Gaskets And Seals Market– Statistics And Analysis & Forecast To 2030

Posted by Mrudula Anil Karmarkar on March 16th, 2023

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.

Thus, the rapid growth in automobile and electronics production in the global market is anticipated to drive the demand for mechanical seals. 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.

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.

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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.

Gaskets And Seals Market Report Highlights

• The seals product segment led the market in 2021 and accounted for the largest revenue share. The segment is estimated to continue its dominance over the forecast period due to a wide product application scope
• The gasket segment is projected to register a steady CAGR over the forecast period. The gaskets handle pressure and temperature fluctuations, bolt stress relaxation, and creep, thus have a high demand in various applications
• The automotive application segment accounted for the largest revenue share in 2021 due to the wide scope of application of seals in interiors coupled with the growing affinity of consumers toward electronics in automobiles
• China accounted for a dominant share in the Asia Pacific regional market in 2021. A rapid rise in the M&As, integration operations and site relocations activities is being observed in the automotive industry in the country
• The North America and Europe regions are slightly less competitive compared to the APAC region. This can be attributed to the presence of fewer companies in the former regions

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.

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. Companies are also involved in the production of a number of advanced products and frequently update their product portfolio. The introduction of advanced form-in-place liquid gaskets is one of the major areas expected to foresee voluminous research & development undertaken by companies over the forecast period.

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