Gaskets Market Growth Analysis

Market Highlights

The gasket 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.

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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.

Almost every industry uses gaskets, including food & beverages, energy & power, petrochemical, 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.

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 it 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.

Market Segment 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.

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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.

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.

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Segmentation

This report studies the market covering a period of 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 gaskets 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?

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.