The new report by Expert Market Research titled, ‘Global O-ring Seals Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global O-ring seals market, assessing the market based on its segments like type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.10%
The exponential rise in industrialisation in the countries in the Asia Pacific region, for instance, in India and China, the demand for O-ring seals is at high rise for application in various end use industries. Thus, this offers a lucrative market for O-ring sales and expansion. Moreover, along with India and China, the countries in ASEAN are witnessing a boost in the electrical as well as electronics sector which further strengthens the demand for O-ring seals in the region.
In the forecast period, the demand for O-ring seals is anticipated to be driven by the stretching automobile manufacturing as well as sales in the region. The growing European aerospace and automotive market are also expected to support the demand for O-ring seals during the forecast period.
Industry Definition and Major Segments
O-ring seals are mechanical gasket and are made out of elastomer materials. They are the most powerful fluid power seals to prevent leaks between two closely mated surfaces. These are also called packing or toric joints. O-rings are generally installed in a groove and compressed during assembly between two or more elements.
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Based on type, the market is segmented into:
• Synthetic Rubber
• Thermoplastic Elastomer
On the basis of application, the market is divided into:
• Electrical and Electronic Products
• Aerospace Equipment
• Machinery Manufacturing
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
The O-ring seal find application in a range of industries including aerospace and aviation, chemical and petrochemical, automotive, oil and gas, healthcare among others, owing to its flexibility and simplicity of design. Additionally, features like superior sealing, reusability, low cost of manufacturing and availability in different sizes are further expected to aid the growth of its market in coming years. The demand from automobile industry for O-ring seals for utilisation in its components is helping the market growth. The stringent laws led by automotive organisations and bureaus with respect to the limit of emission of toxic gases including carbon monoxide and nitrogen oxide also positively influence the demand for O-ring seals.
Key Market Players
The major players in the market are NOK Corporation, Freudenberg SE, Parker Hannifin Corp, Trelleborg Sealing Solutions Germany GmbH, AB SKF, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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