During the projection period of 2023 to 2023, it is expected that demand for gaskets and seals will grow steadily throughout the world. According to the data, global sales of gaskets and seals reached more than US$ 60 Billion in 2023. According to the report’s key forecasts, the global gaskets and seals market will generate more than $100 billion in revenue by the end of 2033, representing a 6% value CAGR.
According to a comparison of the projected global sales of gaskets and seals during the forecast period, the demand for seals is expected to continue to be somewhat larger than that for gaskets. Solid and spiral wound gaskets, which will generate more than US$ 25 Billion in global sales by the end of 2026, would be seen as the market’s top sellers.
Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon the efficiency of engineering equipment & systems. The need to improve the operability of such systems can be met with the use of gaskets & seals – devices that help connect multiple surfaces & systems to complete a mechanical workflow.
Unlock growth potential with industry expertise. Request your market sample report now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-815
The report has also compiled key factors impacting the growth of the global gaskets & seals market during the forecast period, which follow:
- Rising instances of leakage in industrial units that cause considerable loss in terms of property damage & health risks can be averted by the use of gaskets & seals
- The demand for gaskets & seals is also expected to rise on account of their compliance with several strict regulations, that prompt minimization of leakage & fugitive emissions, observed across the globe
- The advent of 3D printing is likely to lower the costs of manufacturing gaskets & seals, and will also facilitate the urgency to deliver customized products
- Key challenges inhibiting the market’s growth during the forecast period are complex manufacturing processes, altering designs and limited material applicability for production of gaskets & seals.
On the other hand, a majority of global sales of seals will dominated by dynamic seals. Static seals are projected to procure just over 42% share on global seals revenues through 2026-end.
The report further reveals that the automotive industry will be one of the largest end-users of gaskets & seals in the world. However, the imprint of automotive end-use on the global gaskets & seals market will witness a downtrend, while revenues accounted by machinery and electronics & electrical industries during the forecast period will register 5.5% and 5.6% CAGRs respectively.
Key findings in the report also predict that by the end of 2026, more than three-fourths of gaskets & seals revenues will be accounted by OEM sales channels. The report also expects Asia-Pacific excluding Japan region to dominate global gaskets & seals revenues by registering a value CAGR of 6.8% and brining in over US$ 43 Bn revenues by 2026-end.
Other regions are expected to showcase sluggish growth in terms of gaskets & seals sales, exhibiting CAGRs below 5%.
Nevertheless, the report expects that customizations made to existing gasket & seal products will hold lucrative opportunities for manufacturers in the years to come. Companies such as Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Federal-Mogul Holdings Corporation, Smiths Group Inc. (John Crane), ElringKlinger AB, Trelleborg AB, Dana Incorporated, Banco Products (I) Ltd. and Parker Hannifin Corp. are observed as key manufacturers in the global market for gaskets & seals.
Get Ahead with Detailed Market Intelligence: Purchase Now to Access Segment-specific Information and uncover Key Trends, Drivers, and Challenges:
https://www.futuremarketinsights.com/checkout/815
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
