GASKET AND SEALS MARKET ANALYSIS

Gasket and seals are the materials used to prevent the passage of any foreign media through to and fro, the joined object while under compression. A gasket is a mechanical seal, which fills the space between two or more mating surfaces, in order to prevent leakage. Gaskets allow perfect mating surfaces wherein they can fill irregularities. Gaskets and seals are widely used across all end-use industries. Depending upon the application, different types of gaskets and seals are used among various end-use industries. Spiral wound, jacketed, kammprofile, and solid rings are among the key gasket types, while o-ring seals, body seals, mechanical seals, shaft seals, piston seals, etc. are the key seal types used in different applications.

The global Gaskets and Seals market is estimated to account for US$ 74,375.7 Mn in terms of value by the end of 2021 and is expected to grow at a CAGR of 5.7% during the forecasted period (2022-2030).

Market Opportunity

Customized product offerings can provide major growth opportunities

Demand for integrated gaskets and seals that can offer superior mechanical, electrical, and physicochemical properties is expected to boost during the forecast period. Manufacturers’ ability to respond to demand for such products with reduced lead time and at competitive prices is expected to create significant growth opportunities in the global market.

New product launches can pose major business opportunities

The global manufacturers of gaskets and seals, to better serve their customers, are introducing new products, and are involved in the expansion of their product portfolio.

Market Restraint

Challenges associated with manufacturing, design, and material construction are expected to hinder the global gasket and seals market during the forecast period

 Improvisation of machine design due to the increasing need for compact, efficient, and high-performance processes has resulted in the requirement for highly customized gaskets and seals. The alteration in shape, size, or design also requires a change in the material of construction used for manufacturing gaskets and seals. Limited availability of installation, manufacturing, service and safety data for newly developed gaskets and seals further pose challenges during working with them. Thus, these factors are expected to restrain the growth of the market.

 Issues regarding high-temperature sealing are expected to hinder the global gasket and seals market during the forecast period

 Sealing at high temperatures and in challenging operating conditions has remained a major hampering factor. If standard materials such as expanded graphite are used in manufacturing of gasket and seals, such standard materials cannot perform reliably for an extended time period. Thus, these factors are expected to hinder the global gasket and seals market growth over the forecast period.

Global Gaskets and Seals Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 epidemic has caused a global slowdown in vehicle production, which was having an adverse effect on the expansion of the gaskets and seals manufacturing sector. Additionally, it also anticipated a sharp drop in oil prices and a suspension of industrial activity in 2020.

Furthermore, the production of gaskets and seals was anticipated to operate at a utilization rate that was below average which resulted in a decrease in demand in the aerospace and automotive industries.

But, in the coming years, the need for gaskets and seals is also anticipated to increase due to the economic recovery and rising energy market demand.

Competitive Scenario

Key companies covered in the Global Gasket and Seals Market include Banco Products (I) Lt, Dana Incorporated, ElringKlinger AB, Federal-Mogul Holdings Corporation, Freudenberg & Co. KG, Henniges Automotive Holdings Inc., Parker Hannifin Corp., SKF AB, Smiths Group Inc. (John Crane), Trelleborg AB, and Erith Group.

Recent Developments:

• On October 26, 2022, Erith Group, an engineering solutions company providing high-end engineered sealing products started the production of industrial seals and gaskets for international-level of markets from its manufacturing hub in Ras Al Khaimah.

Forecasted Asia Pacific is expected to hold a dominant position in the Gaskets and Seals Market in 2030

Statistics:

Asia Pacific held a dominant position in the global Gasket and Seals market in 2021, accounting for a 49.2% share in terms of value, followed by Europe and North America respectively

Figure 1: Global Gaskets and Seals Market Share (%), By Region, 2021

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 Asia Pacific is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing increasing demand for gaskets and seals in emerging countries such as China and India.

 Figure 2: Global Gaskets and Seals Market (US$ Mn) Analysis and Forecast, 2017 – 2030

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The Global Gaskets and Seals Market was valued at US$ 74,375.7 Mn in 2021 and is expected to reach US$ 1,20,173.9 Mn by 2030, growing at a CAGR of 5.7% between 2022 and 2030.