The gaskets and seals market is predicted to grow at a CAGR of 6% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 86.6 billion in 2023 to US$ 154.7 billion by 2033 end.
The demand curve of gaskets and seals is projected to exhibit a constant rise over the forthcoming years. This can be attributed to the stringent standards and specifications mandated by governments to eliminate the leakage risk of hazardous material. Additionally, manufacturers of automotive, machinery, electrical, and electronics also opt for gaskets and seals to boost performance efficiency in their industrial processes. These products are used to minimize the chances of unexpected downtime and regulate emissions.
Strict emission norms in the automotive industry are one of the key factors that are propelling the demand for gaskets and seals. In the industrial sector, the demand for advanced power transmission seals is projected to witness an increased uptake. This can be credited to the remarkable reduction of power diversion that can be realized with the help of advanced seals. These seals are engineered with special materials and revolutionary designs that offer excellent performance under extreme conditions.
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Key Takeaways from the Gaskets and Seals Market:
- China is predicted to bag the largest market share in the course of the next 10 years. The revenue generation of the gaskets and sales market in China is estimated to stand at US$ 44.2 billion by 2033. The market is expected to trail at the fastest CAGR of 7.1% in the meantime.
- The U.S. is expected to follow behind China and is assessed to witness sales of US$ 20.8 billion by 2033. The region is predicted to witness a CAGR of 3.9% over the forecast period. The growth in the country can be attributed to the growing demand for superior sealing solutions from multiple industries. The use of sealing materials helps safeguard the final products from any kind of contamination.
- UK is a significant market for seals and gaskets in the European continent. The United Kingdom gaskets and seals market is anticipated to attain US$ 3.4 billion by 2033, expanding at a CAGR of 4.4%. Extensive use of seals in the oil and gas industry in the country is propelling market growth.
- The demand for seals is projected to be high over the next decade. The segment is projected to grow at a CAGR of 4.8% over the forecast period. The application of seals is wide-ranging, constituting rockets, automobiles, industrial plant equipment, ships, and consumer devices. Therefore, the surging production of automobiles and electronics is projected to drive the sales of seals.
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News Featuring Market Developments by Companies Providing Gaskets and Seals:
- In August 2022, Erith Group, a Dubai-based leading distributor of high-end and high-quality sealing products, announced an investment of Dh4 million in an industrial gasket and seal manufacturing factory in UAE. This is in line with UAE’s ‘Make it in the Emirates’ program to attract investments so as to reduce the country’s reliance on imported products.
- In April 2020, Trelleborg AB announced the launch of the Next Generation Fire Seal, which finds application in the aerospace and automotive industry. With this launch, the company is projected to amplify its revenue generation.
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