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    Gaskets Market Analysis | 2022-2027

    Gaskets Market Analysis | 2022-2027
    Report code - SR2033 Published On : Jul,2022 No. of Pages: 110
    Gaskets Market Size, Share, Trend, Forecast, Competitive Analysis & Growth Opportunity See more...

    Market Highlights

    The Gaskets Market was estimated to grow from USD 8.3 billion in 2021 to USD 10.8 billion by 2027 at a CAGR of over 3.9% during the forecast period.

    Gaskets Market Snapshot

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    What is a gasket?

    A gasket is a flat piece of material used to fill the gap between two or more joining surfaces to prevent leakage into or out of the joined parts while under pressure or compression. Gaskets should be made from materials that can fill the space between irregularities and withstand high pressure and temperature fluctuations. They should be able to bear corrosive materials such as alkaline acids, gases; electric and magnetic forces; and chemicals. Given the possible cost and safety implications of defective or leaking gaskets, the correct gasket material must be chosen to meet the needs of the application.

    Gaskets Market Report Overview

    Market Size in 2027

    USD 10.8 Billion

    Market Size in 2021

    USD 8.3 Billion

    Market Growth (2022-2027)

    CAGR of 3.9%

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2027

     

    Almost every industry uses gaskets, including food & beverages, energy & power, petrochemicals, oil & gas, etc. They are employed to prevent cross-system and environmental contamination. Gaskets also shield the moving parts of machines from damage by preventing them from rubbing against hard surfaces and reducing friction. They increase machine life and boost productivity.

    The COVID-19 pandemic harmed the gasket market in 2020. The wrath of the pandemic caused supply chain disruption, lockdowns, and labor and material shortages all over the world. The gasket market suffered a decline of -10.3% in 2020.

    Market Drivers

    The gaskets market is driven by a host of factors, some of which are noted below:

    • Increasing demand from various end-use industries. As these industries continue to expand, the demand for gaskets also grows, driving the market forward.

    • Gaskets play an important role in sealing systems and preventing energy loss. As a result, there is a growing demand for energy-efficient applications.

    • Advancements in technology have led to the development of new materials, that offer superior performance and durability. These new materials are expanding the range of applications where they can be used.

    • The demand grows as developing countries continue to industrialize and expand their manufacturing sectors, This is particularly true in regions such as Asia-Pacific, where there is a growing demand for gaskets in automotive, aerospace, and other industries.

    Segments Analysis

    End-Use Industry Trends

    The market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation held a market share of >40% in 2021, whereas electrical & electronics is expected to be the fastest-growing segment of the market during the forecast period.

    Gaskets Market Segmentation

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    There is a considerable demand for seals in the transportation sector due to the increasing production of automobiles, growing aircraft fleets, and rising demand for mobility. Because of the significant rise in the demand for advanced gadgets and consumer electronics, electrical & electronics is expected to be the fastest-growing segment over the forecast period.

    Regional Analysis

    Asia-Pacific accounted for >45% of the market share in 2021 & is expected to remain the largest as well as the fastest-growing market for gaskets during the forecast period. Various factors such as the fast recovery of the economy, growing population, and increasing business investments are some of the factors driving the market in Asia-Pacific.

    Most gasket suppliers have their presence in the region to address the emergent needs of various end-use sectors. The region’s dominance is also led by massive construction, mining, food & beverage, and pharmaceutical industries.

    Gaskets Market By Region

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    Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By End-Use Industry Type 

    • Transportation
    • Processing
    • Electrical & Electronics
    • Mobile Machinery
    • Manufacturing Tools
    • Energy & Power

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Key Players

    The presence of a large number of players serving the industry leads to market fragmentation, with major players holding a smaller portion of the market, owing to a well-established supply chain and moderate technological requirements.

    The following are the key players in the gasket market.

    • ElringKlinger AG
    • Dana Incorporation
    • EnPro Industries
    • Flowserve Corporation
    • Freudenberg Group
    • James Walker & Co.
    • Parker-Hannifin Corporation
    • Tenneco (Federal-Mogul)
    • Trelleborg AB
    • Uchiyama Group

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s gaskets market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Gaskets Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

     

    The following are the key features of the report:

    • Structure: Overview, industry life cycle analysis, supply chain analysis.
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Report Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

     

    A Bird's Eye View of the Market

    A gasket is a flat piece of material used to fill the gap between two or more joining surfaces to prevent leakage into or out of the joined parts while under pressure or compression. Gaskets should be made from materials that can fill the space between irregularities and withstand high pressure and temperature fluctuations. They should be able to bear corrosive materials such as alkaline acids, gases; electric and magnetic forces; and chemicals. Given the possible cost and safety implications of defective or leaking gaskets, the correct gasket material must be chosen to meet the needs of the application.

    The gaskets market was estimated to grow from USD 8.3 billion in 2021 to USD 10.8 billion by 2027.

    The market is estimated to grow at a healthy CAGR of 3.9% over the next five years.

    The study period of this market report is 2016-2027.

    Dana Incorporation, ElringKlinger AG, EnPro Industries, Flowserve Corporation, Freudenberg Group, James Walker & Co., Parker-Hannifin Corporation, Tenneco (Federal-Mogul), Trelleborg AB, and Uchiyama Group are some of the key players in the market. The factor behind their dominance is their global reach, with sales offices and manufacturing facilities in the majority of regions.

    Asia-Pacific accounted for >47% of the market share in 2021, & is estimated to remain dominant in the market in the foreseen future, owing to the large fleet of passenger cars, commercial vehicles, aircraft, and two-wheelers in the region, creating a huge demand for gaskets.

    Asia-Pacific is estimated to grow at the fastest rate in the coming five years, owing to the region's rapid growth, and increasing demand for automobiles, construction machinery, and electronics, all of which are driving the demand for gaskets in the region.

    The transportation sector is likely to maintain its dominance in the market with a share of more than 43.3% in 2021. The automobile, rail, and aircraft industries all contribute to the segment's dominance.