Gaskets Market Report
Gaskets Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Gaskets Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Gaskets Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others) and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [Japan, China, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Gaskets Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others) and by Region (North America [The USA, Canada, and Mexico], Eur...
A gasket is a flat piece of material used to fill the gap between two or more joining surfaces in order to prevent leakages 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.
Almost every industry uses gaskets, including food & beverages, energy & power, petrochemical, oil & gas, and others. 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 gaskets market in 2020. The wrath of the pandemic caused supply chain disruption, lockdowns, and labor and material shortages all over the world. As a result, the gaskets market suffered a decline of -10.3% in 2020. However, the market started to show signs of recovery in 2021 and is expected to grow at a modest CAGR of 3.9% during the forecast period to reach a value of US$ 10.8 Billion in 2027.
Based on the end-use industry type, the gaskets market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the largest, whereas electrical & electronics is expected to be the fastest-growing segment of the market during the forecast period. There is a considerable demand for seals in the transportation sector due to the increasing production of automobiles, growing aircraft fleet, 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.
In terms of regions, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific 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.
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.
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.
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. The following are the key features of the report:
The gaskets market is segmented into the following categories.
Gaskets Market, by End-Use Industry Type
Gaskets Market, by Region
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The gaskets market is estimated to grow at a healthy CAGR of 3.9% over the next five years to reach a value of US$ 10.8 Billion in 2027. The growth of the market is driven by the wide usage of gaskets in various industries such as transportation, processing, electrical & electronics, and mobile machinery.
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 is estimated to remain dominant in the gaskets 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 in the next five years. The automobile, rail, and aircraft industries all contribute to the segment's dominance.