Gaskets and Seals Market Size Worth $87.9 Billion By 2028 | CAGR: 3.9%: Polaris Market Research

NEW YORK, April 12, 2021 /PRNewswire/ -- The global Gaskets and Seals Market size is expected to reach USD 87.9 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 3.9% From 2021 – 2028. A rise in demand for gaskets, especially in the automotive sector that helps to reduce the dangerous emission and need to abide by laws of environmental protection agency are key factors augmenting the market growth. Increasing preference for vehicles having higher fuel efficiency and rise in use of gaskets and seals for improving the total life span of vehicles is creating new growth avenues. Moreover, the rise in the use of automation technology in the production of products is further propelling the market growth. Furthermore, the rapid development of the e-commerce industry coupled with an emerging trend of online shopping is projected to complement the overall development of the market.

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Key Highlights of Gaskets and Seals Market

• In terms of product, the seals segment is anticipated to account for substantial revenue growth over a forecast period. The rise in the application of seals to save energy and reduce pollution in the atmosphere, which is propelling this segment's rise in the global market.
• Based on application, the automotive segment is predicted to dominate the market and register the fastest growth during the forecast period. The growing automotive industry and the rise in demand for lightweight sealing are expected to boost this segment's growth in the global market.
• By end-use industry, the machinery segment emerges as the largest revenue contributor in the global market. The increasing use of machine equipment in different manufacturing sectors, as well as in the oil and gas industry, is expected to drive this segment forward.

Regional Developments :

In terms of sales, North America and Europe hold a large share of the market, and this is projected to continue throughout the forecast period. A growing aerospace and marine industry is expected to propel the target market in the European market. Accelerated industrialization and increased demand from a variety of end-use industries, such as automotive, petrochemical, and oil and gas refineries, are driving market growth in Asia-Pacific. Factors such as the expanding industrial sector in developing economies such as China, India, and other Asian countries, are predicted to fuel demand for gaskets and seals in the region

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Competitive Outlook:

Some of the major market participants include Hutchinson SA, Bruss Sealing System GmbH, Smiths Group Plc, Dana Holding Corporation, Trelleborg Sealing Solutions AB, Freudenberg Sealing Technologies GmbH & Co. KG, Garlock Sealing Technologies LLC, Daetwyler Holding, Cooper Standard Holding Inc., AB SKF, Boyd Corporation, ElringKlinger AG, Flowserve Corporation, Federal-Mogul Motorparts, Parker Hannifin Corporation, The Timken Company, Magnum Automotive Group LLC, and James Walker.

The global gaskets and seals market has become highly competitive and fragmented in nature as a result of an increase in the entry of a large number of vendors. To fulfill the emerging requirement for high-performance gaskets and seals from different industry verticals, various manufacturers are focusing on the development of new materials to achieve higher efficiency. Additionally, market participants are also emphasizing the introduction of new products to gain more consumers.

Target Audience

• Supply Side: Manufacturer and Supplier of Machinery
• Demand Side: Aerospace, Automotive, Electronics & Electrical Industry
• Regulatory Side: Central Pollution Control Board (CPCB)

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Polaris Market Research has segmented the gaskets and seals market report on the basis of material, product, sales channel, end-use, and region:

Gaskets and Seals Material Outlook (Revenue, USD Million, 2016 – 2028)

• Metal
• Plastic Polymer
• Rubber
• Fiber
• Silicones
• Graphite
• Others

Gaskets and Seals Product Outlook (Revenue, USD Million, 2016 – 2028)

• Gaskets
• Non-Metallic
• Semi-Metallic
• Metallic
• Seals
• Molded
• Vehicle Body
• Shaft
• Others

Gaskets and Seals Sales Channel Outlook (Revenue, USD Million, 2016 – 2028)

• Aftermarket
• OEMs

Gaskets and Seals End-User Outlook (Revenue, USD Million, 2016 – 2028)

• Aerospace
• Electronics
• Automotive
• Oil & Gas
• Industrial
• Others

Gaskets and Seals Regional Outlook (Revenue, USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Netherlands
• Austria
• Asia Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Indonesia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa
• Israel
• UAE

List of Key Players of Gaskets and Seals Industry

• Hutchinson SA
• Bruss Sealing System GmbH
• Smiths Group Plc
• Dana Holding Corporation
• Trelleborg Sealing Solutions AB
• Freudenberg Sealing Technologies GmbH & Co. KG
• Garlock Sealing Technologies LLC
• AB SKF
• Parker Hannifin Corporation
• Flowserve Corporation

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About Polaris Market Research

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SOURCE Polaris Market Research