The Global Gasket and Seals Market, By Product Type (Gaskets (Jacketed Gaskets, Solid Gaskets, Spiral Wound Gaskets, and Kammprofile Gaskets) and Seals (Static Seals and Dynamic Seals)), By Sales Channel (OEM and Aftermarket), By Material Type (Metallic and Non-metallic (Elastomeric and Others), By End-use Industry (Automotive, Aerospace, Machinery, Electronics & Electrical, Marine & Rail and Others)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030”, is expected to be valued at US$ 1,20,173.9 Million by 2030, exhibiting a CAGR of 5.7% during the forecast period (2022-2030), as highlighted in a report published by Coherent Market Insights.
Gaskets are the components used to prevent the escape or flow of liquid or gases between two interfaces on the application of high pressure or temperature. The gaskets can be made of metals, elastomers, or any other non-metallic material or with a combination of more than one type of material. Seals are used to prevent leakage between two surfaces in contact. The surfaces can be at rest (stationary) or in a relative motion with respect to each other (moving). Depending on the surface, the seals are classified as static seals or dynamic seals. Depending upon the type of application, there are various seals available, such as o-ring seals, body seals, mechanical seals, shaft seals, piston seals, rod seals, lip seals, and oil seals.
The global Gasket and Seals market was valued at US$ 74,375.7 Mn in 2021 and is expected to exhibit a CAGR of 5.7% during the forecast period (2022 – 2030).
Key Developments
In October 2022, Trelleborg AB, a multinational engineering company specializing in polymer technology, announced the launch of the Tran-SECURE Fluid Sealing Management Program. Through this program, Americans will get access to flat gaskets, valve repair kits, and O-Rings.
Global Gaskets and Seals Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the outbreak of the COVID-19 pandemic, the majority of industries’ revenue got hindered as the government imposed lockdowns worldwide. The revenue drop has remained for a long period of time as the manufacturing or production activities of these industries were temporarily suspended by the government.
The pandemic also showed a downtrend in the Gasket and Seals Market and a disturbance in its supply chain due to the high prices of raw materials required for the production of gaskets and seals.
Moreover, due to the less demand and high transportation prices, most of the gaskets and seals manufacturing companies were unable to afford raw materials for manufacturing such gaskets and seals. All these factors also contributed to the slow growth of the gaskets and seals market during the COVID-19 pandemic.
However, as per CMI analysis, the Gasket and Seals market is expected to recover in the upcoming years.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/gasket-and-seals-market-3897
Browse 150 market data tables* and 90 figures* on “Global Gasket and Seals Market- Global Forecast to 2030”
Key Trends and Analysis of the Global Gasket and Seals Market:
- Market players are leaning towards marketing their products to various end-use industries, in order to capitalize on existing opportunities. Moreover, a number of small to large-scale companies cater their products in industries including automotive, chemical, power, steel, oil & gas, etc. Gasket and seals are a class of products that are utilized in virtually all end-use industries.
- Major companies in the market are focused on the expansion and realignment of distribution networks, in order to cater to customers from different end-use industries.
- Major companies involved in the global gasket and seals market are 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
