Machinery Equipment-Construction

Gaskets Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : October 2023

Format :Pdf Ppt Xls

Report ID:KR183

Author : Saket A.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 58.77 Billion

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Forecasted Value (2030)

USD 85.71 Billion

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CAGR (2023 - 2030)

4.83%

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Fastest Growing Region (2023 - 2030)

Asia-Pacific

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Largest Region

Asia-Pacific

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By Product Type

Contact Gaskets, and Contactless Gaskets

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By Industry

Automotive, Aerospace, Oil and Gas, Industrial Manufacturing, Electrical, Others


Market Perspective

The global Gaskets Market was valued at USD 58.77 billion in 2022 and is projected to reach USD 85.71 billion by 2030, growing at a CAGR of 4.83% from 2023 to 2030.

The global gaskets market is expected to witness steady growth due to the increasing demand for high-quality seals in various industries, including automotive, aerospace, oil and gas, industrial manufacturing, and electrical. The growing focus on enhancing energy efficiency and reducing carbon emissions is also expected to stimulate the demand for gaskets in the energy sector. Additionally, the increasing use of gaskets in the construction industry for insulation purposes is expected to drive the growth of the market.

Asia Pacific, North America, and Europe are expected to account for significant revenues. The factor propelling product demand in these regions is the presence of established automotive and industrial manufacturing industries. North America and Europe are also expected to contribute significantly to market growth due to the increasing demand for gaskets in the aerospace, oil & gas, and construction industries.

Analyst’s Review on the Gaskets Market

In summary, the market is driven by the demand for high-quality seals in various industries. The need to improve energy efficiency and reduce carbon emissions is expected to provide significant growth opportunities for players in the global gaskets market. Additionally, the increasing adoption of gaskets in the construction industry is expected to drive further growth. However, the market is expected to face challenges due to the emergence of alternative sealing technologies and increasing competition from low-cost manufacturers.

Market Definition

The global gaskets market is a highly specialized segment of the industrial manufacturing industry. Gaskets are an integral part of many mechanical systems and are used to create seals that prevent the leakage of fluids or gases between two or more components. They are commonly used to prevent leaks in piping, engines, and other mechanical systems. The global gaskets market can be segmented by product type and industry.

The products in the market are divided into contact gaskets and contactless gaskets. Contact gaskets are used to create seals between two or more components that come into contact with each other, such as engine gaskets and flange gaskets. On the other hand, contactless gaskets are often used in applications where a seal needs to be created between two components without coming into contact, such as heat exchangers. In terms of industry, automotive, aerospace, oil and gas, industrial manufacturing, electrical, and others are the major end-users. The automotive industry is one of the major consumers of gaskets, using them in engines, transmissions, and fuel systems. Similarly, in the aerospace industry, gaskets are used in engines, landing gear systems and other critical components. The oil and gas industry uses gaskets in pipelines and other equipment to prevent leaks and spills. In the industrial manufacturing industry, gaskets are used in a wide range of applications, including compressors, pumps, and heat exchangers. The electrical industry uses gaskets in electrical enclosures and various electronic components.

Market Dynamics

Increasing automotive production globally, coupled with the growth of the automotive aftermarket, has augmented the demand for gaskets and is among the key factors that are driving market expansion. The demand for gaskets in various critical components of vehicles such as engines, transmissions, and exhaust systems is expected to rise, which is a major driver of the global gaskets market. Continuous technological advancements in the automotive industry are also fueling the demand for advanced gasket materials. The global gaskets market presents manufacturers with substantial opportunities to meet the evolving demands of diverse industries

However, the gaskets market faces challenges related to fluctuating raw material prices, which can impact the overall production costs for gasket manufacturers. Managing the balance between cost and quality remains a significant challenge to sustain competitiveness in the market. Gasket manufacturers often seek alternative materials or implement cost management strategies to mitigate the impact of raw material price volatility. Apart from that, increasing competition from low-cost manufacturers and the emergence of other sealing technologies may present challenges for gasket manufacturers in the future.

