Europe Gaskets Market, By Type (Contact Gaskets, and Contactless Gaskets), Industry (Automotive, Marine and Rail, Aerospace, Oil and Gas, Industrial Manufacturing, Electrical, Paper and Pulp Industry, and Others) - Industry Trends and Forecast to 2030.
Europe Gaskets Market Analysis and Size
The Europe gaskets market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.0% in the forecast period of 2023 to 2030 and is expected to reach USD 6,917.53 million by 2030. The major factor driving the growth of the Gaskets is the rising demand from the automobile industry and industrial gaskets have wider applications in various end-use sectors expected to drive the market growth.
The Europe gaskets market report provides details of market share, new developments, and the impact of domestic and localized market players and analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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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 2020- 2015)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Type (Contact Gaskets, and Contactless Gaskets), Industry (Automotive, Marine and Rail, Aerospace, Oil and Gas, Industrial Manufacturing, Electrical, Paper and Pulp Industry, and Others)
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Countries Covered
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Germany, the U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, and the Rest of Europe
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Market Players Covered
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Freudenberg FST GmbH, IDT GmbH, SSP Manufacturing Inc., A.J. Rubber & sponge Ltd, BRUSS Sealing Systems GmbH, ElringKlinger AG, Garlock, an Enpro (NYSE: NPO) Company, Lamons LGC US Asset Holdings, LLC, Trelleborg AB, W. L. Gore & Associates, Inc., Seal & Design Inc., GE MAO RUBBER INDUSTRIAL CO., LTD., HELIX ENGINEERING, The Topog-E Gasket Co, and OHIO VALLEY GASKET INC., among others
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Market Definition
Gaskets seal a connection between two components, and it is used to fill the empty spaces between two surfaces, which helps to avoid leakage and wastage of fluids and gas in the application. Gaskets products are mainly used as static seals. The gaskets are specially designed depending on the type of equipment and end-use surface. Gaskets will often be cut into a specific shape to fit the component they are to be fitted to. Gaskets are made of materials such as metals, industrial-grade rubber, or a combination of both. These are generally equipped with excellent anti-chemical characteristics, anti-compressibility properties, high/low temperature and weather resistance, and superior resistance to heat, water, and abrasion. The growing demand for automotive gaskets is gaining popularity due to the demand for automobiles.
Europe Gaskets Market Dynamics
Drivers
- Rising demand from the automobile industry
The automobile industry has experienced the most profound upheaval in its history during the last decade. Europe car sales increased to roughly 66.7 million vehicles in 2021, up from around 63.8 million units in 2020. This considerable growth in automobile and other motor vehicle sales will enhance Europe vehicle manufacturing, which will assist in boosting the gaskets market.
Gaskets, which are used to seal the space between two components to guarantee that there is no leakage between them during the compression stage, are a key aspect of practically all automobile engines and critical components in a vehicle. They are made of a flat, precut piece of material used to seal mating surfaces. Most vehicle engines, from cars and trucks to vans and tractor-trailers, contain gaskets. Metallic gaskets and non-metallic gaskets are the two types of automotive gaskets. Gaskets are classified into two types: contact gaskets and contactless gaskets. The head gasket, manifold gasket, and camshaft gasket are the most frequent types of gaskets used in engines.
- PTFE-based gaskets are becoming increasingly popular
A PTFE gasket, also known as a polytetrafluoroethylene gasket, is a mechanical seal that fills the area between pipelining system connecting surfaces. The high melting temperature, low coefficient of friction, high corrosion resistance, high resilience, adaptability, extended product life, electrical and thermal insulation, and considerable insulating qualities are the fundamental properties that define the PTFE gasket. This increases its value as a sealing material and makes it suitable for usage in a variety of end-use sectors, including energy, chemical and petrochemical, medical and pharmaceutical, and oil and gas. PTFE gaskets aid in the smooth running of operations by reducing vibration and creating a noise-free environment. They have a low friction coefficient and are resistant to acids, bases, and solvents. Custom-engineered PTFE products may be created utilizing graphite, rubber elastomers, non-asbestos fillers, corrugated metals, and other materials. Because of these PTFE elements, new products and innovations in existing ones were created, which boosted the expansion of the gasket markets.
- Industrial gaskets have wider applications in various end-use sectors
Industrial gaskets are widely used in process industries such as refineries and petrochemical plants, power generating, chemical, and mining, defense, electronic, pipeline, water treatment, and paper and pulp mills, as well as a variety of general engineering applications. It is used to prevent liquid and gas leaks, assure system safety, outstanding physical attributes, and a longer product life.
Because of their better resistance to chemicals, alkaline, acids, and others, as well as resistance to high temperatures, resistance to severe pressure, ability to survive varied conditions, and others, the need for industrial gaskets is expanding in the aforementioned industries. The growing number of refineries in emerging markets is likely to drive up demand for industrial gaskets.
