The global gaskets and seals market size is expected to reach USD 74.2 billion by 2025, registering a CAGR of 3.7% from 2018 to 2025, according to a new report by Grand View Research, Inc. Increasing demand for these products in fluid transfer applications in semi-conductor manufacturing is expected to drive the overall market growth.
Gaskets and seals are critical components in complex mechanical systems in the manufacturing sector to reduce environmental impact and prevent personal injuries due to fugitive emissions. Thus, the rising environmental concerns owing to industrial emissions, coupled with implications of stringent emission standards, is expected to positively influence the market growth.
Key industry participants are developing advanced engineered sealing solutions with a corrugated metal core combined with compressible sealing element of various materials. These products are hence suitable for use in harsh operating conditions such as corrosive chemicals, extreme temperature, and thermal cycling.Moreover, advanced sealing systems and components enhance the production efficiency and sustainability of plants, there enabling greater resource efficiency.
The industry exhibits a minimal threat of substitution due to unavailability of commercially viable alternatives for sealing solutions. However, rapidly rising penetration of Form-In-Place (FIP) gaskets in automotive and electronic manufacturing is expected to result in the internal substitution of their metal counterparts across applications.
Key industry participants are developing superior material technology, thereby enhancing their sealing product offering. In addition, they are employing competitive pricing strategies and are offering complete field support and engineering assistance to gain a competitive edge and maintain their stronghold in the market.
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Key Takeaways from the report:
- In terms of revenue, chocolate flavor led the packaged milkshakes market and accounted for the largest share of 39.2% in 2018
- Paper is among the most preferred packaging materials and it accounted for 37.2% share of the global revenue in 2018
- MEA is the fastest growing region for packaged milkshake and is expected to expand at a CAGR of 7.2% due to rapid urbanization and growing commercial sector.
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- The gaskets segment is expected to register the highest CAGR of 4.0% from 2018 to 2025 owing to the rising product demand in the chemical processing industry to address environment concerns regarding emissions and to enhance industrial efficiency
- Seals amounted to a revenue of USD 34.2 billion in 2018 due to high product demand in microelectronics and semi-conductor processing applications in the growing electrical and electronics industry
- The demand for gaskets and seals in the automotive industry is expected to value USD 26.6 billion by 2025 on account of their extensive use in the production and assembly of powertrain, chassis, exhaust manifolds, and other components
- The market in China makes the largest revenue contribution to the Asia Pacific gasket market, accounting for more than 55.0% of the share in 2018. This is mainly attributed to the extensive use of the product for automotive and electronics manufacturing
- The gaskets and seals market is characterized by the presence of numerous players exhibiting a vast logistics network featuring a notable number of distributors and service centers.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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