Multiple manufacturing processes adopted across diverse industrial verticals are all contingent upon efficiency of engineering equipment & systems. The need to improve operability of such systems can be met with the use of gaskets & seals – devices that help connect multiple surfaces & systems to complete a mechanical workflow. Apropos a latest report published by Future Market Insights, the global demand for gaskets & seals is projected to surge at a steady rate during the forecast period 2016-2026. The report estimates that in 2016, more than US$ 60 Bn worth of gasket & seals were sold across the globe. Key projections compiled in the report predict that global gaskets & seals revenues will surpass US$ 100 Bn by the end of 2026, registering a value CAGR of 5.4%.
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There is a significant loss of material and additional losses in the form of labour and material cost of repair due to the leakages caused in various industrial equipment. In addition, a significant chunk of energy is wasted coupled with environmental losses that affect the bottom line of the industry adversely. Sales are also impacted due to the downtime caused by such leaking industrial equipment and leading to other malfunctions.
Also, if things go wrong badly, an industrial accident may occur due to the leaking industrial equipment and this may lead to irreparable damage to the brand image of the concerned company and claims for personal injury will translate into heavy financial losses. In order to avoid such situations, and to increase the overall efficiency of the machine systems, there is an increasing need from end-user industries to properly manage gaskets and seals usage during their process systems and operations.
3-D printing to manufacture gaskets and seals is an upcoming trend
Various end users of gaskets and seals are demanding customised and high end products. The leading market players are responding by developing and applying novel technologies for producing superior quality products. For example, in March 2017, Stratasys Ltd, a company involved in 3D printing solutions, introduced two new materials for 3D printing namely, FDM Nylon 12CF that is a carbon-fibre reinforced thermoplastic; and Agilus30, a line of flexible and tear resistant material for polyjet 3D printing. Agilus30 can also be used for producing gaskets and seals through the process of 3D printing.
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Compititive Landscape:
Nevertheless, the report expects that customisations made to existing gasket & seal products will hold lucrative opportunity for manufacturers in the years to come. Companies such as Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Federal-Mogul Holdings Corporation, Smiths Group Inc. (John Crane), ElringKlinger AB, Trelleborg AB, Dana Incorporated, Banco Products (I) Ltd. and Parker Hannifin Corp. are observed as key manufacturers in global market for gaskets & seals.
A comparative forecast on the global sales of gaskets and seals during the forecast period projects that global demand for seals will remain fairly higher than that of gaskets. By the end of 2026, solid and spiral wound gaskets will be observed as top-selling products in the market, procuring more than US$ 25 Bn in global revenues. On the other hand, a majority of global sales of seals will dominated by dynamic seals. Static seals are projected to procure just over 42% share on global seals revenues through 2026-end.
Global Gaskets and Seals Market Attractiveness Analysis, by End Use Industry
By end use industry, with a market attractiveness rating of 5.0, the Machinery segment is expected to be a relatively attractive segment over the forecast period. The growing use of machine equipment in various manufacturing sectors and in the oil & gas industry is expected to drive the growth of this segment. The Electrical and Electronics industry segment is inclined towards moderate growth and possesses a moderate share of the market; and is expected to inch towards the high growth region owing to the recent developments to fulfil the increased demand for sealants in electrical gadgets.
The Automotive industry segment is projected to register a significant CAGR of 5.1% over the forecast period. Increasing automotive production across specific regions and the growing demand for cylinder head gaskets and body seals is expected to drive the growth of this segment.
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Key Segments Covered
By Product Type
- Gaskets
- Jacketed Gaskets
- Solid Gaskets
- Spiral Wound Gaskets
- Kammprofile Gaskets
- Seals
- Static Seals
- Dynamic Seals
By Sales Channel
- OEM
- Aftermarket
By Material Type
- Metallic
- Non-Metallic
- Elastomeric
- Others
By End Use Industry
- Automotive
- Aerospace
- Machinery
- Electronics & Electrical
- Marine & Rail
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
- Japan