Opportunities
- Customizing a product to meet the needs of the customer while also offering it at a reasonable price
Gaskets customization refers to personalizing a product according to customer needs and preferences. Customization includes exclusive functionalities, templates and flexibility with product design of all counts as per the need for the application. Customization is an essential element in delivering personalized customer experience to different segments of users. It is the key factor for driving customer loyalty and satisfaction.
Through customization, there will be more demand since gaskets are required in several applications in various industries, such as oil and gas, pharmaceuticals, food, water treatment, and others. With the application of custom gaskets, there will be endless options of gasket types with various shapes, sizes and materials as per the need of the customer in various applications. Since each company that uses the service of the gasket has its own unique set of criteria which need to be specified according to their need and design, there is a height scope of scaling up the market due to the possibility of customization according to the personal need of the customer.
- New product launches can pose major business opportunities
With the need and demand for new designs, there is the need to launch fresh designs or modify the current product and launch them as a new version. The upgrade to the new product will boost sales and attracts consumer from the very first day of successfully launching new products. When a new product is launched there will create new business relations as well as partnerships. Launching a new product into the market will not only attract the particular products in the market, but also promotes about the already existing product. The new product also paves the way to gaining more profit if the product is successful. It also creates brand awareness and exposure to the market.
Restraints/Challenges
- Price volatility of raw materials
Gaskets are used in various industries, including drinking water industries, hospitals, sewage treatment industries, automotive industries, aerospace and gas and oil industries. The raw materials for the gasket are mostly paper, rubber, cork, silicone, felt, neoprene, fiberglass, Teflon or a plastic polymer, stainless steel, aluminium, bronze, titanium, and PTFE. Rubber is the top choice of raw materials for manufacturing gaskets. A gasket usually prevents leakage and helps maintain the mechanical devices for strength and compatibility.
- Issues regarding high-temperature gaskets
Rubber being the most commonly used material for manufacturing gaskets, there is a very high possibility that the gasket product will face deformation when exposed to high temperatures for a longer period of time. Many rubbers will work at a temperature of up to +120°C, while silicone and Viton rubbers can be used up to +300°C. Some flexible rubber can function continuously with exposure to +300°C. With continuous exposure to high temperatures for approximately +500°C, the flexibility of a gasket is compromised. So selecting the right gasket material for application in a high-temperature atmosphere for a reliable joint and effective operation is critical.
- Government regulations for environmental protection may affect gaskets growth
The fact that gaskets are used in practically every industry throughout the world, including automotive, petrochemical, water treatment, food, pharmaceuticals, and others. The gaskets may contribute to increased pollution. Several regulatory rules established by various regulatory bodies are hindering the expansion of the gasket sector.
Gaskets are not invincible. Gaskets are engineered to be exceedingly robust and suited for the circumstances for which they are intended, yet they are nonetheless prone to degradation over time. A combination of variables such as oxygen, ozone, light, heat, humidity, oils, water, solvents, acids, and vapors can cause gasket deterioration. Extreme environmental conditions will eventually cause damage to a gasket. Causticity, severe temperatures, and excessive pressure on the gasket are the most common risks to a gasket's integrity in any application. Asbestos gaskets are the principal gaskets that offer a severe concern. Asbestos-related disorders have been linked to the installation and removal of asbestos gaskets.
Recent Development
- 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.
Europe Gaskets Market Scope
The Europe gaskets market is categorized based on type and industry. The growth amongst two segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Contact Gaskets
- Contactless Gaskets
On the basis of type, the Europe gaskets market is classified into two segments contact gaskets, and contactless gaskets.
Industry
- Automotive
- Electrical
- Industrial Manufacturing
- Oil and gas
- Aerospace
- Marine and Rail
- Paper and Pulp Industry
- Others
On the basis of industry, the Europe Gaskets market is classified into eight segments automotive, electrical, industrial manufacturing, oil and gas, aerospace, marine and rail, paper and pulp industry, and others.
Europe Gaskets Market Regional Analysis/Insights
The Europe gaskets market is segmented on the basis of type and industry.
The countries in the Europe gaskets market are Germany, the U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, and the Rest of Europe.
Germany is dominating the Europe gaskets market in terms of market share and market revenue due to an increase in demand for the automobile industry.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Gaskets Market Share Analysis
Europe gaskets market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the Europe gaskets market.
Some of the major players operating in the Europe Gaskets market are Freudenberg FST GmbH, IDT GmbH, SSP Manufacturing Inc., A.J. Rubber & sponge Ltd, BRUSS Sealing Systems GmbH, ElringKlinger AG, Garlock, an Enpro (NYSE: NPO) Company, Lamons LGC US Asset Holdings, LLC, Trelleborg AB, W. L. Gore & Associates, Inc., Seal & Design Inc., GE MAO RUBBER INDUSTRIAL CO., LTD., HELIX ENGINEERING, The Topog-E Gasket Co, and OHIO VALLEY GASKET INC., among others.
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