The Global "Gasket and seals Market" is expected to grow at a high CAGR of 3.8% during the forecasting period (2022-2029).
Gasket and seals are primarily used to fill the empty spaces between the coupling surfaces to avoid leakage and wastage of fluids and gas. Besides, gaskets also help in maintaining pressure and avoiding contamination from 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 due to their superior characteristics, including high reliability, better strength, high flexibility, and high heat and pressure resistance.
The global gasket and seals market is primarily driven by an 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 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, the high price volatility of raw materials such as rubber, silicone, and graphite will hamper the market's growth.
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.
The cylinder head gasket is one of the major components of a combustion engine. The growth of the product is 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. A sizeable number of gaskets and seals are required for any major repair operation in the automotive sector, driving the market growth. Besides, the rising substitution of conventional products by advanced sealing methods, such as FIP gasketing and 3D printing, is expected to drive growth.
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. Due to high government spending on the infrastructure sector and rising opportunities for Foreign Direct Investment (FDI), it is expected to witness significant growth, especially in countries like China and India. Moreover, the demand for gaskets and seals in APAC is largely driven by the growing automotive, aerospace & defense sector. The rise in population and 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. Europe’s aerospace and defense industry is anticipated to surpass that of the U.S. over the forecast period due to increased 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.
The gasket and seals market is highly competitive, and thus, manufacturers continuously focus on developing new strategies to grab more customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for gasket and seals. 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.
Get your free sample proposal with a single click!