Gaskets serve the critical purpose of sealing connections between components, preventing leakage and wastage of fluids and gases. These static seals are designed based on equipment type and surface requirements. Gaskets are tailored to fit specific shapes and are constructed from materials like metals or industrial-grade rubber, offering exceptional chemical resistance, compressibility, temperature resilience, weather resistance, and durability against heat, water, and abrasion. The automotive sector's increasing demand is driving the popularity of gaskets.
According to Data Bridge Market Research, the Gaskets Market is expected to reach USD 6,917.53 million by 2030. The market is expected to grow with a CAGR of 4.0% in the forecast period of 2023 to 2030.
“Rising demand from the automobile industry”
In the past decade, the automobile industry has undergone significant transformation, marking a historic period of upheaval. Europe witnessed a rise in car sales, reaching approximately 66.7 million vehicles in 2021, and a notable increase from around 63.8 million units in 2020. This substantial growth in automobile and motor vehicle sales is expected to drive the expansion of Europe's vehicle manufacturing sector, consequently bolstering the gaskets market.
What restraints the growth of gaskets market?
“Issues regarding high-temperature gaskets”
Gaskets, commonly made from rubber, are prone to deformation when subjected to prolonged high temperatures. While certain rubbers can withstand temperatures up to +120°C, silicone and Viton rubbers offer higher temperature resistance, up to +300°C. Some flexible rubber materials can even endure continuous exposure to temperatures of +300°C. However, when exposed to temperatures around +500°C for extended periods, the flexibility of gaskets becomes compromised.
Segmentation: Europe Gaskets Market
The gaskets market is segmented on the basis of type and industry.
- On the basis of type, the gaskets market is segmented into contact gaskets, and contactless gaskets.
- On the basis of industry, the gaskets market is segmented into eight segments automotive, electrical, industrial manufacturing, oil and gas, aerospace, marine and rail, paper and pulp industry, and others.
Regional Insights: Germany dominates the Europe Gaskets Market
Germany dominates the Europe gaskets market due to the automobile industry's rising demand has led to increased market share and revenue in the gaskets sector. As more vehicles are manufactured, the demand for gaskets used in automotive applications grows, contributing to the expansion of the market and higher revenue generation.
To know more about the study visit, https://www.databridgemarketresearch.com/de/reports/europe-gasket-market
Recent Developments in Gaskets Market
- In May 2022, according to Statista, Asia will be home to the most functioning petroleum refineries in the world. There were 316 such facilities across the continent as of 2021. Asia also has the greatest number of refinery expansion projects in the works. There are roughly 90 refining plants in the planning or building stages, mostly driven by consumer demand from economic powerhouses such as China and India
- In June 20220, Lamons introduced the DEFENDER HF gasket, which is designed for extremely corrosive applications such as hydrofluoric acid. With this accomplishment, the organization strengthened its portfolio.
The Prominent Key Players Operating in the Europe Gaskets Market Include:
- Freudenberg FST GmbH (Germany)
- IDT GmbH (Germany)
- SSP Manufacturing Inc. (U.S.)
- A.J. Rubber & sponge Ltd (Canada)
- BRUSS Sealing Systems GmbH (Germany)
- ElringKlinger AG (Germany)
- Garlock (U.S.)
- Enpro Industries (U.S.)
- Lamons LGC US Asset Holdings, LLC (U.S.)
- Trelleborg AB, W. L. Gore & Associates, Inc. (Sweden)
- Seal & Design Inc. (U.S.)
- GE MAO RUBBER INDUSTRIAL CO., LTD. (China)
- HELIX ENGINEERING (India)
- The Topog-E Gasket Co (U.S.)
- OHIO VALLEY GASKET INC. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of gaskets market companies contact, https://www.databridgemarketresearch.com/de/contact
Research Methodology: Europe Gaskets Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europe vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
