Gaskets and Seals Market: Current Analysis and Forecast (2022-2030)
Emphasis on Product (Gaskets, and Seals); End User (Aerospace, Electrical & Electronics, Automotive, Oil & Gas, Industrial Manufacturing, Chemicals & Petrochemicals, and Others), and Others); Sales Channel (OEM, and Aftermarket); and Region/Country
The Gaskets and Seals Market is expected to grow at a strong CAGR of around 5% during the forecast period 2022-2028. Owing to the burgeoning adoption of electric vehicles globally. The emergence of new technology and the continuous effort made by various governments such as the U.S., China, and India to adopt electric vehicles aims to reduce pollution, and carbon emissions programs by 2050. Automotive manufacturers are working to support government initiatives and bind to follow government policies and thus, gaskets and seals play crucial roles in electric vehicles such as for the application of battery packs to provide sealing and insulation. Electric vehicles have more components than traditional vehicles that require sealing such as battery packs, electric motors, and power electronics. The electric motor of an EV is one of the important components which consists of a stator and a rotor, which are separated by a small air gap to enclose these seals and are used to prevent leakage. Electric vehicle components require more sealing due to a large number of small components. For instance, in 2021, according to the international energy agency(IEA), Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. Moreover, in February 2023, according to a report published by the U.S Bureau of Labor Statistics, the consumer demand for EVs has risen significantly from 22000 EVs on the road in 2011 to a little over 2 million in a decade till 2021.
Some of the major players operating in the market include Flowserve Corporation; SKF; Freudenberg Sealing Technologies; Dätwyler Holding Inc.; Trelleborg AB; Tenneco Inc.; Dana Ltd.; Smiths Group PLC, Garlock Sealing Technologies LLC; Parker Hannifin Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the seal segment held a leading segment of the market in 2021”
Based on the product, the market is bifurcated into gaskets and seals. The seal segment led the market and is expected to lead in the forecast period. The major factors contributing to the growth of the segments owing to utilize in various applications such as chemicals, industrial plants, automobiles, and consumer durable products to prevent leakage. The rise in the electric vehicles and food processing business drives the seal market in the forecast period. Moreover, the growing industrial sector also plays an important role in the development of the seal market as it is used in large machines which require the installation of mechanical seals.
“Amongst end-user, the automotive segment held the highest market share in 2021”
Based on end-user, the market is categorized into aerospace, electrical & electronics, automotive, oil & gas, industrial manufacturing, chemicals & petrochemicals, and others (Food & Beverages, Construction, others). Among these, the automotive segment held a significant share of the market in 2021. This is mainly due to the increasing demand for vehicles from all over the world due to the rising disposable income, and need for daily commuting purposes. According to OICA, automobile production in China and India witnessed a growth of 53% in the first nine months of 2021 when compared to the same period in 2020. One of the major demands of vehicles comes from the ride-sharing industry thus propelling the automotive segment in the gaskets and seal market. For instance, in February 2023, Uber Technologies Inc, a ride-sharing company having a presence worldwide signed a Memorandum of Understanding (MoU) with Tata Motors to bring 25,000 electric vehicles (EVs) onto the Uber platform in India.
“Asia Pacific dominated the gaskets and seals market in 2021”
The Asia Pacific region is projected to be the dominating region in the forecast period as the region has the highest number of automotive manufacturers and production units that caters to the demand for gaskets and seals. The major factors attributed to the growth of the market are the increasing urbanization population in the region as India and China cover almost 36% of the total world population. With the paradigm shift of population growth in the cities in the region looking for better work opportunities and living standards, the demand for personal mobility has increased in the past few years, contributing to the growth of gaskets and seals. For instance, according to OICA, automobile production in China and India witnessed a growth of 53% in the first nine months of 2021 when compared to the same period in 2020. Moreover, the growing industrialization in the region has witnessed substantial growth in the last couple of years, fueling the demand for gaskets and seals.
Gaskets and Seals Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global gaskets and seals market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Gaskets and Seals Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global gaskets and seals market were the three major steps undertaken to create and analyze the adoption of gaskets and seals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global gaskets and seals market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the gaskets and seals market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the gaskets and seals market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, end-user, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the gaskets and seals market. Further, we conducted factor analysis using dependent and independent variables such as product, end-user, sales channel of the gaskets and seals market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the gaskets and seals market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global gaskets and seals market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the gaskets and seals market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global gaskets and seals market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global gaskets and seals market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, end-user, and sales channel in the global gaskets and seals market.
The main Objective of the Global Gaskets and Seals Market Study
The current & future market trends of the global gaskets and seals market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the gaskets and seals market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, end-user, and sales channel
- Define and analysis of the regulatory framework for the gaskets and seals industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the gaskets and seals market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the gaskets and seals market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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