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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

Gasket and seals are the materials used to prevent the passage of any foreign media through to and fro, the joined object while under compression. Gasket is a mechanical seal, which fills the space between two or more mating surfaces, in order to prevent leakage. Gaskets allow perfect mating surface wherein they can fill irregularities. Gasket and seals are widely used across all end-use industries. Depending upon the application, a different types of gasket and seals are used among various end-use industries. Spiral wound, jacketed, kammprofile, solid ring are among the key gasket types, while o-ring seal, body seals, mechanical seals, shaft seal, piston seal, etc. are the key seal types used in different applications.

The global Gasket and Seals Market was accounted for US$ 69,457.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 5.4% for the period 2020-2027.

Market Dynamics- Drivers

Increasing need to enhance performance of engineering equipment is expected to drive growth of the global gasket and seals market during the forecast period

Leakage from various industrial equipment can result in significant loss of material and indirect loss, in terms of labor and material cost of repair, environmental losses, wasted energy, sales due to downtime, etc. Both direct and indirect loses can incur a negative impact on a company’s operation in terms of revenue generation as well as diminishing the brand image in case of industrial accidents and claims for personal injury. Thus, these factors are expected to drive growth of the global gasket and seals market during the forecast period.

Compliance with strict regulatory norms to minimize leakage and fugitive emissions is expected to propel the global gasket and seals market growth over the forecast period

There are various standards and regulations regarding reducing the environmental impact of leakage and fugitive emissions, have been in development from different government and environmental agencies. For instance, The EPA estimates that approximately 70.4 KT/year of volatile organic compounds (VOC) and 9.4 KT/year of hazardous air pollutants (HAP) are emitted from equipment leaks, which significantly contribute to the formation of ground-level ozone. Moreover, European Environmental Agency, Environmental Protection Agency, etc. are focused on the development of standards to control amount of the leaks. Thus, these factors are expected to propel the market growth in the near future.

Statistics:

Asia Pacific held dominant position in the global Gasket and Seals market in 2019, accounting for 47.1% share in terms of value, followed by Europe and North America respectively

Figure 1: Global Gasket and Seals Market Share (%) in terms of Value, By Region, 2019

Gasket and Seals  | Coherent Market Insights

Gasket and Seals Market - Impact of Coronavirus (Covid-19) Pandemic:

COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. These economic slowdown expected to affect various sectors such as Automotive. Gasket and Seals are majorly used in the Automotive Industry to prevent leakage and reduce vibrations.

Moreover, According to Coherent Market Insight Analysis, Asia Pacific region constitutes world’s 60% population and higher population demands higher mobility. According to same analysis, the Asia Pacific region have largest Automotive industry by revenue but due to COVID-19 pandemic countries such as China and India declared lockdown in some areas of country. Due to the lockdown many manufactures of gasket and seals had to shutdown their plants. Owing to mentioned reasons, COVID-19 is expected to restrain the growth of the market during the year 2020.

Market Dynamics- Restraints

  1. Challenges associated with manufacturing, design, and material construction are expected to hinder the global gasket and seals market during the forecast period

Improvisation of machine design due to increasing need for compact, efficient, and high-performance processes has resulted in requirement of highly customized gasket and seals. The alteration in shape, size, or design also requires the change in the material of construction used for manufacturing gasket and seals. Limited availability of installation, manufacturing, service, and safety data for newly developed gasket and seals further pose challenges during working with them. Thus, these factors are expected to restrain growth of the market.

  1. Issues regarding high-temperature sealing are expected to hinder the global gasket and seals market during the forecast period

Sealing at high temperatures and in challenging operating conditions has remained a major hampering factor. If standard materials such as expanded graphite are used in manufacturing of gasket and seals, such standard materials cannot perform reliably for an extended time period. Thus, these factors are expected to hinder the global gasket and seals market growth over the forecast period.

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 69,457.9  Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.4% 2027 Value Projection: US$ 106,998.2 Million
Geographies covered:
  • North America: U.S.,Canada.
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, UK, Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Product Type: Gaskets (Jacketed Gaskets, Solid Gaskets, Spiral Wound Gaskets and Kammprofile Gaskets) and Seals (Static Seals and Dynamic Seals)
  • By Sales Channel: OEM and Aftermarket
  • By Material Type: Metallic and Non-metallic (Elastomeric and Others)
  • By End-use Industry: Automotive, Aerospace, Machinery, Electronics & Electrical, Marine & Rail and Others
Companies covered (27):

Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Banco Products (I) Lt, Federal-Mogul Holdings Corporation, Dana Incorporated, Smiths Group Inc. (John Crane), Trelleborg AB, Parker Hannifin Corp., and ElringKlinger AB.

