Gaskets And Seals Industry Overview
The global gaskets and seals market size is expected to reach USD 81.70 billion by 2030, as per a new report by Grand View Research Inc., registering a CAGR of 4.1% over the forecast period. The use of advanced materials in the production of seals and gaskets for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period. Packing seals are widely used in power transmitting shafts of a rotating machine. They are used in various applications ranging from automobiles, rockets, ships, industrial plant equipment, and consumer devices. These seals prevent the leakage of fluid used in the machine to the external environment.
Gaskets And Seals Market Segmentation
Grand View Research has segmented the global gaskets and seals market report based on product, application, end-user, and region:
Based on the Product Insights, the market is segmented into gaskets and seals
The seals product segment led the market and accounted for more than 61.00% share of the global revenue in 2021. They are used in various applications ranging from automobiles, rockets, ships, industrial plant equipment, and consumer devices. Thus, the rise of automobile and electronics production in the global market is anticipated to drive the demand for mechanical seals.
The seals product segment is expected to grow at a steady CAGR over the forecast period. The machine comprising of a large vessel and a rotating shaft at the center of the vessel also requires the installation of mechanical seals. Thus, they have a wide range of applications in the oil & gas sector, such as upstream or downstream exploration and midstream transportation.
The gasket segment is projected to register the fastest CAGR over the forecast period. The gaskets handle pressure and temperature fluctuations, bolt stress relaxation, and creep. In addition, it prevents the ingress or leak of toxic and corrosive chemicals and media. Thus, gaskets are widely used for extreme chemical and temperature demands in the chemical process and aerospace.
Non-metallic gaskets are witnessing high demand in automotive electronics, further supplemented by the rising automotive production, particularly in Asia Pacific and Europe. In addition, gaskets manufactured with advanced materials, which are lightweight and offer high functionality, are expected to drive the demand for non-metallic gaskets.
Based on the End-use Insights, the market is segmented into OEM and aftersales market
The OEM sector led the market in 2021and accounted for the largest share of 60% of the overall revenue. The development of advanced proprietary materials to withstand extreme operating conditions is expected to drive the market growth of gaskets and seals.
The OEM sector is estimated to expand further at the fastest CAGR during the forecasted years. The marine industry OEM requires more than fluid or water resistance properties through their cushioning and gasketing system to withstand physical shocks, weather vibrations, intense temperature fluctuations, and more to protect industrial duty applications.
Gaskets and seals are important components in Maintenance, Repair, and Operations (MRO) operations as they play a critical role in fluid and gas leakage handling and are removed after a single use. These products are replaced each time the gases and fluids are changed in the system. As a result, a significant number of gaskets and seals are required for MRO operations in several industries.
The development of engineered plastics and elastomers for manufacturing seals for aerospace applications is likely to drive the replacement of conventional seals. Furthermore, the development of advanced seals, which offer lightweight and space-saving solutions with exceptional thermal resistance, is expected to drive the overall market growth.
Based on the Application Insights, the market is segmented into automotive, electrical & electronics, marine & rail, industrial & manufacturing, aerospace, oil & gas, chemicals & petrochemicals and others
The automotive application segment dominated the global market in 2021 and accounted for the largest share of more than 33.00% of the overall revenue. The wide application scope of seals in automotive interiors coupled with the growing affinity of consumers toward electronics in automobiles is anticipated to drive the segment growth.
Seals and gaskets are used in a broad spectrum of applications in electrical and electronics manufacturing, such as switches, LCDs, transformers, timers, telecommunication devices, and other microelectronics.
As a result, an increase in the production of electronic appliances, such as smartphones, watches, refrigerators, and TVs, backed by the growing consumer spending, is expected to drive the product demand.
Gaskets And Seals Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Key players are concentrating on new joint ventures, collaborations, agreements, and strategies to advance their production facilities and gain a larger share in the market.
Some of the prominent players in the global gaskets and seals market are:
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
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