The Gaskets, Packing, and Sealing Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gaskets, Packing, and Sealing Devices Global Market Report 2024, The gaskets, packing, and sealing devices market size has grown rapidly in recent years. It will grow from $62.13 billion in 2023 to $68.72 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to industrial expansion and manufacturing growth, regulatory compliance and safety standards, infrastructure development, global economic conditions, energy exploration and production.
The gaskets, packing, and sealing devices market size is expected to see strong growth in the next few years. It will grow to $99.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increased emphasis on sustainability, rise of electric vehicles (EVs), advancements in smart manufacturing, expansion of renewable energy, stringent emission standards. Major trends in the forecast period include digitalization of industries, technological advancements in materials, demand for high-performance materials, IoT integration for predictive maintenance, rise of non-contact sealing technologies.
An increase in the demand for oil and gas is expected to propel the growth of the gaskets, packing, and sealing devices market. Oil and natural gas refer to naturally occurring chemicals derived from oil wells through an extraction process composed of only two elements carbon and hydrogen. Oil and gas industry utilizes equipment and devices that process oil, gas, water, and other elements and any spurious leaks of these elements can disrupt its operations. Gaskets and seals are used in these equipment and devices to stop leaks and make the operations safe and secure. For instance, according to the International Energy Agency, a Paris-based intergovernmental organization, in December 2022, the global oil demand increased to 2.3 mb/d from 140 kb/d in November 2022. As per the IEA Gas market report Q1-2023, in 2022, natural gas consumption in North America increased by 4.4%. Therefore, the increase in the demand for oil and gas drives the gaskets, packing, and sealing devices market.
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The gaskets, packing, and sealing devices market covered in this report is segmented –
1) By Product: Gaskets, Seals
2) By Material Type: Metallic, Non-metallic, Elastomeric, Other Material Types
3) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Automotive, Electrical And Electronics, Marine And Rail, Industrial And Manufacturing, Aerospace, Oil And Gas, Chemicals and Petrochemicals, Other Applications
Major companies in the gaskets, packings, and sealing devices market are focused on developing seal range, such as lip seal secondary containment devices, for enhanced liquid quench applications and to gain a competitive edge in the market. A lip seal secondary containment device is a sealing mechanism designed to prevent leakage and contain fluids, often used in conjunction with primary seals for enhanced reliability in industrial applications. For instance, in November 2021, John Crane, a US-based provider of rotating equipment solutions, launched 5610 Liquid Quench (5610L), an extension to the 5600-seal range, designed for liquid quench applications. The new seal features a lip seal secondary containment device and ensures reliability and interchangeability within the 5600-seal design. It accommodates a range of liquids, including those with crystallizing duties for caustic soda, ammoniums, dirty water, light sugars, and vegetable-based oils.
The gaskets, packing, and sealing devices market report table of contents includes:
- Executive Summary
- Gaskets, Packing, and Sealing Devices Market Characteristics
- Gaskets, Packing, and Sealing Devices Market Trends And Strategies
- Gaskets, Packing, and Sealing Devices Market - Macro Economic Scenario
- Global Gaskets, Packing, and Sealing Devices Market Size and Growth
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- Global Gaskets, Packing, and Sealing Devices Market Competitive Benchmarking
- Global Gaskets, Packing, and Sealing Devices Market Competitive Dashboard
- Key Mergers And Acquisitions In Gaskets, Packing, and Sealing Devices Market
- Gaskets, Packing, and Sealing Devices Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- com Inc.
- Alphabet Inc.
- Microsoft Corporation
- Dell Technologies Inc.
- Hitachi Ltd.
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The global gaskets and seals market size is expected to reach USD 74.2 billion by 2025, registering a CAGR of 3.7% from 2018 to 2025, according to a new report by Radiant Insights, Inc. Increasing demand for these products in fluid transfer applications in semi-conductor manufacturing is expected to drive the overall market growth.
Gaskets and seals are critical components in complex mechanical systems in the manufacturing sector to reduce environmental impact and prevent personal injuries due to fugitive emissions.
Thus, the rising environmental concerns owing to industrial emissions, coupled with implications of stringent emission standards, is expected to positively influence the market growth.
The industry exhibits a minimal threat of substitution due to unavailability of commercially viable alternatives for sealing solutions.
However, rapidly rising penetration of Form-In-Place (FIP) gaskets in automotive and electronic manufacturing is expected to result in the internal substitution of their metal counterparts across applications.
Further key findings from the report suggest: • The gaskets segment is expected to register the highest CAGR of 4.0% from 2018 to 2025 owing to the rising product demand in the chemical processing industry to address environment concerns regarding emissions and to enhance industrial efficiency • Seals amounted to a revenue of USD 34.2 billion in 2018 due to high product demand in microelectronics and semi-conductor processing applications in the growing electrical and electronics industry • The demand for gaskets and seals in the automotive industry is expected to value USD 26.6 billion by 2025 on account of their extensive use in the production and assembly of powertrain, chassis, exhaust manifolds, and other components • The market in China makes the largest revenue contribution to the Asia Pacific gasket market, accounting for more than 55.0% of the share in 2018.
