The Global Gasket and Seals Market, 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)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 106,998.2 Million by 2027, exhibiting a CAGR of 5.4% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Gaskets are the components used to prevent the escape or flow of liquid or gases between two interfaces on the application of high pressure or temperature. The gaskets can be made of metals, elastomers, or any other non-metallic material or with a combination of more than one type of material. Seals are used to prevent leakage between two surfaces in contact. The surfaces can be at rest (stationary) or in a relative motion with respect to each other (moving). Depending on the surface, the seals are classified as static seals or dynamic seals. Depending upon the type of application, there are various seals available, such as o-ring seal, body seals, mechanical seals, shaft seal, piston seal, rod seals, lip seals, and oil seals.
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.
Growing urbanization and industrialization is expected to drive growth the global gasket and seals market during the forecast period
Growing urbanization has made a positive impact on growth of the market. Developed as well as emerging economies are witnessing rapid urbanization. According to the United Nations (UN), in 2017, around 4 billion people were living in urban areas globally. According to the same source, by 2050, around 7 billion people are expected to live in urban areas. As a result of rapid urbanization, there has been a significant rise in a number of manufacturing plants, automobiles, types of machinery, and various other mechanical instruments, in which gaskets and seals are predominantly used. Thus, these factors are expected to drive growth of the global gasket and seals market during the forecast period.
Engine downsizing and lightweight components assemblies can present lucrative growth opportunities
Engine downsizing is the use of smaller engines in a vehicle that provides a power of a larger engine. Car manufacturers use this in an attempt to provide more efficient vehicles that emit fewer emissions. Gaskets and seals find major applications in downsizing of engines, making them more efficient and effective. Thus, major companies in the market can capitalize on these opportunities and gain a competitive edge in the market.
Volatility of raw material prices is expected to hamper the global gasket and seals market growth over the forecast period
Generally, gaskets are made from a sheet of rubber, silicone, metal, cork, fiberglass, etc. These materials are often subjected to fluctuation of prices due to uncertain market conditions and volatile economies. This, in turn, is expected to hinder the global gasket and seals market growth over the forecast period.
Market players are leaned towards marketing their product to various end-use industries, in order to capitalize on existing opportunities. Moreover, a number of small to large scale companies cater their products in industries including automotive, chemical, power, steel, oil & gas, etc. Gasket and seals are a class of products that are utilized in virtually all end-use industries. For instance, in 2012, The Flexitallic Group introduced a metal-wound gasket ‘Change’, which is highly resilient and is being utilized in industrial sectors such as steel, power, chemical, refining, pulp, and paper, etc. Moreover, in March 2017, The Flexitallic Group announced to invest in its product ‘Change’ manufacturing in the U.K.
Major companies in the market are focused on expansion and realignment of distribution networks, in order to cater to the customer from different end-use industries. For instance, in March 2017, the Flexitallic Group entered into an agreement with the U.K.-based Tecflo Energy Services Ltd. to distribute the former’s product in the energy industry. In November 2016, Dana Inc. regained the exclusive distribution rights of Victor Reinz gaskets. Moreover, in September 2016, Trelleborg announced to have acquired the U.S.-based seal's distribution company Anderson Seal LLC. In May 2016, Freudenberg-NOK Sealing Technologies approved Pro Seal & Plastics as its official distributor within the North America region.
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.