CHICAGO, Jan. 23, 2024 /PRNewswire/ -- According to Arizton's latest research report, the gaskets and seals market is growing at a CAGR of 5.53% during 2022-2028.
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Browse in-depth TOC on "Gaskets and Seals Market"????
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130 - Tables????
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Global Gaskets and Seals Market Report Scope
Report Attributes | Details |
Market Size (2028) | USD 95.10 Billion |
Market Size (2022) | USD 68.87 Billion |
CAGR (2022-2028) | 5.53 % |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Product Type, Material Type, End Use, Application, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics | • Dominant Manufacturing Sector in APAC • Innovative Designs in the Manufacturing Sector • Consistent Growth in Aerospace and Electronics Manufacturing • The Growing Demand for Smart Gaskets |
Gaskets are highly utilized in automotive engines, aircraft, industrial machinery, and energy equipment to maintain pressure and prevent leakage of fluids and the entry of contaminated particles. Although applying gaskets is crucial in most cases, the sales volume and revenue generated by seals account for a significant slice compared to gaskets. This is because seals are diversified in most applications. Gaskets and seals are utilized in oil refineries, fuel injectors in engines, and heavy industrial machinery because of their high resistance to extreme temperatures and pressures. With rapid industrialization and advances in electronic appliances, the need for lightweight and efficient gaskets and seals will increase significantly during the forecast period.
In 2022, APAC dominated the market, followed by North America and Europe. High labor costs in the US, Canada, and Western European countries were one of the major reasons for the market dominance, coupled with automation culture in industries. APAC is expected to grow at the fastest CAGR of 6.14% during the forecast period due to the rapid growth of automotive and industrial developments in the growing economies of India, China, Indonesia, and Thailand. The rise in public and private investments in oil and mining activities in Peru, Chile, and Argentina fuels the growth in Latin America. This is expected to account for an incremental revenue of $12.92 billion over the next five years. Vendors compete regarding their brand, geographical presence, product portfolio, product features, and efficiency. This inorganic growth strategy is popular among significant vendors. In February 2016, Magnum Gaskets, a US-based aftermarket supplier of gaskets and seals for automotive and commercial vehicles, was acquired by Dana Holding Corporation. This strategic acquisition enabled Dana to accelerate its aftermarket growth through product extension, which added immense value to its portfolio.
Furthermore, the company also strengthened its foothold in the US market. The market competition is anticipated to escalate as companies expand their product offerings, embrace technological advances, and engage in more mergers and acquisitions, leading to a diverse array of gaskets and seals available in the market. According to Arizton, global players will likely pursue inorganic growth strategies by acquiring regional or local players in the foreseeable future. Moreover, companies with robust technical and financial capabilities will have the potential to develop innovative products with essential accessories, posing a threat to competitors' offerings and rendering them non-competitive or even obsolete before they can recoup their research development and commercialization expenses. This trend creates a dynamic and competitive gasket and seal market landscape.
Global Gasket and Seal Manufacturers Elevate Innovation with Advanced CAD and CAM Technologies for Enhanced Product Design and Performance
Major gasket and seal manufacturers globally have significantly increased their annual investment in research and development infrastructure to address a diverse range of end-use applications characterized by substantial product variability. Departing from conventional approaches reliant on molds for designing and prototyping, these manufacturers have embraced Computer-Aided Design (CAD) software. CAD facilitates the creation of three-dimensional visual prototypes, streamlining the design innovation and product updating processes and considerably reducing associated costs.
The utilization of advanced computer technology in CAD designs results in comprehensive design documentation. After the design phase, prototypes are produced and manufactured seamlessly through computer numerical control (CNC) machines and 3D printers. Particularly in aerospace, marine, and automotive industries, where intricate procedures and meticulous detailing are imperative for machine efficiency and performance, the production of spares and engine parts is paramount. To meet these demands, leading gasket and seal vendors continually introduce cutting-edge designs that exhibit durability and resilience to high pressures and heat.
In addition, Computer-Aided Modeling (CAM) software plays a crucial role by employing assemblies and models to generate tool paths. These paths guide machines in transforming digital designs into tangible physical components. This integrated approach ensures that manufacturers stay at the forefront of innovation, delivering products that meet the exacting standards of various industries.
The Gaskets and Seals Market Report Encompasses Crucial Data, Including:??
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the gaskets and seals market over the specified time frame.??
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the gaskets and seals market growth from 2023 to 2028. This includes an analysis of various market influences.??
Precise estimation of market size: Accurate assessments of the gaskets and seals market size and its contribution and focusing on key market segments.??
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the gaskets and seals market, helping businesses prepare for future market dynamics.??
Geographical market growth: The report covers the development of the gaskets and seals market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.??
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the gaskets and seals market. This includes an overview of key players, their market share, strategies, and key developments.??
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the gaskets and seals market, providing a well-rounded view of the market dynamics.
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Key Company Profiles
- Dana
- ElringKlinger
- Freudenberg
- AB SKF
- Tenneco
- Flowserve Corporation
- Smith's Group PLC
- Trelleborg
- Accroseal
- Vicone Rubber
- A.J. Rubber & Sponge Ltd.
- Seals and Design Inc.
- MSG Seals
- Keith Payne Products
- Enpro
- Datwyler Holding Inc.
- Bruss Sealing System GmbH
- Cooper Standard Holding
- Dupont
- Kaman Corporation
- TEADIT
- Frenzelit
- Flexitallic
- Sanwa Packing Industry Co., Ltd
- AIGI Industrial Group of Companies
- AMETEK Incorporated
- Zhongding Group
- BAL Seal Engineering
- Caterpillar
- Federal-Mogul Corporation
- Crown Gaskets PVT LTD
- W.L. Gore & Associates, Inc.
- Greene Tweed
- Henkel AG
- ILPEA Industries
- Interface Performance Materials
- Ishikawa Gaskets
- VALQUA, Ltd
- Parker-Hannifin Corporation
- Asian Sealing Products
- Henniges Automotive
- Garima Global
- Mercer Gaskets & Shim
- Motion Industries, Inc
- The Timken Company
- Saint-Gobain Tape Solutions
- Rogan Corporation
- Allegis Corporation
- Tranter, Inc
- Sealing Devices, Inc
Market Segmentation
Product Type
- Seals
- Shaft Seals
- Molded Seals
- Motor Vehicle Seals
- Other Seals
- Gaskets
- Jacketed Gaskets
- Solid Gaskets
- Spiral Wound Gaskets
- Kammprofile Gaskets
- Others
Material Type
- Metallic
- Non-metallic
End Use
- OEMs
- After Market
Application
- Industrial Machinery
- Automotive
- Electricals and Electronics
- Aerospace Industry
- Marine and Rail
- Others
Geography
- APAC
- China
- Japan
- India
- Australia
- South Korea
- North America
- The US
- Canada
- Europe
- Germany
- The UK
- France
- Italy
- Spain
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- The UAE
- Turkey
Key Questions Answered in the Report:?
How big is the gaskets and seals market?
What is the growth rate of the global gaskets and seals market?
Which region dominates the global gaskets and seals market share?
What are the significant trends in the gaskets and seals industry?
Who are the key players in the global gaskets and seals market?
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