Gaskets Market is Segmented By Material(Metal, Non-metal, Composite), By Product(Soft Gaskets, Spiral Gaskets, Ring Joint Gaskets, Kammprofile Gaskets, Jacketed Gaskets, Others), By End-User(Automotive, Construction, Chemical, Oil and Gas, Pharmaceuticals , Food & Beverages, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The global gaskets market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 4.4% during the forecast period (2024-2031).
In order to stop the leaking of liquids, gases or solids between two surfaces, a gasket is a mechanical seal that fills the gap between two objects. Gaskets are typically made of flexible materials, such as rubber, silicone or metal and provide a tight, leak-proof seal in applications where two surfaces come together. Gaskets are used in automotive, construction, oil and gas, chemical and others, where they are used to seal pipelines, valves, equipment and other components.
Scope
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Metrics |
Details |
|
CAGR |
4.4% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Material, Product, End-User and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
Dynamics
Growing demand for energy efficiency
The growing demand for energy efficiency is a major driver for the global gaskets market. Using gaskets in various industries and applications helps reduce energy consumption and increase efficiency. Gaskets seal the joints and connections between components in various industrial and consumer products. By ensuring proper sealing, gaskets help prevent energy loss through leakage and ensure energy is utilized efficiently. Moreover, the growing demand for energy-efficient building and construction materials is also driving the demand for gaskets in the construction industry. Using gaskets in building and construction helps reduce air and water leaks, improve insulation and increase energy efficiency.
Availability of substitute products
The availability of substitute products, such as O-ring packing, can hamper the growth of the global gasket market. These products offer similar sealing capabilities as gaskets and can be used as an alternative in certain applications. It can limit the demand for gaskets and impact the overall growth of the gaskets market. However, gaskets offer unique advantages, such as the ability to conform to irregular surfaces, which makes them ideal for specific applications. The global gaskets market is expected to grow despite substitute products. Gaskets are widely used in various industries and have a strong demand due to their unique properties and capabilities.
Segment Analysis
The global gaskets market is segmented based on material, product, end-user and region.
Increased demand for automobiles drives the growth of the automotive industry
The automotive industry dominates the global gaskets market. The increasing demand for automobiles, particularly in emerging markets, is driving the demand for gaskets in the automotive industry. Gaskets are used in various components and systems of automobiles, including engines, transmissions and exhaust systems, to prevent leaks and ensure efficient performance. The growing focus on improving fuel efficiency and reducing emissions drives the demand for high-performance gaskets in the automotive industry, further contributing to its dominance in the global gaskets market.
Source: DataM Intelligence Analysis (2023)
Geographical Penetration
A strong consumer base across this region bolsters the Asia-Pacific gaskets market expansion
The Asia-Pacific is expected to dominate the global gaskets market, accounting for a significant market share. It is due to the region's many end-user industries, such as automotive, construction and energy. The growing demand for energy efficiency and the need to reduce emissions in these industries is driving the demand for gaskets in the Asia-Pacific. Additionally, the region is home to many of the world's largest gasket manufacturers, including companies based in Japan, China and India. The large number of gasket manufacturers in the region allows for increased competition and innovation, which can drive growth in the Asia-Pacific gaskets market.
Source: DataM Intelligence Analysis (2023)
Competitive Landscape
The major players include Klinger Group, Teadit Group, Flexitallic Group, Garlock, W.L. Gore, Dana Holding Corporation, Donit Tesnit, Goodrich Gasket, Lydall, Inc. and Lamons Gasket Company.
COVID-19 Impact Analysis
Key Developments
- On December 12, 2022, By establishing a new subsidiary, KLINGER is strengthening its position in India and lowering order lead times while enhancing customer service. Customers in India are accustomed to the KLINGER family of products due to the high need for gaskets in various sectors. The country's rise as a center for global manufacturing has made it difficult for suppliers to keep up with the strong demand for their products and post-pandemic supply chain problems have further stretched available resources. KLINGER India, based in the Chennai Bengaluru industrial corridor, will provide gaskets for various sectors.
- On August 18, 2022, HMF FlatSealTM, a new collection of flat gasket materials from Trelleborg Sealing Solutions, was launched for efficient static sealing in low- and high-temperature applications. The selection includes specialized materials for chemical processing, oil and gas, food and beverage, pharmaceutical, aerospace and automotive industries with harsh chemicals and mediums.
- On January 6, 2020, the introduction of EVOLUTION was announced by Garlock Pipeline Technologies (GPT). The EVOLUTION isolation gaskets are the next generation, offering simpler installation, tight sealing, high-temperature operation, no penetration, hydro-testing isolation, fire safety and chemical resistance.
The global gaskets market report would provide approximately 61 tables, 64 figures and 195 Pages.
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