NEWARK, Del, July 24, 2024 (GLOBE NEWSWIRE) -- The gasket and seal market is expected to reach a valuation of US$ 87,012.9 million in 2024. The market is forecasted to grow to US$ 152,911.56 million by 2034, expanding at a CAGR of 2.10% over the forecast period. The growth of this market is closely linked to the expansion of various industries such as automotive, manufacturing, oil and gas, chemical processing, and pharmaceuticals. These industries demand effective sealing solutions to ensure operational efficiency and regulatory compliance.
Developing more durable and efficient gaskets and seals has been possible through continuous materials, design, and manufacturing advancements. High-quality sealing solutions have become necessary due to stringent environmental regulations and safety standards, particularly in hazardous or volatile industries. This has driven the demand for specialized gaskets and seals. Regular maintenance and repair activities in industries, especially in critical components like engines and transmissions within the automotive sector, contribute significantly to the demand for gaskets and seals.
The demand for high-performance sealing solutions is expected to surge with the global emphasis on fuel efficiency and emissions reduction in vehicle production. Infrastructure development projects, including residential, commercial, and industrial building construction and investments in transportation and energy infrastructure, also drive the demand for gaskets and seals used in pipelines, HVAC systems, and building structures.
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Key Takeaways from the Market Study
- The rubber segment is expected to register an 18.80% CAGR through 2034.
- Seals lead the market, accounting for a share of 63.90% in 2024.
- The market in India is projected to inflate at a CAGR of 6.7% through 2034.
- The market in Australia has the potential to increase at a 6.2% CAGR through 2034.
- The market in China is predicted to rise at a 5.9% CAGR through 2034.
- The market in the United States is anticipated to develop at a CAGR of 5.8% through 2034.
- The market in Germany is estimated to rise at 5.1% CAGR through 2034.
“Smart sealing technologies that can monitor in real-time and offer predictive maintenance are becoming popular due to the rise of digitalization and IoT integration in industrial processes. Gasket and seal manufacturers can tap into untapped growth potential in emerging automotive, aerospace, and construction markets,” opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
The gasket and seal market is witnessing significant growth, which can be attributed to the efforts of several major companies. These companies, including
- Dana Incorporated,
- Smiths Group plc,
- Freudenberg Group,
- Parker Hannifin Corporation,
are renowned for their extensive range of products, technological expertise, and strong distribution networks, which enable them to cater to diverse industries such as automotive, aerospace, oil and gas, pharmaceuticals, and manufacturing.
By continually innovating, forging strategic partnerships, and prioritizing customer satisfaction, these companies significantly contribute to expanding the gasket and seals market. They offer reliable sealing solutions that meet various sectors' evolving needs and demands worldwide.
Recent Developments
- Align Capital Partners acquired Jet Gasket & Seal in February 2023, strengthening Align's Marco Rubber & Plastics platform.
- Erith Group inaugurated UAE's first industrial sealing factory in October 2022 to boost industrial seal and gasket exports.
- Trelleborg Sealing Solutions launched HMF FlatSeal in August 2022, a new range of flat gasket materials for static sealing in various industries.
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Key Market Segmentation
By Material Type:
- Non-Asbestos Fibers
- Graphite
- PTFE
- Rubber
- Neoprene
- EPOM
- Nitrile
- Silicone
- Thermoplastics Composites
- Stainless steel
- Cork
- Ceramic
By Product Type:
- Gaskets
- Type F
- Type E
- Type D
- Type O
- Seals
- O-rings
- Rotary Shaft Seals
- Diaphragm Seals
- Hydraulic Seals
- Oil seals
- Lip seals
- Others
By Size:
- Below 0.5"
- 0.5" to 0.75"
- 0.75" to 1"
- 1" to 5"
- 5" to 10"
- 10" to 15"
- 15" to 20"
- 20" to 25"
- Above 25"
By Application:
- Water Processing & Distribution Pipeline
- Potable Water
- Waste Water
- Irrigation
- Industrial Process
- Hazardous Chemicals
- Liquid Fuels
- Gaseous Fuels
- Process Liquids
- Process Gas
- Lubricants, Oil & Grease
- Pharmaceutical Intermediates
- Beverages & Dairy Products
- HVACR Piping
- Industrial Equipment and Appliances Piping
- Automotive
- Marine and Aviation
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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