Gaskets and Seals Market PESTEL Analysis and Key Growth Opportunities

Gaskets and Seals Industry Overview

The global gaskets and seals market size is expected to reach USD 81.70 billion by 2030, as per a new report by Grand View Research Inc., registering a CAGR of 4.1% over the forecast period. The use of advanced materials in the production of seals and gaskets for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period.

Packing seals are widely used in power transmitting shafts of a rotating machine. They are used in various applications ranging from automobiles, rockets, ships, industrial plant equipment, and consumer devices. These seals prevent the leakage of fluid used in the machine to the external environment.

Gaskets and Seals Market Segmentation

Grand View Research has segmented the global gaskets and seals market based on product, application, end-user, and region:

Based on the Product Insights, the market is segmented into Gaskets and Seals

• The seals product segment led the market and accounted for more than 61.00% share of the global revenue in 2021. They are used in various applications ranging from automobiles, rockets, ships, industrial plant equipment, and consumer devices.
• Thus, the rise of automobile and electronics production in the global market is anticipated to drive the demand for mechanical seals.
• The gasket segment is projected to register the fastest CAGR over the forecast period. The gaskets handle pressure and temperature fluctuations, bolt stress relaxation, and creep. In addition, it prevents the ingress or leak of toxic and corrosive chemicals and media.

Based on the Application Insights, the market is segmented into Automotive, Electrical & Electronics, Marine & Rail, Industrial & Manufacturing, Aerospace, Oil & Gas, Chemicals & Petrochemicals, and Others

• The automotive application segment dominated the global market in 2021 and accounted for the largest share of more than 33.00% of the overall revenue.
• The wide application scope of seals in automotive interiors coupled with the growing affinity of consumers toward electronics in automobiles is anticipated to drive the segment growth.
• The electrical and electronics industry is anticipated to witness exponential growth due to increasing investment and innovation leading to a rise in the digital economy.
• Increase in the production of electronic appliances, such as smartphones, watches, refrigerators, and TVs, backed by the growing consumer spending, is expected to drive the product demand.

Based on the End-use Insights, the market is segmented into OEM and Aftersales market

• The OEM sector led the market in 2021and accounted for the largest share of 60% of the overall revenue. The development of advanced proprietary materials to withstand extreme operating conditions is expected to drive the market growth of gaskets and seals.
• The development of engineered plastics and elastomers for manufacturing seals for aerospace applications is likely to drive the replacement of conventional seals. Furthermore, the development of advanced seals, which offer lightweight and space-saving solutions with exceptional thermal resistance, is expected to drive the overall market growth.

Gaskets and Seals Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Key players are concentrating on new joint ventures, collaborations, agreements, and strategies to advance their production facilities and gain a larger share in the market. Companies are also involved in the production of a number of advanced products and frequently update their product portfolio. The introduction of advanced form-in-place liquid gaskets is one of the major areas expected to foresee voluminous research & development undertaken by companies over the forecast period.

Some prominent players in the global Gaskets and Seals market include:

• SKF
• Dana Ltd.
• Crown Gaskets Pvt. Ltd.
• Freudenberg Sealing Technologies GmbH & Co. KG
• Flowserve Corp.
• Smiths Group Plc
• Garlock Sealing Technologies LLC
• Bruss Sealing System GmbH
• Cooper Standard
• ElringKlinger AG

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