According to FMI, the global gaskets and seals market will expand at a 2.10% CAGR during the forecast period. The value of the industry is expected to increase from USD 87,012.9 million in 2024 to USD 152,911.56 million by the end of 2034.
The need for gaskets and seals is expected to skyrocket in the next years. This is because governments require strict standards and specifications to eliminate the danger of hazardous substance leaking. Furthermore, gaskets and seals are used by the automotive, machinery, electrical, and electronics industries to improve the performance efficiency of their industrial operations. These devices are used to manage emissions and reduce the possibility of unanticipated downtime.
The automotive industry’s rigorous emission requirements are one of the primary factors driving demand for gaskets and seals. The industrial sector is projected to see an increase in demand for advanced power transmission seals. This is due to improved seals’ ability to drastically reduce power diversion. These seals are made using particular materials and novel designs to perform effectively in harsh environments.
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 USD 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 USD 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 USD 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.
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 stands as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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