Gaskets And Seals Market Emerging Trends And Opportunities By 2030
Gaskets And Seals Industry Overview
The global gaskets and seals market size was estimated at USD 56.93 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% over the forecast period. The use of advanced materials in manufacturing gaskets and seals for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period. The global gaskets and seals industry has experienced limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in industrial activities.
As a result, the market for gaskets and seal materials has also experienced a catastrophic setback. The COVID-19 pandemic in the U.S affected the growth of the industrial operations. The stay-at-home instructions and social distancing mandates also impacted the product demand. In the U.S., the automotive sector accounted for the largest market share in 2021 and is estimated to grow at a CAGR of 3.3% over the forecast period. Gaskets and seals are designed to help ensure performance efficiency and to support manufacturers to comply with stringent specifications and standards.
Gather more insights about the market drivers, restrains and growth of the Global Gaskets And Seals market
In addition, they also aid in reducing the risk of unexpected downtime and control emissions. In the automotive industry, increasing stringent emission norms are also one of the major factors that are expected to drive the product demand. The industrial sector is also witnessing the development of advanced power transmission seals, which are expected to demonstrate a notable reduction of power loss in drive assemblies as opposed to conventional sealing elements. These seals comprise revolutionary designs and special materials, which offer superior performance under extreme pressure conditions.
They also ensure the optimization of sealing function, friction, and abrasion resistance. The use of advanced sealing systems and components is projected to enhance the production efficiency and sustainability of plants. Thus, it allows products to be manufactured with greater resource efficiency. Companies are also installing indicators to gauge energy efficiency and emissions at plants. Hence, sealing solutions are expected to aid the growth of green manufacturing across the industrial sector, thereby driving the overall demand for seals in the market.
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Gaskets And Seals Market Segmentation
Grand View Research has segmented the global gaskets and seals market based on product, application, end-user, and region:
Gaskets and Seals Product Outlook (Revenue, USD Million, 2017 - 2030)
- Gaskets
- Metallic
- Semi-metallic
- Non-metallic
- Seals
- Shaft Seal
- Molded Packing & Seals
- Motor Vehicle Body Seal
- Others
Gaskets and Seals Application Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- Electrical & Electronics
- Marine & Rail
- Industrial & Manufacturing
- Aerospace
- Oil & Gas
- Chemicals & Petrochemicals
- Others
Gaskets and Seals End-use Outlook (Revenue, USD Million, 2017 - 2030)
- OEM
- Aftersales market
Gaskets and Seals Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies profiled:
Some of the prominent players in the global gaskets and seals market are:
- 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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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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