Kings Research today released its latest market research report, “Global Gaskets Market: Size, Share, Trends & Forecast 2024–2031.” The report covers market analysis, growth drivers, emerging trends, competitive landscape, and opportunities in the gaskets industry.
According to Kings Research, the global Gaskets Market was USD 48.18 billion in 2023 and is expected to reach USD 65.73 billion by 2031, growing at a CAGR of 4.01% during 2024–2031. Growth is driven by industrial manufacturing growth, high-performance sealing requirements across industries, and adoption in automotive, oil & gas, power generation, and chemical processing industries
Gaskets are mechanical seals that fill the space between two mating surfaces to prevent fluid or gas leakage under compression. They are critical components to ensure the safety, efficiency, and reliability of systems across multiple industries. Modern gaskets come in various materials and designs to suit specific applications, from high-temperature metal gaskets for automotive engines to flexible elastomer gaskets for industrial pipelines. As machinery gets more complex, safety standards get stricter, and operational efficiency becomes more important, innovation and demand in the gasket market are on the rise.
Kings Research identifies the following key trends fueling growth in the Gaskets Market:
- Automotive Industry Growth
The global automotive industry experienced significant growth in 2023, with global car production reaching nearly 94 million units, marking a 10% increase from the previous year (Source: https://www.fastener-world.com/). This surge was driven by positive production trends across regions globally. In 2023, global electric vehicle (EV) sales neared 14 million units, accounting for nearly 20% of all new car sales (Source: https://www.iea.org/). This shift towards EVs underscores the increasing demand for advanced gasket solutions to ensure safety and performance in engines, transmissions, and battery enclosures.
- Industrial Process Expansion
The global oil and gas industry saw a significant increase in upstream investment, with an estimated 11% rise in 2023, totaling USD 528 billion, compared to USD 474 billion in 2022 (Source: https://www.iea.org/). This investment is crucial for meeting forecasted demand and underscores the need for reliable sealing solutions in high-temperature and high-pressure applications. In the power generation sector, renewables accounted for nearly 86% of new global electricity generation capacity in 2023, highlighting the shift towards sustainable energy sources (Source: https://www.msci-institute.com/). This transition necessitates advanced gasket materials that can withstand diverse environmental conditions.
- Sustainability and Efficiency
The demand for eco-friendly and energy-efficient manufacturing solutions is driving gasket manufacturers to produce recyclable materials and designs that extend service life and reduce energy loss. The global move towards renewable energy and sustainable practices is further pushing the need for such innovations in gasket design and materials.
For procurement managers, design engineers, and plant operators, the Gaskets Market offers:
- Operational Reliability: Advanced gasket solutions mean equipment runs safely and efficiently, minimizing downtime and maintenance costs.
- Industry Specific: Gaskets designed for specific industries meet performance requirements, improve product quality, and ensure compliance.
- Cost Efficiency: Durable gasket materials reduce replacement frequency, lower overall operational costs.
- Scalability: A Wide range of gasket types means adoption across multiple industries and applications.
- Sustainability: Eco-friendly materials and designs support manufacturers’ environmental commitments and compliance with regulatory requirements.
Regional Outlook
- Asia Pacific: Asia Pacific has the largest share of the global gasket market due to the growth of manufacturing hubs in China, India, and Southeast Asia, driven by industrialisation and infrastructure development. In 2022, the region accounted for 55% of global manufacturing value added (MVA) and 48% of total manufacturing exports (Source: https://stat.unido.org/). This high manufacturing output means there is increasing demand for sealing solutions in the region.
- Europe: Europe is the fastest growing region for gaskets, driven by advanced manufacturing industries, high quality and safety standards, and innovation in sealing materials. Countries like Germany, Italy, and the UK have high adoption of technologically advanced gasket solutions across automotive, chemical, and power generation sectors.
Competitive Landscape
The gaskets market is highly competitive, with leading companies investing in product innovation, partnerships, and geographic expansion to strengthen their market presence. Prominent players include Dana Limited, Freudenberg SE, ElringKlinger AG, Flexitallic Group, PARKER HANNIFIN CORP, ARMACELL, IDT GmbH, AB SKF, RAM Gaskets, Phelps Industrial Products, LLC, and Trelleborg Group.
The full Kings Research report provides detailed segmentation of the Gaskets Market by material, industry, end-use, and geography, along with competitive benchmarking and growth forecasts. To request a sample, access the full report, or explore custom consulting services, please visit https://www.kingsresearch.com/gaskets-market-183.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, evaluate opportunities, and make informed strategic decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible industry publications and corporate reports. Examples cited include IEA – International Energy Agency, Fastener World, MSCI Institute, and UNIDO – United Nations Industrial Development Organization.