Growth Drivers:
  • Increasing need to enhance performance of engineering equipment
  • Compliance with strict regulatory norms to minimize leakage and fugitive emissions
Restraints & Challenges:
  • Challenges associated with manufacturing, design, and material construction

Market Opportunities

  1. Customized product offerings can provide major growth opportunities

Demand for integrated gasket and seals that can offer superior mechanical, electrical, and physicochemical properties is expected to boost during the forecast period. Manufacturer’s ability to respond to demand such products with reduced lead time and at competitive prices is expected to create significant growth opportunities in the global market.

  1. New product launches can pose major business opportunities

The global manufacturers of gasket and seals, to better serve their customers, are introducing new products, and are involved in the expansion of their product portfolio. For instance, in February 2017, Federal-Mogul Motorparts announced the expansion of its FP Diesel ML7 multi-layer core head gaskets range. The gaskets can efficiently be used in various commercial diesel engines used in mining, construction, and other applications.

Figure 2: Global Gasket and Seals Market Value (US$ Mn), 2017 - 2027

Gasket and Seals  | Coherent Market Insights

The global Gasket and Seals market was valued at US$ 69,457.9 Mn in 2019 and is forecast to reach a value of US$ 106,998.2 Mn by 2027 at a CAGR of 5.4% between 2020 and 2027.

Market Trends

  1. Advent of 3-D printing to manufacture gaskets and seals

Key players in the market are focused on developing novel technologies to produce superior products, in order to cater to customized as well as high-end product demand from end users. For instance, in March 2017, Stratasys Ltd. launched two new materials for 3D printing: FDM Nylon 12CF, a carbon-fiber-reinforced thermoplastic. Agilus30 can be used for producing gasket and seals.

  1. Expansion of product portfolio and business capacity

Major companies in the market involved in product portfolio and capacity expansion, in order to enhance the market presence. For instance, in May 2015, Press-Seal Gasket Corporation, a U.S.-based gasket, and seal manufacturing company, expanded its manufacturing facilities in Fort Wayne. In February 2017, LAMATEK, Inc. expanded its New Jersey, U.S.-based manufacturing facility. Moreover, in March 2015, Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation announced to build a new facility for sealing and gasket products in Nanchang, China. In January 2017, Federal-Mogul Motorparts introduced its Fel-Pro gasket range for racing engines to withstand extreme high-temperature.

Competitive Section

Major companies involved in the global gasket and seals market are Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Banco Products (I) Lt, Federal-Mogul Holdings Corporation, Dana Incorporated, Smiths Group Inc. (John Crane), Trelleborg AB, Parker Hannifin Corp., and ElringKlinger AB.

Gasket and seals are the materials used to prevent the passage of any foreign media through to and fro, the joined object while under compression. Gasket is a mechanical seal, which fills the space between two or more mating surfaces, in order to prevent leakage. Gaskets allow perfect mating surface wherein they can fill irregularities. Gasket and seals are widely used across all end-use industries. Depending upon the application, a different types of gasket and seals are used among various end-use industries. Spiral wound, jacketed, kammprofile, solid ring are among the key gasket types, while o-ring seal, body seals, mechanical seals, shaft seal, piston seal, etc. are the key seal types used in different applications.

Market Dynamics

Leakage from various industrial equipment can result in significant loss of material and indirect loss, in terms of labor and material cost of repair, environmental losses, wasted energy, sales due to downtime, etc. Both direct and indirect loses can incur a negative impact on a company’s operation in terms of revenue generation as well as diminishing the brand image in case of industrial accidents and claims for personal injury. Thus, these factors are expected to drive growth of the global gasket and seals market during the forecast period. There are various standards and regulations regarding reducing the environmental impact of leakage and fugitive emissions, have been in development from different government and environmental agencies. For instance, The EPA estimates that approximately 70.4 KT/year of volatile organic compounds (VOC) and 9.4 KT/year of hazardous air pollutants (HAP) are emitted from equipment leaks, which significantly contribute to the formation of ground-level ozone. Moreover, European Environmental Agency, Environmental Protection Agency, etc. are focused on the development of standards to control amount of the leaks. Thus, these factors are expected to propel the market growth in the near future.

