Gasket and seals are components that fill the space between two or more mating surfaces within a system or machinery to prevent leakage and unwanted gas/liquid/particle intrusion. They are commonly used in automotive, industrial machinery, aerospace, construction, and other applications where joining pipes, valves, etc. is required. Gaskets provide sealing and help avoid contamination across interfaces. Common gasket materials include non-asbestos fiber, metallic, and spiral wound gaskets. Seals are used in rotary and static applications to prevent leakage along shafts and within housings.
The global gasket and seals market is estimated to be valued at US$ 87832.66 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the gasket and seals market are Banco Products (I) Lt, Dana Incorporated, ElringKlinger AB, Federal-Mogul Holdings Corporation, Freudenberg Co. KG, Henniges Automotive Holdings Inc., Parker Hannifin Corp. Key players have been investing in expanding their production capacities and diversifying their product portfolios to capitalize on the growing demand. The growing automotive production worldwide is driving the demand for gaskets and seals significantly. Global automotive production reached nearly 90 million units in 2018 according to OICA and is expected to further grow with countries like China and India emerging as top automotive markets. Gasket and seal manufacturers are also expanding their operations globally to cater to the growing demand from overseas automotive manufacturing hubs. For instance, in March 2022, Parker Hannifin opened a new manufacturing plant in Mexico to support the local automotive industry.
Increasing vehicle demand and complexities in engine and vehicle design requiring more advanced, efficient sealing solutions continue to drive the Gasket And Seals Market Size. Stringent regulations regarding fuel efficiency and vehicular emissions are also propelling the demand for innovative gasket and seal designs that help reduce friction and enhance sealing performance. Replacement market for gaskets and seals also offers significant growth opportunities.
Market Drivers
The global automotive industry has been growing steadily which has created robust demand for gaskets and seals over the years. According to IHS Markit, over 90 million vehicles were produced globally in 2018 and the number is expected to grow further in coming years. Emerging economies like China, India, Brazil, and others are major automotive hubs experiencing high demand growth. This growing automotive manufacturing industry is one of the key drivers for the gasket and seals market as gaskets and seals are integral components used across engine assemblies, transmission, cooling system, brakes, oil/fuel systems and other areas in every vehicle.
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