In 2022, the automotive application category led the global market, accounting for more than 34.00% of total revenue. The extensive application scope of seals in vehicle interiors, combined with consumers' growing affection for electronics in automobiles, is expected to drive segment expansion. The automobile industry was followed by the electrical and electronics industries and industrial production. The electrical and electronics business is expected to grow exponentially as a result of increased investment and innovation, resulting in a rise in the digital economy.
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Data Bridge Market Research analyses that the Gaskets Market will grow at a CAGR of 4.40% in the forecast period of 2023 to 2030 and is expected to reach USD 29,083.60 million by 2030 from USD 20,608.40 million in 2022. Over the forecast period, the adoption of innovative materials in the manufacturing of gaskets and seals for essential applications such as aircraft manufacturing, medical equipment, and chemical processing is likely to drive market expansion. The increase in the use of gaskets and seals in the oil and gas industry, as well as rising demand from the chemical and petrochemical industries, are the primary drivers driving the expansion of the gaskets and seals market in the medium term.
Growing demand for industrial equipment is expected to drive the market's growth rate
The global demand for industrial equipment is growing, which is driving the demand for gaskets. Gaskets are used to seal joints in industrial equipment, preventing leaks and contamination. The automotive and aerospace industries are two of the largest users of gaskets. As these industries grow, so too will the demand for gaskets. Manufacturers are increasingly focusing on safety and reliability, which is driving the demand for high-quality gaskets. Gaskets play a critical role in ensuring the safety and reliability of equipment. There are ongoing technological advancements in the development of gaskets. These advancements are making gaskets more efficient, durable, and versatile.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Contact Gaskets and Contactless Gaskets), Industry (Automotive, Electrical, Industrial Manufacturing, Oil And Gas, Aerospace, Marine And Rail, Paper And Pulp Industry, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Freudenberg FST GmbH (Germany), IDT GmbH (Germany), SSP Manufacturing Inc. (India), A.J. Rubber & sponge Ltd (Canada), BRUSS Sealing Systems GmbH (Germany), ElringKlinger AG (Germany), Garlock (U.S.), Lamons LGC Asset Holdings, LLC (U.S.), Trelleborg AB (Sweden), W. L. Gore & Associates, Inc. (U.S.), Seal & Design Inc. (U.S.), GE MAO RUBBER INDUSTRIAL CO., LTD. (Taiwan), and OHIO VALLEY GASKET INC. (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The global gaskets market is segmented into five notable segments based on type and industry.
- On the basis of type, the global gaskets market is segmented into contact gaskets and contactless gaskets. Contact gaskets segment is expected to dominate the global gaskets market with a 67.85% market share owing to its various properties, including high resilience, leak prevention, the flexibility of rubber, the compressibility of cork, and chemical resistance.
The contact gaskets will dominate the type segment of the global gaskets market
Contact gaskets segment is expected to flourish its dominance by acquiring more than 68% of the market share. This is because of the growing demand for contact gaskets in the developing economies.
- On the basis of industry, the global gaskets market is segmented into automotive, electrical, industrial manufacturing, oil and gas, aerospace, marine and rail, paper and pulp industry, and others. Automotive segment is expected to dominate the global gaskets market with a 34.71% market share owing to the rising demand for automobiles all over the world. Thus, gaskets provide cushioning and firm seals to prevent liquids and gases from leaking.
The automotive will dominate the industry segment of the global gaskets market
Automotive segment is expected to flourish its dominance by acquiring more than 94% of the market share. This is because of the growth and expansion of the automotive industry and growing demand from the oil and gas industry.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Freudenberg FST GmbH (Germany), IDT GmbH (Germany), SSP Manufacturing Inc. (India), A.J. Rubber & sponge Ltd (Canada), BRUSS Sealing Systems GmbH (Germany), ElringKlinger AG (Germany), Garlock (U.S.), Lamons LGC Asset Holdings, LLC (U.S.), Trelleborg AB (Sweden), W. L. Gore & Associates, Inc. (U.S.), Seal & Design Inc. (U.S.), GE MAO RUBBER INDUSTRIAL CO., LTD. (Taiwan), and OHIO VALLEY GASKET INC. (U.S.).
Market Development
- In 2022, Trelleborg announced the debut of its new Turcon Tran-SECURE PTFE manway lid gasket. This new manway lid gasket offers customers an enhanced sealing solution with an improved design featuring Trelleborg's proprietary, high-performance Turcon PTFE material. The Turcon PTFE material is known for its excellent resistance to chemicals, heat, and wear. This makes it ideal for use in a wide range of applications, including chemical transportation, oil and gas production, and power generation. The new manway lid gasket is also designed to be easy to install and maintain. This makes it a valuable asset for any company that needs a reliable and durable sealing solution.
- In 2022, Trelleborg announced the launch of its new line of flat gaskets for chemical transportation. These flat gaskets provide solutions for a wide range of applications, such as service equipment, valves, pressure plates, and loading equipment. The flat gaskets are made from a variety of materials, including PTFE, EPDM, and Viton. This allows Trelleborg to offer a gasket that is specifically designed for the needs of each customer. The flat gaskets are also available in a variety of sizes and shapes. This ensures that Trelleborg has a gasket that is a perfect fit for any application.
- In 2022, Lamons introduced the DEFENDER HF gaskets, which are designed for extremely corrosive applications such as hydrofluoric acid. These gaskets are made from a proprietary blend of materials that is specifically designed to resist the harsh chemicals found in hydrofluoric acid. The DEFENDER HF gaskets are also designed to be easy to install and maintain. This makes them a valuable asset for any company that needs a reliable and durable sealing solution for hydrofluoric acid applications.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the gaskets market during the forecast period 2023-2030
Asia-Pacific is the dominating region in the global gaskets market. This is due to the growing demand for industrial equipment and the increasing focus on safety and reliability in the region.
North America is estimated to be the fastest growing region in the gaskets market in the forecast period 2023-2030
North America is an estimated region for the global gaskets market. This is due to the high demand for automotive and aerospace applications in the region.
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