Gaskets and Seals Market Forecasts to 2028 – Global Analysis By Material Type (Non-Metallic, Semi-Metallic, Metallic), Product (Seals, Gaskets), Application, End User, and By Geography

Gaskets and Seals Market Forecasts to 2028 – Global Analysis By Material Type (Non-Metallic, Semi-Metallic, Metallic), Product (Seals, Gaskets), Application, End User, and By Geography

According to Stratistics MRC, the Global Gaskets and Seals Market is accounted for $59.26 billion in 2022 and is expected to reach $84.54 billion by 2028 growing at a CAGR of 6.1% during the forecast period. Gasket and seals are the materials utilized to prevent the passage of any foreign media forward and backward, the joined object while under compression. Gaskets and seals are utilized to fill the space between two or more mating surfaces, generally to prevent leakage. Seals assist in stopping the leakage from the bearings and keep dust and other impurities out of the equipment.

The automotive industry extensively utilizes the products to avoid the leakage or spillage of fluids and gases. The automotive application accounted for the largest revenue share in 2021 due to the wide scope of application of seals in interiors coupled with the growing affinity of consumers toward electronics in automobiles. According to the India Brand Equity Foundation, automobile exports reached 4.13 million vehicles in FY21, growing at a CAGR of 3.47% during FY16-FY21. Two-wheelers (79.38%), passenger vehicles (9.79%), and three-wheelers (9.52%) made up the majority of exports from India.

Market Dynamics:

Driver:

Increasing leakage from various industrial equipment

Various industrial equipment goes through leakage and can result in huge loss of material and indirect loss, in terms of labor and material expense of repair, environmental losses, wasted energy, sales because of downtime, etc. Both direct and indirect losses can cause a negative impact on an organization's activity in terms of revenue generation as well as diminishing the brand image in case of industrial accidents and claims for personal injury. The gaskets and seals are utilized in vehicles to prevent fluid and gas leakages. They seal the gaps between the vehicle components in order to prevent leakage, which is driving the market growth.

Restraint:

High cost

The manufacturing process is expensive because of the high prices of the raw materials and accordingly the global automotive, gaskets, and seals market has slow development. Additionally, improvisation of machine design because of the increasing requirement for compact, efficient, and high-performance processes has resulted in the requirement of highly customized gaskets and seals, which increases the overall cost.

Opportunity:

Technological advancements

With technological advancements in the automobile sector and the requirement for improved fuel efficiency and increased vehicle performance to automotive gaskets and seals, the market is likely to grow. The manufacturers in this industry are focusing on developing materials that will utilize lesser fuel and that can endure extreme heat and pressure. So customizing the product according to the needs of the market is a good opportunity, also offering the products at competitive prices is another opportunity in the global market.

Threat:

Design and the material related to the manufacturing

Improvisation has to be made in order to design compact and the product efficient. For high-performance processes, there's a need for highly customized gaskets and seals, so this is quite difficult for the market growth. The modification in shape, size, or design also needs a change in the material of construction used for manufacturing gaskets and seals. The utilization of materials like expanded graphite, for manufacturing seals, is not reliable to use for an extended period of time. Limited availability of installation, manufacturing, service, and safety data for newly developed gasket and seals further poses challenges during working with them.

The seals segment is expected to be the largest during the forecast period

The seals segment is estimated to have a lucrative growth owing to the rise of automobile and electronics production driving the demand for mechanical seals. A machine comprising of a large vessel and a rotating shaft at the center of the vessel also requires the installation of mechanical seals. Thus, they have a wide range of applications in the oil & gas sector, such as upstream or downstream exploration and midstream transportation.

The electrical & electronics segment is expected to have the highest CAGR during the forecast period

The electrical & electronics segment is anticipated to witness the fastest CAGR growth during the forecast period due to the increasing investment and innovation leading to a rise in the digital economy. An increase in the production of electronic appliances, such as smartphones, watches, refrigerators, and TVs, backed by the growing consumer spending, is expected to drive the product demand.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the robust economic growth, a large number of passenger and commercial vehicles, increased business investment spending, and strong gains in manufacturing output. As there is an increase in the demand for the vehicles there is an increased production of electrical vehicles, there has been major growth in the market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period due to improvements in both the internal combustion of the engine and the electric vehicle segment growth. The stringent environmental regulations implemented in the region promote the use of gaskets and seals to avoid leakage and prevent the lubricant from escaping the bearings.

Key players in the market

Some of the key players profiled in the Gaskets and Seals Market include Smiths Group Plc, Garlock Sealing Technologies LLC, Freudenberg Sealing Technologies, Crown Gaskets Pvt. Ltd., ElringKlinger AG, Dana Ltd., Cooper Standard, Bruss Sealing System GmbH, Flowserve Corp., SKF and Federal-Mogul Powertrain.

Key Developments:

In Sep 2019, Freudenberg Sealing Technologies launched a new generation of conductive seals designed to ensure a durable electrical connection between housings and shafts while preventing bearing damage caused by electricity and electromagnetic radiation..

In May 2018, Federal-Mogul Powertrain introduced a piston ring eLine™ for commercial vehicle diesel engines that will enhance gas sealing capability, also enhancing engine efficiency, increased robustness and lower emissions.

Material Types Covered:
• Non-Metallic
• Semi-Metallic (Silicones)
• Metallic

Vehicle Types Covered:
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Car

Products Covered:
• Seals
• Gaskets

Applications Covered:
• Heat Exchangers
• Valve Bonnets
• Pressure Vessels
• Manhole Covers
• Handhole
• Pipe Flanges

Distribution Channels Covered:
• Aftermarket
• Original equipment manufacturer (OEM)

End Users Covered:
• Power Generation
• Oil & Gas
• Marine & Rail
• Automotive
• Industrial & Manufacturing
• Electrical & Electronics
• Chemicals & Petrochemicals
• Machinery
• Aerospace
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances