The Gaskets and Seals Market size is estimated at USD 72.95 billion in 2024, and is expected to reach USD 87.62 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The COVID-19 pandemic disrupted the gaskets and seals market, causing massive disruptions to global supply chains due to lockdowns, social distancing measures, and trade sanctions. However, the market has since recovered to pre-pandemic levels.
The growth of the gaskets and seals market is driven by the increasing use of gaskets and seals in the oil and gas industry, as well as the growing demand from the chemical and petrochemical sectors.
On the flip side, the need for regular maintenance and lubrication is likely to hinder market growth.
The growing demand for electric vehicles is expected to provide opportunities for the market to flourish from the automotive sector.
Asia-Pacific is expected to dominate the global market, owing to the huge demand expected from countries like China and India during the forecast period.
The gaskets and seals market is highly fragmented. The major players (not in any particular order) include Dechengwang, Flowserve Corporation, Freudenberg Sealing Technologies, Dätwyler Holding Inc., and Tenneco Inc., among others.
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