(MENAFN- GlobeNewsWire - Nasdaq) Industrialization, growing investment in infrastructure, and Expanding Oil and gas Exploration Activities Boost Demand for Gaskets and Seals
Rockville, MD , Sept. 26, 2024 (GLOBE NEWSWIRE) -- The global Gasket and Seals market is set to reach a valuation of US$ 86,936.1 Million in 2024 and further expand at a CAGR of 2.3% to end up at US$ 109,133.1 Million by the year 2034.
This market growth is in direct proportion to the expansion in key sectors that include the auto industries, manufacturing, oil and gas, chemical processing, and pharmaceuticals. Most of these industries require sealed solutions to ensure operational efficiency with minimal regulatory threats.
Developments in the field of continuous improvement in materials, design, and manufacturing have made more durable and efficient gaskets and seals possible. Stringent environmental regulations regarding emissions, combined with high standards of safety within industries handling hazardous or volatile materials, raise the challenge bar for high-quality sealing solutions; thus, driving demand for specialty gaskets and seals.
The global emphasis on fuel efficiency and emissions reduction in vehicle production will drive the demand for high-performance sealing solutions. Infrastructure development projects manifold into residential, commercial, and industrial building construction, as well as investments in transportation and energy infrastructure, thereby infusing growth in the demand for gaskets and seals applied in pipelines, HVAC systems, and building structures.
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Key Takeaways from the Market Study:
The global Gasket and Seal market is projected to grow at 2.3% CAGR and reach US$ 109,133.1 million by 2034 The market created an opportunity of US$ 6,299 million growing at a CAGR of 1.9% between 2019 to 2023 East Asia is a prominent region that is estimated to hold a market share of 36.3% in 2034 OEM under the sales channel is estimated to grow at a CAGR of 2.8% creating an absolute $ opportunity of US$ 16,993.6 million between 2024 and 2034 North America and East Asia are expected to collectively create an absolute $ opportunity of US$ 15,156.8 million.
“Smart sealing technologies that are finding favor in the form of real-time monitoring and predictive maintenance, thus offering growth opportunities to gasket and seal manufacturers in the automotive, aerospace, and construction markets.,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Gasket and Seal Market:
Banco Products (I) Lt; Dana Incorporated; ElringKlinger AB; Federal-Mogul Holdings Corporation; Freudenberg & Co. KG; Henniges Automotive Holdings Inc.; Parker Hannifin Corp.; SKF AB; Smiths Group Inc. (John Crane); Trelleborg AB; Erith Group; Other Prominent Players.
Market Growth Stratagems:
Companies within the market are seen to forge strategic partnerships and develop innovative product inclusions. To enhance performance and quality to increase demand and driving sales within the market. The players establish their presence within emerging markets - China and India, recording high growth rates on account of increasing demand for superior-grade products in the automobile and architectural industries.
Specialty supplier Marco Rubber & Plastics, backed by Align Capital Partners, has acquired Jet Gasket & Seal on February 28, 2023. The Company is one of the leading suppliers of seals and gaskets, mainly to the brewery industry. This acquisition will expand the product offering that Marco can provide and its supplier network, in addition to reaching more end markets. Jet's customers will now be able to avail wider resources and knowledge base from Marco.
On 26 August 2024, Trelleborg announced the acquisition of Magee Plastics, specializing in thermoplastics for the aerospace industry. Through the transaction, Trelleborg complements its product line of sealing solutions, expands its interior fittings product portfolio, and re-enforces its position in the growing aerospace market, including its aftermarket services
Gasket and Seal Industry News:
On August 29, 2024, Klinger Thermoseal stated that it would be entering the gasket extrusion industry and increasing its production capacity. In order to meet the increasing demands of its clientele for high-quality sealing solutions, this business is positioning itself for a variety of industrial services by improving the production processes and utilising more advanced technology in gasket-making. Lamons unveiled their new hydrogen gasket on October 10th, 2023, to address the unique requirements associated with handling hydrogen. Better performance and enhanced safety in hydrogen conditions are guaranteed with this product. This is a component of our dedication to enhancing sealing solutions in the energy sector and facilitating the switch to greener energy sources.
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Fact.MR, in its new offering, presents an unbiased analysis of the Gasket and Seal market, presenting historical market data (2019-2023) and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on the By Material Type (Non-Asbestos Fibers, Graphite, PTFE, Rubber [Neoprene, EPDM, Nitrile], Silicone, Thermoplastic Composites, Stainless Steel, Cork, Ceramic), By Product Type (Gaskets [Type F, Type E, Type D, Type O]), Seals [O-rings, Rotary Shaft Seals, Diaphragm Seals, Hydraulic Seals, Oil Seals, Lip Seals, Others], By Size (Below 0.5", 0.5" to 0.75", 0.75" to 1", 1" to 5", 5" to 10", 10" to 15", 15" to 20", 20" to 25", Above 25), By Application (Water Processing & Distribution Pipeline [Potable Water, Waste Water, Irrigation], Industrial Process [Hazardous Chemicals, Liquid Fuels, Gaseous Fuels, Process Liquids, Process Gas, Lubricants, Oil & Grease, Pharmaceutical Intermediates, Beverages & Dairy Products], HVACR Piping, Industrial Equipment and Appliances Piping, Automotive, Marine and Aviation, Others) By Sales Channel (OEM, Aftermarket) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Gasket and Seal Industry Research:
By Material Type :
Non Asbestos Fibers Graphite PTFE Rubber Silicone Thermoplastics Composites Stainless steel Cork Ceramic
By Product Type :
Gaskets Type F Type E Type D Type O
Seals O-rings Rotary Shaft Seals Diaphragm Seals Hydraulic Seals Oil seals Lip seals Others
By Size :
Below 0.5" 0.5" to 0.75" 0.75" to 1" 1" to 5" 5" to 10" 10" to 15" 15" to 20" 20" to 25" Above 25”
By Application :
Water Processing & Distribution Pipeline Potable Water Waste Water Irrigation
Industrial Process Hazardous Chemicals Liquid Fuels Gaseous Fuels Process Liquids Process Gas Lubricants, Oil & Grease Pharmaceutical Intermediates Beverages & Dairy Products
HVACR Piping Industrial Equipment and Appliances Piping Automotive Marine and Aviation Others
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