Technical Textiles Market is expected to reach a CAGR of 5.3% in terms of value during 2017-2027
Verfasser: Monicafmi31 on Wednesday, 3 May 2017Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon efficiency of engineering equipment & systems. The need to improve 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. Apropos a latest report published by Future Market Insights, the global demand for gaskets & seals is projected to surge at a steady rate during the forecast period 2016-2026. The report estimates that in 2016, more than US$ 60 Bn worth of gasket & seals were sold across the globe. Key projections compiled in the report predict that global gaskets & seals revenues will surpass US$ 100 Bn by the end of 2026, registering a value CAGR of 5.4%.
The report, titled “Gaskets and Seals Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” further projects that in 2017 and beyond, the demand for non-metallic gaskets & seals will be considerably higher than metallic materials. By the end of 2026, more than 60% of global revenues will be accounted by sales of non-metallic gaskets & seals. Non-metallic materials will remain in great demand due to their competitive advantage over metallic materials on the grounds on environmental imprint and cost-effective procurement.