Gaskets & Seals Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
|CAGR:||< 5 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Gaskets & Seals Market Analysis
The gaskets and seals market is projected to register a CAGR of less than 5% during the forecast period (2022-2027).
The market was hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. However, the market has now reached pre-pandemic levels.
Over the medium term, the major factors driving the growth of the gaskets and seals market are the increase in the use of gaskets and seals in the oil and gas industry and increasing demand from the chemical and petrochemical sectors.
On the flip side, the regular maintenance and lubrication factor is likely to hinder the growth of the market.
Asia-Pacific is expected to dominate the global market, owing to the huge demand expected from countries like China and India during the forecast period.
Gaskets & Seals Industry Segmentation
Gaskets and seals are used to fill the space between two or more mating surfaces, generally to prevent leakage. The gaskets and seals market is segmented by material, product, application, and region. By material, the market is segmented into fiber, graphite, PTFE, rubber, and other materials. By product, the market is segmented into gaskets and seals. By application, the market is segmented into power generation, oil and gas, and other applications. The report also covers the market size and forecasts for the gaskets and seals market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
|Oil and Gas|
|Rest of the World|
Gaskets & Seals Market Trends
This section covers the major market trends shaping the Gaskets & Seals Market according to our research experts:
The Oil and Gas Application is Expected to Dominate the Market
The oil and gas industry is required to operate in a tough environment with maximum operational efficiency, which requires it to maximize the equipment uptime. In the industry, preventing leakage of potentially hazardous petrochemical products in valves, pumps, piping, fittings, storage tanks, and other key components is of utmost importance.
Gaskets and seal tors are required in various equipment to maintain their timely function as these products help prevent leakage of any form of liquid and gas processing. All of the gaskets used in the oil and gas industry adhere to ANSI/ASME standards.
The global oil and gas industry holds huge potential to create demand for industrial equipment, which is projected to drive the consumption of gaskets and seals simultaneously in the years to come. This is because numerous oil and gas projects are already lined up for development, while some are still under the planning stage.
With recovery prices becoming visible in the oil and gas industry, exploration and production have started increasing across the world. The major increase in oil and gas offshore exploration and production activities is noticed majorly in Asia-Pacific and North America. Countries such as the United States, Saudi Arabia, Russia, Canada, and China are the leading producers of oil in the global market.
This is expected to make the oil and gas application the dominant one in the market.
To understand key trends, Download Sample Report
The Asia-Pacific Region is Expected to Dominate the Market
In Asia-Pacific, the factors that add to the growth of the market are accelerated industrialization and augmented demand from numerous end-user industries.
According to OICA, automobile production in China and India witnessed a growth of 53% in the first nine months of 2021 when compared to the same period in 2020.
China is a hub for chemical processing, accounting for a major chunk of the chemicals produced globally. With the growing demand for various chemicals globally, the demand for gasket and seals from this sector is projected to grow during the forecast period.
China has plans to expand its network of inter-country pipelines, with new pipeline connections to Central Asia and Russia. China National Petroleum Corporation (CNPC) plans to complete major sections of the massive Russian oil and gas pipelines in the northeastern province of Heilongjiang.
India has now been ranked sixth among the world's ten largest manufacturing countries. The petrochemical industry contributes about 30% of raw materials to the chemical industry, which is expected to reach USD 300 billion by 2025.
Furthermore, factors such as the growing industrial, electrical, and electronics sectors in the developing economies, including China, India, and ASEAN countries, are further expected to boost the demand for gaskets and seals in the region.
All these factors are projected to impact the market growth in the region during the forecast period.
To understand geography trends, Download Sample Report
Gaskets & Seals Industry Overview
The gaskets and seals market is highly fragmented, with many gaskets and seals manufacturers across the world. The major players (in no particular order) in the market include Flowserve Corporation, Freudenberg Sealing Technologies, Dätwyler Holding Inc., Trelleborg AB, and Tenneco Inc.
Gaskets & Seals Market Leaders
Freudenberg Sealing Technologies
Dätwyler Holding Inc.
*Disclaimer: Major Players sorted in no particular order
Gaskets & Seals Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Gaskets & Seals Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increase in the Use of Gaskets and Seals in the Oil and Gas Industry
4.1.2 Growing Demand from the Chemical and Petrochemical Sectors
4.2.1 Regular Maintenance and Lubrication
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
184.108.40.206 Metallic Gasket
220.127.116.11 Rubber Gasket
18.104.22.168 Cork Gasket
22.214.171.124 Non-asbestos Gasket
126.96.36.199 Spiral Wound Gasket
188.8.131.52 Other Gaskets
184.108.40.206 Shaft Seals
220.127.116.11 Molded Seals
18.104.22.168 Motor Vehicle Body Seals
22.214.171.124 Other Seals
5.2.5 Other Materials
5.3.1 Power Generation
5.3.2 Oil and Gas
5.3.3 Other Applications
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AMG Sealing Limited
6.4.2 BRUSS Sealing Systems GmbH
6.4.3 Cooper Standard
6.4.4 Daetwyler Holding Inc.
6.4.5 Dana Limited
6.4.6 ElringKlinger AG
6.4.7 Flowserve Corporation
6.4.8 Freudenberg Sealing Technologies
6.4.9 GARLOCK FAMILY OF COMPANIES
6.4.10 KLINGER Holding GmbH
6.4.13 Smiths Group PLC
6.4.14 Trelleborg AB
6.4.15 Tenneco Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Electric Vehicles
Gaskets & Seals Market Research FAQs
What is the study period of this market?
The Gaskets and Seals Market is studied from 2018 - 2028.
What is the growth rate of Gaskets and Seals Market?
The Gaskets and Seals Market is growing at a CAGR of <5% over the next 5 years.
Which region has highest growth rate in Gaskets and Seals Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Gaskets and Seals Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Gaskets and Seals Market?
Flowserve Corporation, Tenneco Inc., Freudenberg Sealing Technologies, Dätwyler Holding Inc. , Trelleborg AB are the major companies operating in Gaskets and Seals Market.
Gaskets and Seals Industry Report
Statistics for the 2023 Gaskets and Seals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gaskets and Seals analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.