Gaskets And Seals Industry Overview
The global gaskets and seals market size was estimated at USD 56.93 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% over the forecast period.
The use of advanced materials in manufacturing gaskets and seals for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period. The global gaskets and seals industry has experienced limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in industrial activities.
As a result, the market for gaskets and seal materials has also experienced a catastrophic setback. The COVID-19 pandemic in the U.S affected the growth of the industrial operations. The stay-at-home instructions and social distancing mandates also impacted the product demand. In the U.S., the automotive sector accounted for the largest market share in 2021 and is estimated to grow at a CAGR of 3.3% over the forecast period. Gaskets and seals are designed to help ensure performance efficiency and to support manufacturers to comply with stringent specifications and standards.
Gather more insights about the market drivers, restrains and growth of the Global Gaskets And Seals Market
In addition, they also aid in reducing the risk of unexpected downtime and control emissions. In the automotive industry, increasing stringent emission norms are also one of the major factors that are expected to drive the product demand. The industrial sector is also witnessing the development of advanced power transmission seals, which are expected to demonstrate a notable reduction of power loss in drive assemblies as opposed to conventional sealing elements. These seals comprise revolutionary designs and special materials, which offer superior performance under extreme pressure conditions.
They also ensure the optimization of sealing function, friction, and abrasion resistance. The use of advanced sealing systems and components is projected to enhance the production efficiency and sustainability of plants. Thus, it allows products to be manufactured with greater resource efficiency. Companies are also installing indicators to gauge energy efficiency and emissions at plants. Hence, sealing solutions are expected to aid the growth of green manufacturing across the industrial sector, thereby driving the overall demand for seals in the market.
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- Smartphone Market – The global smartphone market is expected to gain significant demand owing to the growing demand for mobile internet services and applications along with real-time need for information exchange.
- Watches Market– The global watches market size was valued at USD 50.1 billion in 2018. Increasing fashion trends among people and rising disposable income of the working class population on a global level are projected to remain favorable factors in the market.
Gaskets And Seals Market Segmentation
Grand View Research has segmented the global gaskets and seals market based on product, application, end-user, and region:
- Gaskets and Seals Product Outlook (Revenue, USD Million, 2017 – 2030)
- Shaft Seal
- Molded Packing & Seals
- Motor Vehicle Body Seal
- Gaskets and Seals Application Outlook (Revenue, USD Million, 2017 – 2030)
- Electrical & Electronics
- Marine & Rail
- Industrial & Manufacturing
- Oil & Gas
- Chemicals & Petrochemicals
- Gaskets and Seals End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Aftersales market
- Gaskets and Seals Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East and Africa
Market Share Insights
- September 2019: Freudenberg Sealing Technologies has evolved a new conductive seals to ensure a lasting electrical connection between housings and shafts while also preventing bearing damage.
- June 2019: Freudenberg Sealing Technologies announced new material and sealing innovations that are designed for aerospace industry to grow safety and performance requirements in the industry.
Key Companies profiled:
Some prominent players in the global gaskets and seals market include,
- 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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