Gaskets and Seals Market Report

Gaskets and Seals Market Size:

The global gaskets and seals market size reached US$ 65.4 Billion in 2023. Looking forward, the market is expected to reach US$ 89.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032. The market is experiencing steady growth driven by the increasing demand from key industries, such as automotive, aerospace, and oil and gas, stringent regulatory standards across various sectors, and continuous technological advancements in material science.

Gaskets and Seals Market Analysis:

• Major Market Drivers: The gaskets and seals market is driven by the increasing demand from automotive and manufacturing sectors for effective sealing solutions, stringent regulatory requirements for emissions and safety, and growing investments in infrastructure development globally.
• Key Market Trends: Some of the key market trends include the adoption of advanced materials like silicone and fluoropolymers for enhanced performance and durability, rising demand for customized seals in specialty applications such as aerospace and pharmaceuticals, and the shift towards eco-friendly and sustainable sealing solutions.
• Geographical Trends: Asia-Pacific shows rapid growth driven by rapid industrialization and urbanization as well as increasing manufacturing activities, particularly in emerging economies like China and India. North America and Europe are also contributing to the gaskets and seals market share due to established automotive industries and stringent regulatory standards.
• Competitive Landscape: Some of the key market players include AB SKF, Dana Incorporated, ElringKlinger, Flowserve, Trelleborg, Freudenberg Sealing Technologies, Federal-Mogul, Smiths Group, BRUSS Sealing Systems, Cooper Standard Holding, Garlock Sealing Technologies, Daetwyler Holding, etc.
• Challenges and Opportunities: Some of the challenges in the market include fluctuating raw material prices, intense competition, and the complexity of meeting diverse industry standards. Opportunities lie in technological advancements such as smart seals and IoT integration for predictive maintenance, as well as expanding applications in renewable energy sectors and emerging markets.
   

Gaskets and Seals Market Trends:

Increasing demand for electric vehicles

According to a 2018 article, the United States is not alone in its efforts to promote green transportation. The UK has registered over 166,000 electric vehicles, with an expected 49 million in circulation by 2050. The EV sector is seeing exponential expansion across the globe, with China registering over 1.2 million EVs and the United States recording 750,000. Gaskets and seals are widely employed in electric vehicle battery systems. The battery packs are enclosed within the panels, forming the upper and lower housing, with gaskets and seals separating the portions. It also keeps dust and liquids out of the housing space. This, in turn, is contributing to the gaskets and seals market growth.

Rising product demand in the aerospace sector

The number of commercial flights decreased significantly during the pandemic but increased after the outbreak. According to a study, the number of commercial flights in the EU increased by 25% between August 2021 and August 2022. This increasing percentage represents growth, but remains lower than the pre-pandemic level. However, this gap is closing quickly. Seals and gaskets are used in the aerospace and aviation industries to seal gaps between mating surfaces on aircraft. It also provides environmental sealing, flame or fire barrier, oil and fuel resistance, among other properties. This is resulting in a higher uptake of the product in the construction of aircrafts, which is propelling the gaskets and seals demand over the forecast period.

Rising product applications in the oil and gas industry

The oil and gas industry operates in a difficult environment with high operating efficiency, necessitating maximum equipment uptime. The industry prioritizes controlling the leakage of potentially dangerous petrochemical products in valves. Rising oil and gas exploration activities, as well as an expanding chemical processing sector, are likely to drive the demand for pipeline and heat exchanger gaskets. Gaskets and seals are essential in various equipment in the sector to ensure proper functioning since they help prevent leakage of any type of liquid or gas processing, thereby contributing to the growing gaskets and seals market revenue.

Gaskets and Seals Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product, material, application, and end-use.

Breakup by Product:

• Gaskets
  • Metallic Gasket
  • Rubber Gasket
  • Cork Gasket
  • Non-Asbestos Gasket
  • Spiral Wound Gasket
  • Others 
• Seals
  • Shaft Seals
  • Molded Seals
  • Motor Vehicle Body Seals
  • Others
     

Seals dominate the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes gaskets (metallic gasket, rubber gasket, cork gasket, non-asbestos gasket, spiral wound gasket, and others) and seals (shaft seals, molded seals, motor vehicle body seals, and others). According to the report, seals represented the largest segment.

The seals segment represents the dominant segment in the market during the gaskets and seals market forecast period. This dominance is attributed to its applications, such as industrial plant equipment, automobiles, consumer devices, and rockets. These seals help prevent the leakage of fluid used in the machine. The increasing use of electronics and automobiles will further accelerate the adoption of seals. Seals are extensively utilized as they possess excellent heat resistance, chemical resistance, and low seating stress, and high compressive load endurance. They have broad applications in diverse sectors like electronics, aerospace and manufacturing. This, in turn, is creating a favorable gaskets and seals market outlook.

Breakup by Material:

• Fiber
• Graphite
• PTFE
• Rubber
• Silicones
• Others
   

Rubber holds the largest share in the market

A detailed breakup and analysis of the market based on the material have also been provided in the report. This includes fiber, graphite, PTFE, rubber, silicones, and others. According to the report, rubber accounted for the largest market share.

