Press Release
Press Release
A significant increase in motor vehicle production, machinery output, and electrical and electronic equipment production is anticipated to boost the demand for O-ring seals in the market. There is a significant rise in motor vehicle production, which fuels the demand for O-ring. Leakage from various industrial equipment can result in significant loss of material and indirect loss in terms of labour and material cost of repair, environmental losses, wasted energy, sales due to downtime, etc. In the case of industrial accidents and personal injury claims, both direct and indirect losses can have a negative influence on a company's functioning in terms of revenue creation and brand image. As a result, these factors are projected to propel the O-ring and seals market forward over the forecast period. The market is also expected to be driven by strict restrictions integrated by automobile organisations and bureaus regarding the maximum limit of emission of dangerous gases such as carbon monoxide and nitrogen oxide. Moreover, manufacturers are focusing on improving fuel economy by providing lightweight, simple-to-assemble, and higher-quality automobile O-ring seals components.
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The global manufacturers of gasket and seals, to better serve their customers, are introducing new products and are involved in the expansion of their product portfolio. For instance, in November 2019, Trelleborg signed an agreement through its Trelleborg Sealing Solutions (STO: TREL-B) business area to acquire a United States-based Tritec Seal. Engineered polytetrafluoroethylene (PTFE) sealing solutions are available from the company. Trelleborg's product portfolio, particularly in rotary seals, was strengthened as a result of the acquisition, and the business area gained access to much-needed manufacturing capacity.
The major players in the global O-ring seals market are NOK Corporation, Freudenberg Sealing Technologies GmbH, Parker-Hannifin Corporation, Trelleborg Sealing Solutions, AB SKF, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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