According to FMI, the global gaskets and seals market is projected to grow at a Compound Annual Growth Rate (CAGR) of 2.10% during the forecast period. The market value is expected to increase from USD 87,012.9 million in 2024 to USD 152,911.56 million by the end of 2034.
The rising demand for gaskets and seals is largely driven by stringent government regulations and standards aimed at preventing hazardous substance leaks. Key industries such as automotive, machinery, electrical, and electronics rely on these components to improve operational efficiency. Gaskets and seals play a crucial role in managing emissions and reducing the risk of unexpected downtime.
A significant factor contributing to this market growth is the strict emission regulations in the automotive sector, which are driving up the demand for gaskets and seals. Additionally, the industrial sector is expected to experience increased demand for advanced power transmission seals. These seals, made from specialized materials and featuring innovative designs, are engineered to perform efficiently under harsh conditions, thereby minimizing power losses and enhancing overall performance.
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Key Takeaways from the Gaskets and Seals Market:
- China is predicted to bag the largest market share in the course of the next 10 years. The revenue generation of the gaskets and sales market in China is estimated to stand at USD 44.2 billion by 2033. The market is expected to trail at the fastest CAGR of 7.1% in the meantime.
- The U.S. is expected to follow behind China and is assessed to witness sales of USD 20.8 billion by 2033. The region is predicted to witness a CAGR of 3.9% over the forecast period. The growth in the country can be attributed to the growing demand for superior sealing solutions from multiple industries. The use of sealing materials helps safeguard the final products from any kind of contamination.
- UK is a significant market for seals and gaskets in the European continent. The United Kingdom gaskets and seals market is anticipated to attain US$ 3.4 billion by 2033, expanding at a CAGR of 4.4%. Extensive use of seals in the oil and gas industry in the country is propelling market growth.
- The demand for seals is projected to be high over the next decade. The segment is projected to grow at a CAGR of 4.8% over the forecast period. The application of seals is wide-ranging, constituting rockets, automobiles, industrial plant equipment, ships, and consumer devices. Therefore, the surging production of automobiles and electronics is projected to drive the sales of seals.
News Featuring Market Developments by Companies Providing Gaskets and Seals:
- In August 2022, Erith Group, a Dubai-based leading distributor of high-end and high-quality sealing products, announced an investment of Dh4 million in an industrial gasket and seal manufacturing factory in UAE. This is in line with UAE’s ‘Make it in the Emirates’ program to attract investments so as to reduce the country’s reliance on imported products.
- In April 2020, Trelleborg AB announced the launch of the Next Generation Fire Seal, which finds application in the aerospace and automotive industry. With this launch, the company is projected to amplify its revenue generation.
Key Players
- Banco Products (I) Lt
- Dana Incorporated
- ElringKlinger AB
- Federal-Mogul Holdings Corporation
- Freudenberg & Co. KG
- Henniges Automotive Holdings Inc.
- Parker Hannifin Corp.
- SKF AB
- Smiths Group Inc. (John Crane)
- Trelleborg AB
- Erith Group
Gaskets and Seals Market Survey by Category
By Product Type:
- Gasket
- Jacketed
- Solid
- Spiral Wound
- Kammprofile
- Seal
- Static
- Dynamic
By Material Type:
- Metallic
- Non-Metallic
- Elastomeric
- Others
By End-use:
- Automotive
- Aerospace
- Machinery
- Electrical and Electronics
- Marine and Rail
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- The Middle East & Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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