Asia Pacific Form-In-Place Gasket Market Forecast to 2030 - Regional Analysis - by Application (Marine, Automotive, Electrical and Electronics, Aerospace, Lighting, and Others)

Asia Pacific Form-In-Place Gasket Market Forecast to 2030 - Regional Analysis - by Application (Marine, Automotive, Electrical and Electronics, Aerospace, Lighting, and Others)

The Asia Pacific form-in-place gasket market is expected to grow from US$ 615.81 million in 2022 to US$ 881.85 million by 2030. It is estimated to record a CAGR of 4.6% from 2022 to 2030.

Growing Oil & Gas Industry Boosts Asia Pacific Form-In-Place Gasket Market

Form-in-place gaskets are used to seal flanges in pipelines and equipment within the oil and gas infrastructure. The gaskets provide a secure and leak-resistant seal between connected flanges, preventing the escape of fluids and gases. In oil and gas wellheads, where pressure and temperature conditions can be extreme, form-in-place gaskets are used to seal critical connections. During the construction and maintenance of pipelines, form-in-place gaskets are used to seal the connections between pipeline segments. These gaskets are applied in the sealing of tanks and vessels used for storage and transportation of oil and gas. According to the International Energy Agency, the global oil demand rebounded in 2021, and Asia is expected to account for 77% of oil demand by 2025. Asian oil import requirements are expected to surpass 31 million barrels per day by 2025. Governments of various countries in Asia Pacific have initiated projects to cater to the rising demand for oil and gas in the region. In April 2023, Indradhanush Gas Grid Limited (IGGL) completed Asia's largest underwater hydro-carbon pipeline below the river Brahmaputra that connects Jorhat and Majuli in Assam, India. Therefore, the rise in oil and gas projects propels the form-in-place gasket market growth.

Asia Pacific Form-In-Place Gasket Market Overview

The demand for form-in-place gaskets in Asia Pacific is in parallel with industrialization and vehicular production in the region. The increasing number of on-fleet vehicles in countries such as China, India, and South Korea propels the demand for printed circuit boards (PCBs) and semiconductors, further bolstering the need for form-in-place gaskets. With China's evolution into a high-skilled manufacturing hub, developing countries such as South Korea, India, Taiwan, and Vietnam are attracting several businesses that plan to relocate their low to medium-skilled manufacturing facilities to neighbouring countries, which results in reduced labor costs. As per the study by the Semiconductor Industry Association, ~75% of global semiconductor capacity is based in East Asia. Semiconductor companies will benefit from a cost advantage of 25% to 50% with the start of manufacturing activities in the region. Further, electronics and semiconductor manufacturing in Asia Pacific has been a major driver of global trade. Asia Pacific is a global hub for the production and exports of technical consumer goods (TCG), including consumer electronics such as laptops and computers, cellphones, radio sets and sound systems, and televisions, as well as other essential electronic parts and small and big domestic appliances. According to the Association of Southeast Asian Nations, the electronics sector holds 20% to 50% of the total value of exports of most countries in Asia. All these factors propel the growth of the form-in-place gaskets market in Asia Pacific.

Asia Pacific is a hub for automotive manufacturing with a large presence of international and domestic players operating in the region. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles compared to 2021. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia-Oceania's vehicle production increased from 46.8 million in 2021 to 50.0 million in 2022. Form-in-place gaskets play a crucial role in sealing critical parts of vehicles, including engines and exhaust systems, contributing to improved fuel efficiency and compliance with environmental standards. As Asia Pacific experiences rapid economic growth, there is a parallel rise in the demand for automobiles. The automotive sector, including traditional internal combustion engine vehicles and the burgeoning electric vehicles market, relies on advanced sealing solutions to ensure various components' efficient and reliable performance. Form-in-place gaskets have become integral in this context due to their ability to provide customized and precise seals in intricate automotive designs. The development of automotive parts and components in the region with the rise of electric vehicle production will create lucrative opportunities for the form-in-place gaskets market in Asia Pacific during the forecast period. The growing automotive market and extensive innovation and prototyping from major automakers are also driving the market growth in Asia Pacific.

Asia Pacific Form-In-Place Gasket Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Form-In-Place Gasket Market Segmentation

The Asia Pacific form-in-place gasket market is segmented into application and country.

Based on application, the Asia Pacific form-in-place gasket market is segmented into marine, automotive, electrical and electronics, aerospace, lighting, and others. The electrical and electronics segment held the largest share of the Asia Pacific form-in-place gasket market in 2022.

Based on country, the Asia Pacific form-in-place gasket market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific form-in-place gasket market in 2022.

3M Co, Henkel AG & Co KGaA, Parker Hannifin Corp, Dow Inc, Compagnie de Saint Gobain SA, Permabond LLC, Bostik SA, and HB Fuller Co are some of the leading companies operating in the Asia Pacific form-in-place gasket market.

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