Segmentation Analysis

Based on product type, the market is further bifurcated into contact gaskets and contactless gaskets. Contact gaskets are commonly used in applications where pressure and temperature fluctuations occur, mainly as mechanical seals for engines, pipelines, and hydraulic systems. The contactless gaskets, also known as non-contact gaskets, are used in high-precision and high-speed applications, where they reduce noise and vibration and increase machine efficiency. Contact gasket is anticipated to dominate the segment revenue by close margin during the forecast period.

Based on industry, the gaskets market is further categorized into automotive, aerospace, oil and gas, industrial manufacturing, electrical, and others. In 2022, the largest share of the end use industry was held by the automotive segment, accounting for over 26% of the total revenue. This is attributed to the widespread use of seals in automotive interiors and the growing consumer demand for electronic features in vehicles, which are expected to drive the growth in this segment. Following the automotive sector, the electrical & electronics and industrial manufacturing sectors have also contributed significantly to the market revenue. The electrical and electronics industry is poised to record exponential growth, backed by rising investment and innovation driving the expansion of the digital economy.

Geographical Analysis

Based on regional analysis, the global gaskets market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The gaskets market in North America is driven by the robust presence of the automotive and manufacturing industries in the region. The United States, in particular, is a major contributor to the market, with significant automotive production and manufacturing activities. Additionally, the region's focus on infrastructure development and the presence of several oil and gas exploration projects also drive the demand for gaskets in various applications. Stringent regulations related to emissions and safety standards in industries further bolster the need for high-performance gaskets, creating opportunities for manufacturers in North America.

The Asia-Pacific region dominates the global gaskets market due to the region's rapid industrialization and substantial manufacturing activities. Countries such as China, India, Japan, and South Korea are witnessing significant growth in the automotive, construction, and energy sectors, leading to increased demand for gaskets. Moreover, the region's large population and increasing disposable income contribute to the growth of the automotive aftermarket, which is further augmenting the demand for gaskets. With rising environmental concerns and regulatory pressure on emission control, the adoption of advanced gaskets with improved sealing properties is expected to rise in the Asia-Pacific region.

Competitive Landscape

The global gaskets market study report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions. Expansion and investments encompass a variety of strategic initiatives, incorporating investments in research and development (R&D) activities, establishing new manufacturing facilities, and optimizing the supply chain. The major players in the gaskets market are

  • Dana Limited
  • Crown Gaskets Pvt. Ltd.
  • Garlock, an Enpro Industries, Inc. Company
  • Freudenberg FST GmbH
  • ElringKlinger AG
  • Flexitallic Group
  • PDI Gaskets & Seals
  • Flowserve Corporation
  • IDT GmbH
  • AB SKF

Key Developments

  • November 2022 (Acquisition) – SKF completed the acquisition of Tenute Srl with the aim of strengthening its product portfolio and R&D. Tenute is a manufacturer of heavy machinery sealing solutions for different industry verticals.

The global Gaskets Market is segmented as:

By Product Type

  • Contact Gaskets
  • Contactless Gaskets

By Industry

  • Automotive
  • Aerospace
  • Oil and Gas
  • Industrial Manufacturing
  • Electrical
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Regional Market Dynamics
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  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global gaskets market is projected to reach USD 85.71 billion by 2030, growing at a CAGR of 4.83% from 2023 to 2030.
The global gaskets market was valued at USD 58.77 billion in 2022.
Increasing automotive production globally, coupled with the growth of the automotive aftermarket has augmented the demand for gaskets and is among key factors that are driving the market.
Top manufacturers of gaskets market are Dana Limited, AB SKF, Crown Gaskets Pvt. Ltd., Garlock, an Enpro Industries, Inc. Company, Freudenberg FST GmbH, IDT GmbH, ElringKlinger AG, Flexitallic Group, PDI Gaskets & Seals, Flowserve Corporation, and others.
Asia-Pacific is anticipated to be the fastest growing region in the forecasted period (2023-2030).
By product type, contact gaskets will hold the maximum share in the gaskets market.
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