In-depth analysis and data-driven insights on the impact of COVID-19 included in this global gaskets and seals market report.
The global gaskets and seals market is expected to grow at a CAGR of over 4% during the period 2020−2026.
Key Highlights Offered in the Report:
- The global gasket and seals market is expected witness absolute growth of around 30% and incremental revenue of over USD 18 billion, with APAC accounting for around 50% of the global incremental revenue from 2020 to 2026.
- The global automotive industry gaskets and seals market is expected to grow at a CAGR of over 4% during the forecast period, adding over USD 5 billion in incremental revenues.
- The global aerospace parts market is expected to grow at a CAGR of around 6% during the forecast period, thus presenting growth opportunities for vendors offering high quality gaskets and seals for aerospace sector.
- APAC is expected to witness an absolute growth of around 33%, adding incremental revenues of approximately USD 3 billion through 2026 in the metallic gaskets segment.
- North America accounted for over 22% market share in 2020 growing with a CAGR of around 3%. The demand is higher in the auto sector, which is one of the largest markets too.
- With a significant percentage of revenue going into the procurement of raw materials, manufacturing capability is largely defined by vendors’ accessibility to raw materials.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, type, end-user, buyers, and geography
- Competitive Landscape – 7 key vendors and 36 other vendors
Gaskets and Seals Market – Segmentation
- The need to improve efficiency and productivity in the global manufacturing sector, including automotive and aerospace, is increasing rapidly, especially in APAC, Europe, and North America. This is likely to affect the demand for seals, which helps in optimizing performance and boosting efficiency of machines.
- The non-metallic segment is expected to reach over $51 billion by 2026. Non-metallic gaskets and seals are witnessing increased adoption of high-tech and electronics sectors as they have become corrosion resistant and offer excellent electrical insulating properties.
- The demand for gaskets and seals from OEMs is high, however, it is increasing among aftersales players, and the segment is likely to exhibit a CAGR of over 5% during the forecast period. The demand from OEMs was affected on account of the COVID-19 outbreak, especially from the aerospace and automotive industries, however, with relaxation in restrictions in Q3 2020, the demand has shown a positive uptrend.
Gaskets and Seals Market by Products
Gaskets and Seals Market by Type
Gaskets and Seals Market by Buyers
- Aftersales Players
Gaskets and Seals Market by End-user
- Industrial Machinery
- Automotive & Mobility
- Electricals and Electronics
- Aerospace Industry
- Marine and Rail
Gaskets and Seals Market – Dynamics
With top manufacturing centers in Asia such as India and China now capable of investing in major infrastructure development, high-tech majors in sectors such as automotive, aerospace, electronics, and medical devices are planning to further move up the value chain in the gaskets and seals market in the coming years. One of the major enablers is increased investment inflows into these economies driven by the high consumption and manufacturing potential. Driven by the need to attain a more productive job market amidst a fast disappearing labor cost advantage, these countries are now leading the shift toward high-tech manufacturing that was once dominated by their regional counterparts, such as Japan and South Korea.
Key Drivers and Trends fueling Market Growth:
- Innovative Designs in Manufacturing Sector
- Consistent Growth in Aerospace and Electronics Manufacturing
- Introduction of 3D Printing in the Manufacturing of Gaskets and Seals
- Customization Based on End-users
Gaskets and Seals Market – Geography
The abundant availability of raw materials and technologies are key driving factors for gaskets and seals in APAC. China remains the leader in the market owing to the robust production of steel and polymer resins. Although the impact of the US-China trade war is significant in the APAC region, domestic demand sustained and offset this impact to a certain extent. China is a major hub in manufacturing for end-use markets such as electronics, automotive, aerospace, and industrial machinery. Demand has been steady over the years, and even with the COVID-19 outbreak, China was able to contain the spread and its impact on the market in focus.
Gaskets and Seals Market by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- Dana Corporation
- AB SKF
- Flowserve Corporation
- Smiths Group PLC
Other Prominent Vendors
- Kanam Latex Industries Pvt. Ltd.
- Vicone Rubber
- J. Rubber & Sponge Ltd.
- Seals and Design Inc.
- MSG Seals
- Keith Payne Products
- Datwyler Holding Inc.
- Bruss Sealing System GmbH
- Cooper Standard Holding
- Kaman Corporation
- Sanwa Packing Industry Co. Ltd.
- AIGI Industrial Group of Companies
- AMETEK Incorporated
- Anhui Zhongding Holding Group
- Bal Seal Engineering
- Boyd Corporation
- Caterpillar Incorporated
- Chesterton (AW) Company
- Federal-Mogul Corporation
- Garlock Sealing Technologies
- Gore (WL) & Associates
- Greene Tweed
- Henkel AG
- ILPEA Industries
- Interface Performance Materials
- Ishikawa Gasket
- Parker-Hannifin Corporation
- Asian Sealing Products
Looking for more information? Click Here
About Arizton Advisory & Intelligence
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize fool proof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Arizton Advisory & Intelligence
Chicago, Illinois, 60605
Call: +1-312-235-2040/+1 302 469 0707
Company Name: Arizton Advisory & Intelligence
Contact Person: Jessica
Email: Send Email
Phone: +1 3122332770
Country: United States