According to the latest report published by Acute Market Reports “Global Elastic Gaskets Market - Growth, Future Prospects and Competitive Analysis, 2021-2029,” the global elastic gaskets market was valued at US$ 2,498.24 Mn in 2020, expected to grow at a CAGR of 4.5% from 2021 to 2029.

Market Insights

Demand for elastic gaskets is expected to witness a significant growth in the coming years due to the steady growth of the automotive and electronics industry. The automotive industry is switching to lightweight materials. Companies operating in the elastic gasket market are focusing on research and development to produce innovative products with advanced specifications in terms of operating temperature, material compatibility, tensile strength, elongation at break, compression set, stress relaxation, resistance to ageing, behavior in the cold, ozone resistance, and chemical resistance.

Rising end-use industries in Asia Pacific is a key factor driving market growth for elastic gaskets at present. Asia-Pacific is the world’s biggest manufacturing hub for consumer electronics, electronic devices & components, and automotive components. Elastic gaskets finds promising application in aforementioned industries thus driving the overall market growth. After a period of sluggish growth between 2009 and 2012, the commercial vehicle production revived in Asia-Pacific region. Countries such as China, Japan, India, and Indonesia have witnessed a tremendous growth in production of automotive from 2012 to 2019, and this trend is expected to continue in coming years, which in turn will propel the demand for elastic gaskets in automotive industry in coming years. In addition to this, the advent of 3D printing in gaskets and seals is another key factor driving market growth of elastic gaskets. Manufacturers now prefer 3D printing technology to produce gaskets in bulk to save time and cost. Owing to rising demand and ongoing innovation in the gaskets and seals market, manufacturers are responding to this change by introducing advanced 3D printers and new materials compatible with these 3D printers. 3D printed elastic gaskets offer several advantages to manufacturers such as fast turnaround, inexpensive low volume production, and greater flexibility in terms of multiple materials and multi-material prints. 3D printing technology offers capabilities for producing customized elastic gaskets suitable for varied applications. This is leading to the increasing adoption of this technology for the manufacture of gaskets which in turn driving the overall market growth. However, growing customization in gasket designs pose as a suitable opportunity for the growth the market in the coming years. Customization in gaskets includes manufacturing of gaskets in any size and shape of gaskets depending upon the customers’ requirements. Players present in the industry are keen to address the customer’s changing requirements by providing customized elastic gaskets used in non-traditional end-use industries such as aerospace & defense, medical & healthcare, energy & power, food & pharmaceuticals, etc. consequently creating huge growth opportunities for elastic gaskets.

The Global Elastic Gaskets Market is Segmented into:

*Complete segmentation list is on report page

Asia Pacific led the growth of the elastic gaskets market in 2020 and expected to display similar trend in the coming years as well. China, Japan and India are expected to be the frontrunners to the growth of the elastic gaskets market within Asia Pacific. The growth of the elastic gaskets market in the region is majorly driven by the steady growth of the automotive and the electronics & electrical industry. The region is also expected to display the fastest growth during the forecast period from 2021 to 2029 as well.

Browse the full report Global Elastic Gaskets Market - Growth, Future Prospects and Competitive Analysis, 2021 - 2029 at  https://www.acutemarketreports.com/report/elastic-gaskets-market

The global elastic gaskets market is marked by intense competition from the major players operating in this industry. Tactical mergers & acquisitions, joint ventures & partnerships, product & packaging developments, and expansions among others are some of the key strategies taken by the leading players in order to ensure long term sustenance in this industry. 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.