The global gaskets and seals market size is expected to reach USD 87.9 billion by 2028 according to a new study by Polaris Market Research. The report “Gaskets and Seals Market Share, Size, Trends, Industry Analysis Report, By Material (Metal, Plastic Polymer, Rubber, Fiber, Silicones, Graphite); By Product (Gaskets, Seals); By End-Use (Aerospace, Electronics, Automotive, Oil & Gas, Industrial); By Sales Channel; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for gaskets and seals is increasing owing to its increasing use in automobiles, rising modernization of vehicles, and growing penetration of electric vehicles. Some properties offered by gaskets and seals include chemical resistance, heat resistance, high strength, low seating stress, and the ability to withstand high compressive loads.
Gaskets and seals are used across diverse applications such as automotive, aerospace, electronics, and manufacturing among others. The demand from the electronics sector is growing for an increase in efficiency over varied operating temperatures by addressing mechanical stress and vibration damping.
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The demand for gaskets and seals is maximum from the automotive sector. Differential gaskets and seals are being majorly used in vehicles for the protection of transmission components and preventing entry of dirt, grime, and other contaminants into the axle tube and damaging the vehicle’s transmission components. Cooling system rings are incorporated into vehicles to avoid leakage of liquids and gases. These products can be manufactured using a variety of materials such as soft sheet metals, bullet steel, stainless steel, graphite, silicone, and neoprene.
Asia Pacific emerged as the largest market in 2020 and is expected to maintain its dominance over the forecast period. The rise in applications of the product in the aerospace, transportation, marine, railways, and electronics sectors in the Asia-Pacific region is the major driver for growth.
The rise in investment in the aerospace and transportation sector, along with technological advancement, and industrial development is expected to drive the market growth in Asia Pacific during the forecast period. The economic growth in countries such as China, Japan, and India, rising living standards, and expansion of global players into these countries boosts the growth of the market.
The industry is characterized by established companies and large giants. Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating in order to strengthen the industry presence and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.
Some of the major market participants include Hutchinson SA, Bruss Sealing System GmbH, Smiths Group Plc, Dana Holding Corporation, Trelleborg Sealing Solutions AB, Freudenberg Sealing Technologies GmbH & Co. KG, Garlock Sealing Technologies LLC, Daetwyler Holding, Cooper Standard Holding Inc., AB SKF, Boyd Corporation, ElringKlinger AG, Flowserve Corporation, Federal-Mogul Motorparts, Parker Hannifin Corporation, The Timken Company, Magnum Automotive Group LLC, and James Walker.
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