Gaskets And Seals Market Size, Share & Trends Analysis Report By Product (Gaskets, Seals), By Application (Automotive, Aerospace), By End-use (OEM, Aftersales Market), And Segment Forecasts, 2024 - 2030

Gaskets And Seals Market Size, Share & Trends Analysis Report By Product (Gaskets, Seals), By Application (Automotive, Aerospace), By End-use (OEM, Aftersales Market), And Segment Forecasts, 2024 - 2030

Gaskets And Seals Market Growth & Trends

The global gaskets and seals market is anticipated to reach USD 81.69 billion by 2030 and is projected to grow at a CAGR of 4.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market growth can be attributed to the usage of advanced materials in producing gaskets and seals for various applications such as chemical processing, medical equipment, and aircraft production.

One of the most advanced technologies in the market is the light-curable form-in-place gasketing. Light-curing FIP materials are used in a wide range of applications, including mobile devices, lighting, HVAC, electrical devices, energy, and industrial hardware. They are designed for programmable automated dispensing to support mass production and consistency in bead profiles for flat surfaces, single walls, or channel configurations.

Seals are a critical component for energy conservation as they restrict the energy loss by controlling fluid leaks in heating process. In addition, installation of mechanical seals is also required for a machine consisting of a big ship and a rotation shaft at the center of it. As a result, this product finds several applications in oil and gas sector, such as midstream transport and downstream and upstream exploration. In Europe, around 10% of electrical power is used by pumping equipment, which is an important part of running manufacturing operations. Regulatory bodies operating in the European region and plant owners are focusing on the energy efficiency of pumps and pumping systems. This is anticipated to promote the demand for seals in the region, thereby driving the market growth over the forecast period.

Increasing utilization of steel and aluminum alloys as the primary choice for manufacturing gaskets and seals poses a threat in case the raw materials are extracted using unsustainable extraction techniques, leading to significant air pollution, residues, and wastewater sludge. Production of steel and aluminum alloys is one of the most energy-consuming industrial activities that also results in emission of CO2.

The market is characterized by presence of several companies involved in the production of a large number of products marketed under trademarked brand names. Companies in market compete based on product design, material grade, operational efficiency, and overall price. High pressure from the low-cost products manufactured by medium and small enterprises in Asia is expected to result in intensive competitive rivalry and a reduction in the overall product price.

Application industries operating in the gaskets and seals market include automotive, electrical & electronics, marine & rail, aerospace, oil & gas, chemical, food & beverage, and others. These industries procure gaskets and seals directly from product manufacturers or product distributors & suppliers. Major industry players include Airbus, Boeing, ExxonMobil, and BASF, among others.

Gaskets And Seals Market Report Highlights

• Among products, the seals segment dominated the market with a revenue share of 60.2% in 2023. They are applicable to a variety of applications, e.g., automobiles, rockets, ships, industry equipment, and consumer appliances. Therefore, demand for mechanical seals is expected to be driven by growing automotive and electronics production in global market
• Automotive application segment dominated the global market in 2023 with the largest revenue share of 33.2%. This segment growth is expected to be driven by wide application of seals in car interiors, as well as an increasing consumer interest in electronics inside vehicles
• OEM held the largest revenue share in 2023 and is expected to grow further at a faster CAGR over the forecast period. Market for gaskets and seals for OEM is expected to grow as a result of the development of advanced proprietary materials that can cope with extreme operating conditions
• Asia Pacific dominated the market in 2023 and is further expected to witness growth at the fastest CAGR over the forecast period. Rapid rise in integration operations, site relocations, and mergers & acquisitions is being observed in the automotive industry in various countries of a region. Global production companies are expected to set up their manufacturing facilities in economies such as India owing to low cost of production. These trends are anticipated to drive the demand for gaskets and seals in region over the years owing to their benefits in avoiding leaks and providing safety
• The presence of various small, medium, and big traders in the world market gives rise to a moderate degree of concentration in the market. New joint ventures, collaboration agreements, and strategies to improve production facilities are being pursued by key players with a view to gaining greater market share. Furthermore, several advanced products are also produced by companies, which helps them in regularly updating their product portfolio.

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