New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gaskets, Packing, and Sealing Devices Global Market Report 2023" - https://www.reportlinker.com/p06464080/?utm_source=GNW
, Dana Holding Corporation, W. L. Gore & Associates Inc., IDT GmbH, A.J. Rubber & Sponge Ltd., Lamons LGC US Asset Holdings LLC, and Cooper-Standard Holdings Inc.
The global gaskets, packing, and sealing devices market is expected to grow from $55.97 billion in 2022 to $61.89 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gaskets, packing, and sealing devices market is expected to reach $90.19 billion in 2027 at a CAGR of 9.9%.
The gaskets, packings, and sealing devices market consists of the sales of full-face gaskets, ring-type gasket, spiral-wound gasket, U-packings, V-packings, cup-packings, and O-rings.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Gaskets, packings, and sealing devices are components used to regulate or prevent leaks between two surfaces or components that come together.The gaps are either fixed or moving components and are sealed upon mechanical compression.
Gaskets, packings, and sealing devices are commonly used in machinery and equipment to maintain proper function and prevent fluid or gas leaks.
Asia-Pacific was the largest region in the gaskets, packing, and sealing devices market in 2022. The regions covered in gaskets, packings, and sealing devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main gaskets, packing, and sealing devices product types are gaskets, and seals.Gasket refers to a flat piece of soft material or rubber placed in between two joined metal surfaces in a machine or system to prevent the leakage of gas, oil, or steam from the device.
The various material types are metallic, non-metallic, elastomeric, and others distributed through original equipment manufacturer (oem) and aftermarket. The applications includes automotive, electrical and electronics, marine and rail, industrial and manufacturing, aerospace, oil and gas, chemicals and petrochemicals, and others.
An increase in the demand for oil and gas is expected to propel the growth of the gaskets, packing, and sealing devices market.Oil and natural gas refer to naturally occurring chemicals derived from oil wells through an extraction process composed of only two elements carbon and hydrogen.
Oil and gas industry utilizes equipment and devices that process oil, gas, water, and other elements and any spurious leaks of these elements can disrupt its operations.Gaskets and seals are used in these equipment and devices to stop leaks and make the operations safe and secure.
For instance, according to the International Energy Agency, a Paris-based intergovernmental organization, in December 2022, the global oil demand increased to 2.3 mb/d from 140 kb/d in November 2022. As per the IEA Gas market report Q1-2023, in 2022, natural gas consumption in North America increased by 4.4%. Therefore, the increase in the demand for oil and gas drives the gaskets, packing, and sealing devices market.
Technological Advancements are a key trend gaining popularity in the gaskets, packing, and sealing devices market.Major companies in the gaskets, packing, and sealing devices sector are focused on developing new technologies to improve the functionality of the product, meet customer needs, and strengthen their position in the market.
For instance, in June 2022, Lummus Technology, a US-based process technologies, and energy solutions provider launched Polaris breech-lock closure, a new high-pressure heat exchanger equipment with two technology upgrades, the ProSeal system, a gasket loading design, that simplifies manufacturing, installation, and disassembly by eliminating the usage of internal split ring, flange, or bolts, and ProLock closure system, a sealing system and securing mechanism that eases access to all threads for maintenance, lubrication, and repair. Its cutting-edge breech-lock closure design offers a variety of operational advantages, such as safe, dependable, and secure sealing under all circumstances.
In August 2022, Flexitallic Group, a US-based static sealing solutions provider, acquired Novus Sealing Pty Ltd for an undisclosed amount.Through his acquisition, Flexitallic Group expanded its operations in Australian and Asian markets.
Novus Sealing Pty Ltd. is an Australia-based gasket and seal manufacturer.
The countries covered in the gaskets, packings, and sealing devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gaskets, packing, and sealing devices market research report is one of a series of new reports that provides gaskets, packing, and sealing devices market statistics, including gaskets, packing, and sealing devices industry global market size, regional shares, competitors with a gaskets, packing, and sealing devices market share, detailed gaskets, packing, and sealing devices market segments, market trends and opportunities, and any further data you may need to thrive in the gaskets, packing, and sealing devices industry. This gaskets, packing, and sealing devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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