Gasket and seals Market, Size, Share, Outlook and Growth Opportunities 2021-2028
Added: (Wed Dec 08 2021)
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Market Overview
Global Gasket and seals Market Expected to reach a high CAGR by 2028: DataM Intelligence
Gasket and seals are primarily used to fill the empty spaces between the coupling surfaces to avoid leakage and wastage of fluids and gas. In addition, gaskets also help in maintaining pressure and avoiding contamination from the external environmental condition.
Gaskets and seals have the property of withstanding high compressive loads. Silicone and rubber are the most preferred material used for manufacturing gaskets and seals owing to their superior characteristics including high reliability, better strength, high flexibility, and resistance to high heat and pressure.
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Market Dynamics
The global gasket and seals market is primarily driven by with increase in industrialization and urbanization globally; there has been a considerable rise in the number of manufacturing plants, machinery, automobiles, and various other mechanical instruments that use gasket and seals. In automobiles, gaskets and seals are widely used for shunting to avoid leakage or wastage of expensive fluids or gas. Owing to their property to sustain extreme pressure conditions, compressive loads, and heat, gasket, and seals have significant scope across different industry verticals. The growing automobile industry will further fuel the growth in the global gasket and seal market.
However, high price volatility of raw materials such as rubber, silicone, and graphite will hamper the growth of the market.
Market Segmentation
By product, the global gasket and seals market is segmented into Gasket (Metallic, Semi-Metallic, and Non-Metallic) and Seals (Shaft, Molded Packing & Seals, Motor Vehicle, and Others). In 2018, Seals accounted for the major share in the market. However, gaskets are expected to witness higher CAGR during the forecast period, owing to their use in a wide range of applications.
Cylinder head gasket is one of the major components in a combustion engine, with the growth of the product expected to benefit from the rising automotive production primarily in the Asia Pacific and Europe. Increasing the use of seals to prevent environmental contamination and energy saving through effective sealing is expected to drive market growth.
By application, the global gasket and seals market is segmented into Aerospace & Automotive, Electrical & Electronics, Marine & Rail, Industrial & Manufacturing, Oil & Gas, Chemicals & Petrochemicals, and Others. In 2018, the aerospace & automotive segment accounted for the largest share in the market. Gaskets and seals are an essential part of any engine repair. They prevent leakage of gases, coolant, and fuel and are discarded after a single-use. The sizeable number of gaskets and seals are required for any major repair operation in the automotive sector, driving market growth. In addition, the rising substitution of conventional products by advanced sealing methods, such as FIP gasketing and 3D printing is expected to drive growth.
Geographical Analysis
By geography, the global gasket and seals market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, APAC accounted for the largest market share in the global gasket and seals market. It is expected to witness significant growth, owing to high government spending on the infrastructure sector and rising opportunities for Foreign Direct Investment (FDI), especially in countries like China and India. Moreover, the demand for gasket and seals in APAC is largely driven by the growing automotive, aerospace & defense sector. The rise in population and increase in income per capita income are majorly driving the automotive industry in the region.
Favorable regulatory policies in regions like North America and Europe will further promote the manufacturing output of the automobile industry and it is expected to drive the demand for gaskets and seals in the region during the forecast period. Europes aerospace and defense industry are anticipated to surpass that of the U.S. over the forecast period due to the increase in defense spending. This growth of the aerospace and defense industry is projected to drive the demand for gaskets and seals due to applications in the engine, avionic, and other aircraft parts
Competitive Analysis
gasket and seals market is highly competitive, and thus, manufacturers continuously focus on developing new strategies to grab more number of customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for gasket and seals. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for gasket and seals. Merger, acquisition, and product development are key strategies adopted by leading players.
The major players in the market are Boyd Corp., Dana, EnPro Industries, Freudenberg, and Hexpol Compounding. Other prominent players in the market are Parker Hannifin, SKF, STOCKWELL ELASTOMERICS, Tenneco, and Trelleborg.
For instance, In 2018, HEXPOL acquired Kirkhill Rubber. Kirkhill is an industry leader with experience in aerospace, automotive, medical and other demanding industries.
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