The global gaskets and seals market size was accounted for USD 57.4 billion in 2018 and is projected to grow at the CAGR of 3.7% over the forecast period, 2019 to 2025. Growing applications from the automotive and microelectronics sector for a form-in-place solution are projected to propel market growth.
Strict regulation standards by the government authorities regarding industrial emission are expected to increase the demand for sealing solutions. The sealing solution helps in preventing leakages in the fluid transmission process and also maintains efficiency in production.
U.S. defense and aerospace sector is the largest producer of defense systems and aircraft across the world. The seals and gaskets are useful in applications like galleys, internal cabins, and fairings. In addition, increasing demand from the Asia Pacific, and Europe is also supporting the market growth.
The growing adoption of 3D printing in the manufacturing of seals and gaskets with advanced features is proliferating the product demand. 3D technology helps in developing new different seal designs and custom printed designs. These seals and gaskets are highly intricate and durable.
Key players in the market are testing and developing seals and gaskets using composite materials to enhance product quality, and functionality, especially in heat transfer processing. Moreover, various players are focusing on developing gaskets using patented materials.
The market includes a wide range of product categories to serve different industries. Thus, the manufacturers develop application-specific seals & gaskets to cater to a particular industry or sector.
The gaskets are projected to have significant growth in the coming few years, due to the growing chemical processing, and oil & gas sector. The product is expected to have high demand from these sectors which include heat exchange systems, and pipeline operations. In 2018, gasket products attributed to USD 23.2 billion in the overall market.
In Automotive electronics, there is a high demand for non-metallic gaskets. This demand is attributed to the ring automotive sector in Europe and Asia Pacific region. The gaskets come up with lightweight and high functionality, which, in turn, is projected to boost the segmental growth.
In 2018, the seal segment accounted for USD 34.2 billion. This growth is attributed to growing applications such as hydraulic, filtration, gas & fluid operations, pneumatic, aerospace, and climate control. Furthermore, increasing awareness regarding the elimination of greenhouse gases is also supporting product growth.
The construction of solar parks, and windmills are on the rise in the past few years. This trend is projected to create opportunities for the seals market. In the turbine assembly, the seals are essential for longevity and reliability purpose.
In 2018, the automotive segment held a market share of over 35.0% in the overall market. The automotive applications include body parts, electronics, and engine blocks for which seals are needed for safety & security measures. Moreover, the growing adoption of 3D printing is also anticipated to increase the demand for gaskets in the automotive industry.
Advancement in the sealing solution is improving production efficiency and plants sustainability. This factor is expected to boost the demand for sealing products in the next few years.
In addition, gaskets and seals are widely used in electronics and electrical products. It includes transformers, LCD displays, timers, microelectronics, switches, and telecommunication devices. Furthermore, these products are also useful in watches, refrigerators, TVs, and smartphones.
The development of sealing technology along with RFID technology provides efficient and high durability for long-term purposes. This factor is expected to positively impact the growth of the gaskets and seals market.
OEMs segment is projected to propel at the CAGR of 3.9% over the forecasted period. This growth is constituted by the electronics and aerospace industry. In addition, the manufacturing industry across the Asia Pacific region is increasing owing to supportive government initiatives.
The growing focus on reliable sources such as solar and wind energy is attracting manufacturers to invest in the development of turbine technology. The demand for seals products is expected to increase owing to the growing application of fluid and power transmission in power plants.
Seals and gaskets are essential in maintenance and repair operations (MRO) for gas leakage and fluid handling. Whenever fluid and gas change inside the system these products get replaced.
In aerospace applications, the development of elastomers and engineered plastic for seals manufacturing is expected to replace the conventional type seals. These seals are light in weight and have high thermal resistance. These key factors are anticipated to increase the demand for the product.
Europe is projected to grow at the CAGR of 3.0% during the forecasted period. The defense and aerospace sector in the European region is growing due to the increased spending by the government on their defense expenditure. Countries such as France and Germany invest heavily in their defense & security and in supplementing North Atlantic Treaty Organization (NATO) requirements.
In the Asia Pacific, growing economies such as Japan, and China are expected to be major contributors to the market. Additionally, the rising automobile industry with the high production of motor vehicles is surging the growth of sealing products.
The chemical industry in North America is expected to offer huge opportunities for gaskets and sealing solutions. Chemical applications involve piping installations, fluid management which is anticipated to bolster the demand for seals & gasket products.
The Middle East region is projected to grow at a CAGR of around 3.8% over the forecasted period. The region is a key contributor to the world aerospace MRO market.
COVID-19 pandemic has slowdown the production in the automotive industry across the globe, which, in turn, is negatively impacting the growth of the gaskets & seals manufacturing industry. In addition, a severe reduction in the oil prices along with a stoppage in industrial activities in 2020, is expected to hamper the market growth.
Manufacturing of gaskets & seals is projected to run at a below-average capacity of utilization. This is due to reduced demand from the aerospace and automotive industry. Furthermore, the economic rebound and increasing demand from the energy market is expected to foster the demand for gaskets & seals in the next few years.
Key players in the market collaborate with technology providers to provide advanced sealing solutions. Additionally, they engage in developing customized products and increasing their product portfolio.
Leading players in the market include AB SKF; Flowserve Corporation; Dana Holdings Corporation.; Smith Group plc; Cooper-Standard Holdings; and ElringKlinger.
The base year for estimation
Actual estimates/Historical data
2014 - 2017
2019 - 2025
Revenue in USD Million & CAGR from 2019 to 2025
North America, Europe, Asia Pacific, Central & South America & Middle East & Africa
U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, Saudi Arabia, and UAE.
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global gaskets and seals market report on the basis of product, application, end-use, and region:
• Product Outlook (Revenue, USD Million, 2014 - 2025)
• Shaft Seals
• Molded Packing & Seals
• Motor Vehicle Seals
• Application Outlook (Revenue, USD Million, 2014 - 2025)
• Electrical & Electronics
• Marine & Rail
• Industrial & Manufacturing
• Oil & Gas
• Chemicals & Petrochemicals
• End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• The Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa (MEA)
• Saudi Arabia
Research Support Specialist, USA