Rubber's dominance in the market can be attributed to the material's versatility, resilience, and low cost. Rubber products are used in a wide range of applications, from everyday household items to complicated gear in the automotive and aerospace industries. Furthermore, the material's ability to offer tight sealing under a variety of situations, combined with its longevity, make it the preferred choice for a wide range of sealing applications. The ongoing developments of synthetic rubber versions for meeting specific industrial requirements strengthens rubber's position as the market leader, as per the gaskets and seals market overview.

Breakup by Application:

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

Automotive holds the maximum share in the market

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes automotive, industrial machinery, electrical and electronics, marine & rail, aerospace, oil & gas, chemicals & petrochemicals, and others. According to the report, automotive accounted for the largest market share.

The automotive industry is dominating the market with the largest market share and offering numerous gaskets and seals market recent opportunities. Automotive gaskets and seals are widely utilized in engine applications of automobiles, such as powertrain, chassis, exhaust manifolds, and other components. Sealing instrument panels, sunroofs, headliners, interior door panels, visor mirror glass, and fuse boxes are all examples of interior automotive applications. Thus, the widespread use of seals in interiors, combined with consumers' growing affinity for electronics in automobiles, is expected to fuel the product uptake. In automobiles, they are used in numerous applications, including engines, transmissions, and fluid conveyance systems.

Breakup by End-Use:

• OEM
• Aftermarket
   

OEM represents the leading market segment 

A detailed breakup and analysis of the market based on the end-use have also been provided in the report. This includes OEM and aftermarket. According to the report, OEM represented the largest segment.

OEMs hold the majority of the market share in the industry since they require a wide range of gaskets and seals in various thicknesses to meet different product criteria. The augmenting need for a wide range of products in different thicknesses and material compositions is driven by the necessity to meet stringent product criteria, ensuring optimal performance and reliability. This demand is particularly pronounced in industries like automotive, aerospace, and heavy machinery, where gaskets and seals must provide superior fluid or water resistance, endure physical shocks, withstand weather vibrations, and tolerate intense temperature fluctuations to protect industrial-duty applications.

Breakup by Region:

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

Asia Pacific leads the market, accounting for the largest gaskets and seals market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. According to the report, Asia Pacific represents the largest regional market for gaskets and seals.

A substantial portion of the gaskets and seals market recent developments are due to the expansion in the automotive sector in the Asia Pacific region. According to OICA, automobile output in China and India is expected to expand by 3% and 24% respectively in 2022 when compared to the same time in 2021. China is a chemical processing powerhouse, producing a large portion of the world's chemicals. With the growing global need for various chemicals, the demand for the product in this sector is expected to rise during the forecast period. China intends to extend its network of inter-country pipelines, including additional connections to Central Asia and Russia. The China National Petroleum Corporation (CNPC), for instance, intends to finish substantial sections of Russia's huge oil and gas pipelines in Heilongjiang, the country's northeast. Furthermore, the rising industrial, electrical, and electronics sectors in developing economies, such as China, India, and ASEAN countries, are likely to increase the regional demand for gaskets and seals.

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include AB SKF, Dana Incorporated, ElringKlinger, Flowserve, Trelleborg, Freudenberg Sealing Technologies, Federal-Mogul, Smiths Group, BRUSS Sealing Systems, Cooper Standard Holding, Garlock Sealing Technologies, Daetwyler Holding, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key gaskets and seals companies in the global market are continuously engaged in a variety of strategic activities to establish their market position. These companies are heavily investing in R&D to innovate and improve the performance of their products, with an emphasis on advanced material technologies. Mergers and acquisitions are also allow these companies to broaden their product offerings and penetrate new markets. In addition, they are forging strategic partnerships and collaborations with other competitive companies to capitalize on their shared technological and market reach. To meet the shifting regulatory landscape and different business needs, they are prioritizing customization and increasing their service offerings while assuring compliance with industry-specific standards.

Gaskets and Seals Market News:

• September 12, 2023: Dana Incorporated launched a new series of Victor Reinz Victor-Lock reusable differential gaskets tailored for severe-duty applications. According to the company, these high-end gaskets incorporate a durable FoamFlex facing material fused to a steel core, complemented by strategic silicone beading. This design aims to bolster sealing effectiveness under stress, optimizing load distribution in crucial zones for a superior, leak-resistant seal.
• December 6, 2023: Freudenberg Sealing Technologies announced the production of one million units of its new foldable gasket for battery electric vehicles at its Langres, France facility. This achievement marks a pivotal moment for the company, as its innovative gasket design plays a crucial role in enhancing the reliability and durability of battery systems, essential for the sustainable mobility landscape of the future.
• February 27, 2024: John Crane, a prominent player in rotating equipment solutions and energy transition technologies under Smiths Group plc, has secured contracts to supply dry gas seals for three supercritical CO2 compressors of a large-scale blue hydrogen project in Texas and wet seals for a battery manufacturing facility in Tennessee, USA, thereby establishing its position as an energy transition technology provider.

Gaskets and Seals Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the gaskets and seals market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global gaskets and seals market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the gaskets and seals industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.