Global Gaskets And Seals Market Size By Product (Gaskets And Seals), By Application (Automotive, Electrical & Electronics, Marine & Rail), By Geographic Scope And Forecast

Gaskets And Seals Market Size And Forecast

Gaskets And Seals Market size was valued at USD 60.05 Billion in 2022 and is projected to reach USD 85.55 Billion by 2030, growing at a CAGR of 4.69% from 2023 to 2030.

The Gaskets And Seals Market has seen a tremendous increase in the last few years due to the use of advanced materials in producing seals and gaskets for critical applications, including aircraft manufacturing, medical equipment, and chemical processing. The Global Gaskets And Seals Market report provides a holistic market evaluation. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a substantial role in the market.

Global Gaskets And Seals Market Definition

A gasket is a ring or sheet of a supple material used in static applications to seal joints, flanges, and other mating surfaces to prevent leakage. Depending on the material and application, gaskets can be produced utilizing various manufacturing techniques, including  Hot vulcanized and cold bond splicing, Rubber extrusion, Compression, injection and transfer molding, Precision slitting, Custom dies cutting, and Waterjet cutting.

On the contrary, Seals are a broader category that contains o-rings, rotary seals, valve stem seals, and mechanical seals. Unlike gaskets commonly used for static applications, seals are found in motors, pumps, engines, and rotary shafts in more active environments. Seals tend to be flat and round, with a tilted inner rubber ring surrounded by an outer metal ring. The tilted angle of the seal’s inner layer prevents leakage in dynamic applications. Seals are typically used to avoid leaks between two moving parts and prevent the intrusion of particles and contaminants into the system.

The process of substituting a broken or damaged seal can be very involved. The seal and the entire assembly may need to be disassembled to access the seal and allow for replacement. Both gaskets and seals can be encountered in nearly every application and industry, including manufacturing and industrial applications, oil and gas, pulp and paper production, and agricultural equipment.

Global Gaskets And Seals Market Overview

The usage of advanced materials in manufacturing gaskets and seals for critical applications, including aircraft manufacturing, medical equipment, and chemical processing, is anticipated to drive market growth over the projection period. The global gaskets and seals industry has undergone limited evolution due to the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in industrial activities.

Besides, Packing seals are widely employed in power transmitting shafts of a rotating machine. They are used in various applications, from automobiles, ships, rockets, industrial plant equipment, and consumer devices. These seals prevent the machine’s fluid leakage into the external environment. This demand, in turn, pushes the market. Also, growing trends for lightweight vehicles, where non-metallic and composite gaskets & seals are required, will cause the market’s growth.

The rapid growth in automobile and electronics production in the global market is anticipated to push the demand for mechanical seals. Advanced sealing systems and components are projected to improve plant production efficiency and sustainability. Thus, it lets products be manufactured with greater resource efficiency. Companies are also establishing indicators to gauge energy efficiency and emissions at plants. Hence, sealing solutions are anticipated to aid the growth of green manufacturing across the industrial sector, thereby driving the overall market for seals.

However, the price volatility of raw materials in manufacturing gaskets & seals could hinder the market in the near future. In addition, government regulations for environmental protection may also affect the market growth of gaskets and seals.

Global Gaskets And Seals Market Segmentation Analysis

The Global Gaskets And Seals Market is Segmented on the basis of Product, Application, And Geography.

Gaskets And Seals Market, By Product

• Gaskets
• Seals

When we look at the market by Product, it breaks down into Gaskets and seals. And guess what? Seals were the star of the show in 2021, grabbing almost 60% of the global market share! You'll find them everywhere – in automobiles, powering rockets, keeping industrial plant equipment humming, on ships, and even in your everyday consumer devices. With automobile and electronics production booming worldwide, it's no surprise that the demand for mechanical seals is expected to surge. The seal product segment is predicted to keep growing at a good, steady pace. Plus, think about big machines with a spinning shaft right in the middle – they absolutely need mechanical seals! That's why they're so important in the oil & gas industry, from drilling and exploring (upstream and downstream) to safely moving resources (midstream transportation).

Gaskets And Seals Market, By Application

• Automotive
• Electrical & Electronics
• Marine & Rail
• Industrial & Manufacturing
• Aerospace
• Oil & Gas
• Chemicals & Petrochemicals
• Others

When we look at where these seals are used, it breaks down into a few key areasAutomotive, Electrical & Electronics, Marine & Rail, Industrial & Manufacturing, Aerospace, Oil & Gas, Chemicals & Petrochemicals, and a catch-all "Others." In 2021, the automotive industry was the big player, gobbling up over 30% of the total market revenue. Think about all those seals in car interiors! Plus, people are loving all the new electronics in their cars, and that's only going to make this segment bigger. The electrical & electronics and industrial manufacturing sectors are right behind. And get thisthe electrical and electronics sector is predicted to really take off thanks to all the new investments and cool innovations happening in the digital world.

Gaskets And Seals Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the Gaskets And Seals Market is classified into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific region dominated the market and held the largest share in 2021. This growth is attributed to robust economic growth, increased business investment spending, and substantial gains in manufacturing output, especially in countries such as China and Japan.

The market for insulation in North America is highly influenced by strict guidelines by the Environmental Protection Agency (EPA) and the increasing demand for reducing hazardous emissions from rotating equipment across the industrial sector. In addition, chemical, food & beverage, oil & gas, and pharmaceutical industries need superior sealing solutions to prevent contamination of end products. Europe also accounted for a significant market share in 2021. The market is the primary producer of clean automotive, having decreasing use of water and energy required in vehicle manufacturing and less waste and CO2 production.

Key Players

The “Global Gaskets And Seals Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as SKF, Dana Ltd., Crown Gaskets Pvt. Ltd., Freudenberg Sealing Technologies GmbH & Co. KG, Flowserve Corp., Smiths Group Plc, Garlock Sealing Technologies LLC, Bruss Sealing System GmbH, Cooper Standard, ElringKlinger AG.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2019, Freudenberg Sealing Technologies developed unique conductive seals to assure a lasting electrical connection between housings and shafts while also preventing bearing damage.
• In June 2019, Freudenberg Sealing Technologies launched new material and sealing innovations that are designed for the aerospace industry to increase safety and performance requirements in the industry.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Gaskets And Seals Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Gaskets And Seals Market gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

We'll dig into the market using both number-crunching (quantitative) and getting-into-the-weeds (qualitative) analysis, breaking things down by segments based on all sorts of things – not just the economy. You'll get hard numbers – market value in USD Billion – for every little piece of the market. We'll also point out which regions and segments are expected to explode with growth, and which ones will be the kings of the hill. Expect a geographical breakdown, showing where the product/service is being used most, and what's driving the market in each area. Finally, we'll check out the competitive landscape, ranking the big players and highlighting their latest moves (new services/products, partnerships, expansions, and acquisitions) over the last five years, with extensive company profiles to boot.