The latest report by IMARC Group, titled “Gaskets and Seals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global gaskets and seals market reached a value of US$ 60.2 Billion in 2021. Gaskets and seals are components that are used to fill the empty spaces between two surfaces to avoid leakage and wastage of fluids and gases. They ensure performance efficiency and enable manufacturers to comply with stringent specifications and standards. Gaskets and seals also control emissions and reduce the risk of unexpected downtime. Besides this, gaskets and seals offer high flexibility, reliability, strength and resistance to extreme heat. They are manufactured with materials that can withstand a high degree of compression, including rubber, nitrite, graphite, and neoprene. Nowadays, gaskets and seals are generally available in flat and round forms with inner rubber surfaces and outer metal rings.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Gaskets and Seals Market Trends:
The market is primarily driven by the significant growth of the manufacturing and automotive industries. Gaskets and seals provide high resistance to acids, alkaline, and chemicals, extreme pressure, and have the ability to withstand different weather conditions. Due to these properties, industrial-grade gaskets are widely utilized in process industries like refineries and petrochemical, power generation, chemical, pulp, and paper to prevent leakage of liquids and gases. In addition to this, the growth of e-commerce platforms that offer direct and third-party distribution channels to manufacturers is also impacting the market growth. Furthermore, the rise in 3D printing technology is facilitating the development of prototypes for new seal and gasket designs. Moreover, technological innovation is enhancing the quality of gaskets and sealing products, which is creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 77.1 Billion by 2027, exhibiting a CAGR of 4.13% during the forecast period (2022-2027).
- Based on the product, the market has been segmented into gaskets (metallic, rubber, cork, non-asbestos, spiral wound, and other gaskets) and seals (shaft, molded, motor vehicle body, and other seals).
- On the basis of the material, the market has been classified into fiber, graphite, PTFE, rubber, silicones, and others.
- The market has been categorized based on the application into automotive, industrial machinery, electrical and electronics, marine and rail, aerospace, oil and gas, chemicals and petrochemicals, and others.
- On the basis of the end use, the market has been segregated into OEM and aftermarket.
- Region-wise, the market has been divided into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being AB SKF, Dana Incorporated, ElringKlinger AG, Flowserve Corporation, Trelleborg AB, Freudenberg FST GmbH, Federal-Mogul Corporation, Smiths Group plc, BRUSS Sealing Systems GmbH, Cooper Standard Holdings Inc., Garlock Sealing Technologies, and Daetwyler Holding AG.
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