Pune, India, May 18, 2023 (GLOBE NEWSWIRE) -- The global gaskets and seals market size is expected to gain momentum owing to the rising demand for the automotive sector is predicted to bolster the growth of the market during the forecast period. states Fortune Business Insights™, in a report, titled the enormous demand for hybrid lightweight vehicles is likely to enable speedy expansion of the Market. The use of advanced materials in manufacturing gaskets and seals for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period.
Gaskets and seals are designed to help ensure performance efficiency and to support manufacturers to comply with stringent specifications and standards. Over the medium term, the major factors driving the growth of the gaskets and seals market are the increase in the use of gaskets and seals in the oil and gas industry and increasing demand from the chemical and petrochemical sectors.
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The list of Companies Covered in the Gaskets and Seals Market are:
- Flowserve Corporation
- Smiths Group PLC
- Freudenberg Sealing Technologies Gmbh & Co. Kg
- Armacell
- Federal-Mogul Holdings Corporation
- Datwyler Holding Inc.
- SKF
- Parker-Hannifin
- Cooper Standard
- Dana Holding Corporation
- Technetics Group, Flexitallic
Report Highlights:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019-2021 |
| Forecast Year | 2023-2030 |
| Segments Covered |
|
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
| Geographies Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Market Driver:
Freudenberg Sealing Technologies, an eminent pioneer and supplier of an extensive range of sealing technologies, has recently unveiled its latest breakthrough: conductive seals. These innovative seals have been meticulously engineered to establish an enduring electrical connection between housings and shafts, while simultaneously acting as a protective shield against potential bearing damage. By harmonizing these two critical functions, Freudenberg Sealing Technologies ensures not only seamless electrical connectivity but also safeguards the integrity of the bearings.
Furthermore, Freudenberg Sealing Technologies astounded the aerospace industry with a remarkable array of novel materials and sealing innovations. This visionary initiative aimed to elevate the safety and performance standards within the industry to unprecedented heights. By integrating state-of-the-art advancements, Freudenberg Sealing Technologies contributes to fortifying safety protocols and enhancing operational efficiency in the aerospace domain.
Segment
Segmented the global gaskets and seals market report based on Type, application, and region:
By Type
- Gaskets
- Seals
By Application
- Automotive
- Electrical & Electronics
- Aerospace
- Marine & rail
Regional Analysis:
The gaskets and seals market is geographically segmented into North America, South Latin America, Asia-Pacific, Europe, and the Middle East & Africa. During the forecast period, Asia-Pacific is projected to seize the largest market share. This dominance can be attributed to the substantial demand stemming from the automotive sector. The quest for non-metallic or composite gaskets, especially in the production of lightweight vehicles, is expected to fuel robust market growth in the region.
Meanwhile, Europe is anticipated to capture the second-largest market share globally, primarily driven by the flourishing aerospace, marine, and rail industries within the region. The chemical manufacturing sector's heightened demand for gaskets and seals is also expected to contribute to market expansion in the coming years.
North and Latin America present promising prospects for the market due to the escalating demand for commercial vehicles. This trend opens up lucrative opportunities for gaskets and seals manufacturers, positioning these regions as significant growth hubs.
Lastly, the Middle East & Africa region is poised to exhibit a rapid growth rate, propelled by the increasing demand for gaskets and seals. The region's expanding industrial sectors, coupled with infrastructure development initiatives, contribute to the heightened market demand.
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Industry End-user Insights
The development of advanced proprietary materials to withstand extreme operating conditions is expected to drive the market growth of gaskets and seals. The marine industry OEM requires more than fluid or water resistance properties through their cushioning and gasketing system to withstand physical shocks, weather vibrations, intense temperature fluctuations, and more to protect industrial duty applications.
Gaskets and seals are important components in Maintenance, Repair, and Operations (MRO) operations as they play a critical role in fluid and gas leakage handling and are removed after a single use. These products are replaced each time the gases and fluids are changed in the system
Detailed Table of Content:
- Introduction
- Research Context
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Report Overview
- Key Findings and Recommendations
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the COVID-19 impact
- Potential Opportunities due to COVID-19 impact
- Methodology
- Research Plan
- Methods of Data Collection
- Sampling Methods
- Data Analysis Methods
- Overview of the Market
- Market Defined and Segmented
- Market Size and Development
- Market Drivers and Trends
- Market Difficulties and Opportunities
- Competitive Environment
- Market Share Evaluation
- Important Players and Their Strategies
- Key Players’ SWOT Analysis
- Competitive Intelligence
TOC Continued…!
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