Gaskets and Seals Market Segmentation, and Growth outlook Report By 2025
The global gaskets and seals market is estimated to reach USD 74.2 billion, by 2025, and is projected to grow at the CAGR of 3.7% from 2019 to 2025. The increasing demand for seals & gaskets in semiconductor manufacturing and fluid transmission application is projected to propel the market growth.
Seals and gaskets play a vital role in manufacturing units for mechanical systems maintenance and for preventing fugitive gas emissions. Thus, the adverse impact on the environment due to industrial emissions is projected to positively impact on the demand of these products.
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Moreover, the key players are using corrugated metal to develop advanced sealing solutions. These products are useful in critical conditions such as thermal, corrosive chemicals, and extreme temperatures. Advanced sealing solutions offer improved sustainability and production efficiency. All these key benefits are expected to positively impact on the growth of gaskets and seals market.
The market possesses a low number of substitutes owing to fewer alternatives available for sealing applications. However, in the automotive sector, the increasing adoption of form-in-place gaskets is anticipated to create substitutions for metal applications.
Key players focus on developing sealing solutions using advanced material technology. In addition, the manufacturers also provide engineering assistance, and field support to gain a competitive edge over other players.
Further key findings from the report suggest:
- Gaskets product category is projected to grow at the fastest CAGR over the forecasted period, due to the increasing demand from chemical industry.
- In 2018, seals segment accounted for over USD 34.0 billion in the overall market. This growth is constituted by growing applications in semiconductor and microelectronics sector.
- Seals and gaskets demand from automotive sector is estimated to account for USD 26.6 billion at the end of 2025.
- China has constituted to major market share of over 55.0% in Asia Pacific market in 2018.
Impact of COVID-19
COVID-19 pandemic has slowdown the production in the automotive industry across the globe, which, in turn, is negatively impacting the growth of gaskets & seals manufacturing industry. In addition, a severe reduction in the oil prices along with a stoppage in industrial activities in 2020, is expected to hamper the market growth.
Manufacturing of gaskets & seals is projected to run at a below-average capacity of utilization. This is due to reduced demand from the aerospace and automotive industry. Furthermore, the economy rebound, and increasing demand from the energy market is expected to foster the demand for gaskets & seals in the next few years.
Global Gaskets and Seals Market: Key Players
AB SKF, Flowserve Corporation, Dana Holdings Corporation, Smith Group plc, Cooper Standard Holdings, and ElringKlinger.
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