic Gaskets Market in 2017 and is Expected to Retain their Position Throughout the Forecast Period

Based on Application, the global market for elastic gaskets was dominated by the automotive segment in 2017, and the segment is expected to retain market dominance throughout the forecast period as well.

Elastic gaskets are majorly used in automotive components such as the cylinder head, oil chamber, fuel system, and cooling system, among others. A rise in the global sales of automotive vehicles is resulting in a rise in the demand for elastic gaskets. Global passenger car sales increased to US$ 78.8 million in 2017 and are expected to rise significantly in the coming years. China and the U.S. dominated the global automotive markets in terms of both value and volume. This is mainly due to the rise in disposable income among the middle-class population coupled with the increase in the demand for automotive vehicles, which in turn is boosting the growth of the global elastic gaskets market during the forecast period.

In the coming years, Asia Pacific is expected to maintain its dominance in the elastic gaskets market.

Asia Pacific dominated the global market for elastic gaskets in 2017 and is expected to display a significant trend in the coming years as well. China, India, and Japan are the frontrunners in the growth of this industry within the Asia Pacific. Asia-Pacific is a major hub for automotive vehicles and components. China is the world's largest market for automotive manufacturing. China accounted for more than 30% of global vehicle production in 2017, which is more than the European Union, U.S., and Japan combined. Over time, the automotive market in China has attracted several established foreign brands that have expanded their presence in the country. The country is also focusing on expanding its domestic production in order to increase the share of its domestic vehicles.

The acquisition is a key strategy adopted by the key players operating in the elastic gasket market.

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.

In February 2018, Boyd Corporation, a leading player operating in the elastic gaskets market, acquired Action Fabricators, and the acquisition will operate as a division of Boyd Corporation. Action Fabricators has an operational presence in Texas, Tennessee, and Michigan, and this acquisition is expected to improve Boyd's market position in the sectors it operates. Further, this acquisition is also expected to strengthen the company's position in the elastic gasket market.

Further, in May 2017, Boyd Corporation also acquired Aavid Thermalloy. The acquired company will operate as a division of Boyd Corporation, thus helping to differentiate the Boyd brand. This transaction will allow Boyd Corporation to gain expertise in passive and active thermal management, contributing to its key strengths in heat dispersion. New consumers and distribution networks are expected to benefit from the acquisition, as it will provide them with access to technical know-how in environmental sealing, such as o-rings, display gaskets, self-adhesive gaskets, and water and dust ingress seals, among others.

Periods of History and Forecast

Our study analyzed each market segment during the period from 2016 to 2026, with 2017 as the base year. The forecast period between 2018 and 2026 is considered for the CAGR calculation.

Report Scope

The report provides a detailed overview of the global elastic gaskets market by categorizing it into the following segments:

This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global elastic gaskets market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to the country level highlights revenue pockets and investment opportunities in the market.

Key questions are answered in this report.

  • Who are the major manufacturers and distributors operating in the elastic gasket 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 gasket market, and what opportunities exist for players?
  • How are the regulatory frameworks affecting global as well as regional markets?
  • Which are the key players operating in the global market and the strategies adopted by them?
  • What are the market size and trends in emerging and developed markets?

Frequently Asked Questions: 

The market for Elastic Gaskets is expected to reach US$ 3,220.3 Mn in 2026.

The Elastic Gaskets market is expected to see significant CAGR growth over the coming years, at 4.5%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Market Position of Key Players 68,Company Profiles 69,Denver Rubber Company 71,DowDupont Inc.72,Elring Linger A.G. 73 are some of the major players in the global market.



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Published Date:  Dec 2018
Category:  Chemicals
Report ID:   59468
Report Format:   PDF
Pages:   120
Rating:    4.2 (66)
Delivery Time: 24 Hours to 48 Hours   
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