Market Taxonomy

This report segments the Global Gasket and Seals Market on the basis of Product Type, Sales Channel , Material Type, End-use Industry and Region. On the basis of Product Type, Global Gasket and Seals Market is segmented into Gaskets (Jacketed Gaskets, Solid Gaskets, Spiral Wound Gaskets and Kammprofile Gaskets) and Seals (Static Seals and Dynamic Seals). On the basis of Sales Channel , the Global Gasket and Seals Market is segmented into OEM and Aftermarket. On the basis of Material Type, the Global Gasket and Seals Market is segmented into Metallic and Non-metallic (Elastomeric and Others. On the basis of End-Use Industry, the Global Gasket and Seals Market is segmented into Automotive, Aerospace, Machinery, Electronics & Electrical, Marine & Rail and Others. On the basis of region, Global Gasket and Seals Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the Global Gasket and Seals Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Gasket and Seals Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Gasket and Seals Market includes Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Banco Products (I) Lt, Federal-Mogul Holdings Corporation, Dana Incorporated, Smiths Group Inc. (John Crane), Trelleborg AB, Parker Hannifin Corp., and ElringKlinger AB.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, Material Type up gradation, market expansion, and marketing tactics
  • The global Gasket and Seals market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Gasket and Seals Market

Detailed Taxonomy:

  • Global Gasket and Seals Market, By Product Type:
    • Gaskets
      • Jacketed Gaskets
      • Solid Gaskets
      • Spiral Wound Gaskets
      • Kammprofile Gaskets
    • Seals
      • Static Seals
      • Dynamic Seals
  • Global Gasket and Seals Market, By Sales Channel:
    • OEM
    • Aftermarket
  • Global Gasket and Seals Market, By Material Type:
    • Metallic
    • Non-metallic
      • Elastomeric
      • Others
  • Global Gasket and Seals Market, By End-Use Industry:
    • Automotive
    • Aerospace
    • Machinery
    • Electronics & Electrical
    • Marine & Rail
    • Others
  • Global Gasket and Seals Market, By Verticals:
    • BFSI
    • Retail and e-Commerce
    • IT and Telecommunication
    • Energy and Utility
    • Government Offices and Education
    • Aerospace and Defense
    • Healthcare
    • Manufacturing
    • Others (Transportation and Logistics)
  • Global Gasket and Seals Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • Banco Products (I) Lt
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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

Browse all the market data tables and figures on “Global Gasket and Seals Market - Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Product Type
      • Market Snippet, By Sales Channel
      • Market Snippet, BY Material Type
      • Market Snippet, By End-use Industry
      • Market Snippet, BY Vertical
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Sales Channel  Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Gasket and Seals Market, BY Product Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • Gaskets
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Jacketed Gaskets
        • Solid Gaskets
        • Spiral Wound Gaskets
        • Kammprofile Gaskets
    • Seals
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Static Seals
        • Dynamic Seals
  5. Global Gasket and Seals Market, By Sales Channel , 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • OEM
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Aftermarket
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Gasket and Seals Market, By Material Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • Metallic
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Non-metallic
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Elastomeric
        • Others
  7. Global Gasket and Seals Market, By End-use Industry, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • Automotive
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Aerospace
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Machinery
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Electronics & Electrical
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Marine & Rail
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Global Gasket and Seals Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Sales Channel , 2020–2027 (US$ Million)
      • Market Size and Forecast, Material Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Sales Channel , 2020–2027 (US$ Million)
      • Market Size and Forecast, Material Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Sales Channel , 2020–2027 (US$ Million)
      • Market Size and Forecast, Material Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Sales Channel , 2020–2027 (US$ Million)
      • Market Size and Forecast, Material Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, Product Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Sales Channel , 2020–2027 (US$ Million)
      • Market Size and Forecast, Material Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  9. Competitive Landscape
    • Company Profiles
      • Banco Products (I) Lt
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dana Incorporated
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ElringKlinger AB.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Federal-Mogul Holdings Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Freudenberg & Co. KG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Henniges Automotive Holdings Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Parker Hannifin Corp.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SKF AB
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Smiths Group Inc. (John Crane)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Trelleborg AB
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Gasket and Seals Market -forecast to 2027”.

Frequently Asked Questions

The global market for Gasket and Seals is expected to reach USD 3,260.8 Million by 2022.
Increasing need to enhance performance of engineering equipment is expected to drive growth of the global gasket and seals market during the forecast period
OEM sub-segment holds the largest market share among Sales Channel segment contributing 74.3% market share in terms of value in 2019.
Asia Pacific region hold the largest share in the global Gasket and Seals market in 2019, accounting for 47.1% share in terms of value.
Key players operating in the global Gasket and Seals market are Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Banco Products (I) Lt, Federal-Mogul Holdings Corporation, Dana Incorporated, Smiths Group Inc. (John Crane), Trelleborg AB, Parker Hannifin Corp., and ElringKlinger AB.
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