According to FMI, the global gaskets and seals market will expand at a 6% CAGR during the forecast period. The value of the industry is expected to increase from US$ 86.6 billion in 2023 to US$ 154.7 billion by the end of 2033.
Gasket and seal demand is expected to rise steadily in the coming years. This is because governments have mandated stringent standards and specifications to eliminate the risk of hazardous material leakage. Furthermore, gaskets and seals are used by automotive, machinery, electrical, and electronics manufacturers to improve the performance efficiency of their industrial processes. These products are used to reduce the possibility of unanticipated downtime and to control emissions.
Strict emission standards in the automotive industry are one of the major factors driving demand for gaskets and seals. The industrial sector is expected to see an increase in demand for advanced power transmission seals. This can be attributed to the significant reduction in power diversion that advanced seals can achieve. These seals are designed with special materials and revolutionary designs to provide excellent performance in harsh environments.
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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.
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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Gaskets and Seals Market Survey by Category
By Product Type:
- Gasket
- Jacketed
- Solid
- Spiral Wound
- Kammprofile
- Seal
- Static
- Dynamic
By Material Type:
- Metallic
- Non-Metallic
- Elastomeric
- Others
By End-use:
- Automotive
- Aerospace
- Machinery
- Electrical and Electronics
- Marine and Rail
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- The Middle East & Africa (MEA)
- Japan
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Table of Content
- Executive Summary | Gaskets and Seals Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
- Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
- Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Product Type, 2017 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2017 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
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