Global Gaskets & Seals Market Outlook & Forecast Report 2023-2028: Increasing Use of Gaskets and Seals in Electric Vehicles Drives Growth - 5.5% CAGR Forecast During 2022-2028

DUBLIN, March 12, 2024 /PRNewswire/ -- The "Global Gaskets & Seals Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global gaskets and seals market is expected to grow at a CAGR of 5.5% during 2022 to 2028, growing from USD 68.7 Billion in 2022 to USD 95.1 Billion in 2028.

The global gaskets and seals market is highly fragmented due to the presence of many vendors. Vendors in the market are implementing strategies to undertake the severe competition. M&As are observed at numerous intervals to gain scale and scope opportunities. The market for gaskets and seals is highly fragmented due to many vendors across regions.

To achieve a competitive edge, vendors must focus on developing innovative technologies and staying updated with upcoming innovations in the industry. Many international players are expected to strengthen their global presence, particularly in the fast-growing APAC and Latin American markets, by offering industry-leading smart gaskets and seals and capturing more market share during the forecast period.

APAC was the most significant revenue contributor to the global gaskets and seals market, accounting for a share of over 42% in revenue in 2022. The region has many automotive manufacturers and production units, which gradually increase the use of gaskets and seals as they are crucial elements of the automotive industry. Further, the rising urbanization and population in emerging markets such as India and China, which cover almost 36% of the world population, will likely impact the market.

Additionally, the shift towards better living standards and demand for personal mobility has grown in the past few years, contributing to the market's growth. For instance, as per OICA, the percentage change in India and China was 3% & 24% respectively in 2022. Moreover, with luxury carmakers such as Audi, BMW, and Mercedes in the region, customer preferences have changed to vehicles with luxurious and advanced features. The new trend of giving importance to eco-friendly cars will propel the automotive parts and components market, which is expected to raise the demand for gaskets and seals during the forecast period.

Market Opportunities & Trends

• Introduction of 3D Printing in Manufacturing of Gaskets and Seals
• Customization Based on End-use Applications
• Increasing Use of Gaskets and Seals in Electric Vehicles

Market Growth Enablers

• Dominant Manufacturing Sector in APAC
• Innovative Designs in Manufacturing Sector
• Expansion of Aviation Industry

Market Restraints

• High Degree of Raw Material Cost Fluctuations
• Intellectual Property Risk
• Declining Production and Sales Volume in Automotive Industry

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT TYPE

The global gaskets and seals market by product type is segmented into seals (shaft seals, molded seals, motor vehicle seals, and other seals) and gaskets (jacketed gaskets, solid gaskets, spiral wound gaskets, kammprofile gaskets, and others). The seal product type segment is dominating the market in 2022 and is expected to maintain its position during the forecast. Seal market growth is primarily attributed to several factors involving its widespread application in chemical, industrial plants, automotive, and consumer durable products to prevent leakage.

The growing industrial sector is also crucial in advancing the seal market as it involves using mechanical seals in large machinery and equipment installations. Furthermore, the application of gaskets is extensive across industries, and demand and utilization in the aerospace and automotive sectors remained crucial and increased significantly in 2022. This results from the production and export volumes of aircraft spares and automotive parts in emerging and developed countries in Latin America, APAC, and the Middle East.

INSIGHTS BY MATERIAL

The metallic material segment dominates the global gaskets and seals market, owing to its robot heat-resistant technology and efficient performance in high pressure. In the automotive industry, metal gaskets and seals are in high demand due to their crucial role in ensuring vehicles' reliable and efficient operation. However, the non-metallic segment is growing at a high CAGR rate owing to the increasing application of a large number of industries that depend on rubber, silicone, and other non-metallic gaskets and seals to integrate technology into their products, which is increasing growth opportunities in several non-conventional application areas such as in heavy machines and earthmovers.

INSIGHTS BY END-USE

The OEMs end-use segment held the most prominent share of the global gaskets and seals market 2022. One of the significant roles of gaskets and seals in OEM applications is to provide a reliable and leak-free seal between two or more mating surfaces. This is crucial in industries such as automotive manufacturing, where engines, transmissions, and other fluid-carrying components must remain sealed to prevent the escape of oil, coolant, or other fluids. However, the requirement for gaskets and seals for the aftermarket is also catching up, exhibiting a higher CAGR during the forecast period.

INSIGHTS BY APPLICATION

The global gaskets and seals market by application is segmented into industrial machinery, automotive, electricals and electronics, aerospace industry, marine and rail, and others. The industrial manufacturing segment dominated the global market in 2022 owing to the rising development of plants in emerging countries such as India and China, among others. Adoption of new technologies and product variation in design and efficiency are significant across all industries.

OEMs and aftermarket vendors in the machinery market are looking to provide innovative offerings that exceed conventional performance and efficiency. In recent years, emerging countries like India and China have become green hubs for the gaskets and seals industry. This is due to increasing government emphasis on industrial revolutions to propel productivity, export volumes, and demand for industrial machinery and heavy equipment. Furthermore, growing investments in oil refineries, extraction pipes, and machinery are expected to bolster the gaskets and seals industry in the Middle East.

Key Company Profiles

• Dana
• ElringKlinger
• Freudenberg
• AB SKF
• Tenneco
• Flowserve
• Smith's Group

Other Prominent Vendors

• Trelleborg
• Accroseal
• Vicone Rubber
• A.J. Rubber & Sponge
• Seals and Design
• MSG Seals
• Keith Payne Products
• Enpro
• Datwyler Holding
• Bruss Sealing System
• Cooper Standard Holding
• Dupont
• Kaman
• TEADIT
• Frenzelit
• Flexitallic
• Sanwa Packing Industry
• AIGI Industrial Group of Companies
• AMETEK Incorporated
• Zhongding Group
• BAL Seal Engineering
• Caterpillar
• Federal-Mogul
• Crown Gaskets 
• W.L. Gore & Associates
• Greene Tweed
• Henkel AG
• ILPEA Industries
• Interface Performance Materials
• Ishikawa Gaskets
• VALQUA, Ltd
• Parker-Hannifin
• Asian Sealing Products
• Henniges Automotive
• Garima Global
• Mercer Gaskets & Shim
• Motion Industries, Inc
• The Timken Company
• Saint-Gobain Tape Solutions
• Rogan
• Allegis
• Tranter
• Sealing Devices

Report Segmentation

Segmentation by Product Type

• Seals
• Shaft Seals
• Molded Seals
• Motor Vehicle Seals
• Other Seals
• Gaskets
• Jacketed Gaskets
• Solid Gaskets
• Spiral Wound Gaskets
• Kammprofile Gaskets
• Others

Segmentation by End Use

• OEMs
• After Market

Segmentation by Material Type

• Metallic
• Non-metallic

Segmentation by Application

• Industrial Machinery
• Automotive
• Electricals and Electronics
• Aerospace Industry
• Marine and Rail
• Others

For more information about this report visit https://www.researchandmarkets.com/r/8i4qe

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets