Newark, April 11, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global gaskets and seals market is expected to grow from USD 68.15 Billion in 2023 to USD 94.47 Billion by 2033, at a CAGR of 3.32% during the forecast period 2024-2033.
This growth is attributed to its growing use as it offers a physical barrier against fluids, contaminants, electrostatic discharge and electromagnetic interference.
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Competitive Strategy
To enhance their market position in the global gaskets and seals market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In December 2023: Trelleborg, through its business unit Trelleborg Sealing Solutions, acquired MNE Group, which consists of organizations like Materials Nano Engineering and Materials Nano Solution. MNE group was focused on manufacturing high-performance speciality seals used in semiconductor production equipment. Through MNE Group, the organization is gaining many customer contacts with some of the largest semiconductor manufacturers. It will eventually help the organization expand its Gaskets And Seals market share.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 68.15 Billion |
| Market Size in 2033 | $ 94.47 Billion |
| CAGR | 3.32% |
| No. of Pages in Report | 185 |
| Segments Covered | by Material Type, Product, Application, End User, Regions |
| Drivers | Growing demand for EVs |
| Opportunities | Demand in the aerospace sector |
| Restraints | Problems involved in designing and manufacturing |
Market Growth & Trends
Based on a 2018 article, the US is not moving towards green transportation alone. The UK has registered around 166,000 electric cars, and it was estimated that there will be around 36 million cars in circulation by 2050. There is exponential growth witnessed in the EVs sector, where China registered around 1.2 million EVs and in the US, it was 750,000. Based on another article, the new EV sales have increased by 82% in China for 2022, accounting for 60% of total EV purchases globally. It has surpassed the US, Norway and other Scandinavian countries, which were the earlier adopters of EVs. Gaskets and seals are broadly used in EV battery systems. The battery packs are covered inside the panels, which makes the upper and lower housing and gasket and seals separate the sections. It also helps keep the particles and liquid out of the housing area. All these factors are eventually driving the Gaskets And Seals market. Gaskets and seals are broadly used as they have heat resistance, chemical resistance, and low seating stress, and they can endure high compressive loads and have high strength. Gaskets and seals have broad applications in other sectors like electronics, aerospace manufacturing, etc. The use in the electronics sector is growing as it helps increase the efficiency in varying operating temperatures by addressing vibration damping and mechanical stress. There is also a growing demand for gaskets. Metallic gaskets are made for use in high-pressure and temperature applications. Gaskets are broadly used in automotive engines, industrial machinery, aircraft, and energy equipment to maintain pressure and prevent the leakage of fluids and entry of contaminated particles. The use of gaskets is very important in many cases, but the seal sales are more significant. It is generally because the seals are diversified in many applications. Gaskets and seals are used in oil refineries, heavy industrial machinery and fuel injectors in engines as they resist extreme temperatures and pressures.
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Key Findings
• In 2023, the non-metallic segment dominated the market with the largest market share of 56.12% and market revenue of USD 38.25 Billion.
The material type segment is divided into metallic and non-metallic. In 2023, the non-metallic segment dominated the market with the largest market share of 56.12% and market revenue of USD 38.25 Billion. These offer good leakage prevention and match easily with advanced design requirements.
• In 2023, the seals segment dominated the market with the largest market share of 61.45% and market revenue of USD 41.88 Billion.
The product segment is divided into gaskets, seals and others. In 2023, the seals segment dominated the market with the largest market share of 61.45% and market revenue of USD 41.88 Billion. This market share is attributed to its applications like industrial plant equipment, automobiles, consumer devices and rockets.
• In 2023, the automotive segment dominated the market with the largest market share of 31.44% and market revenue of USD 21.43 Billion.
The application segment is divided into automotive, electrical & electronics, marine & rail, industrial & manufacturing, oil & gas, aerospace and others. In 2023, the automotive segment dominated the market with the largest market share of 31.44% and market revenue of USD 21.43 Billion. This market share is attributed to the extensive use of gaskets and seals in the engine applications of automobiles such as chassis, powertrains, etc.
• In 2023, the OEM segment dominated the market with the largest market share of 62.51% and market revenue of USD 42.60 Billion.
The end user segment is divided into OEM and aftersales. In 2023, the OEM segment dominated the market with the largest market share of 62.51% and market revenue of USD 42.60 Billion. Gaskets and seals are crucial as they help in engine repair and prevent the leakage of coolants, fuel gases, etc.
Regional Segment Analysis of the Gaskets and Seals Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global gaskets and seals industry, with a market share of 46.12% and a market value of around USD 31.43 Billion in 2023. This market share is attributed to the surge in the use of products in the region's transportation, aerospace, railways, marine and electronic sectors.
Key players operating in the global gaskets and seals market are:
• ElringKlinger AG
• Trelleborg Sealing Solutions
• Cooper Standard.
• Dana Limited
• Flowserve Corporation
• Smiths Group Plc
• SKF
• Freudenberg Sealing Technologies GmbH & Co. KG
• Garlock Sealing Technologies
• Bruss Sealing System GmbH.
• Crown Gaskets Pvt. Ltd.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Gaskets and Seals market based on below mentioned segments:
Global Gaskets and Seals Market by Material Type:
• Metallic
• Non Metallic
Global Gaskets and Seals Market by Product:
• Gaskets
• Seals
• Others
Global Gaskets and Seals Market by Application:
• Automotive
• Electrical & Electronics
• Marine & Rail
• Industrial & Manufacturing
• Oil & Gas
• Aerospace
• Others
Global Gaskets and Seals Market by End User:
• OEM
• Aftersales
About the report:
The global gaskets and seals market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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