Gaskets and Seals Market Scenario:
MMR delivers key insights on the global gaskets and seals market in its latest report titled ‘Gaskets and Seals Market: Global Industry Analysis, Size, Sales and Forecast By 2026.’ The long-term outlook on the global gaskets and seals market remains positive, with market value expected to increase at a CAGR of 5.4% during the forecast period 2026. Among product types, the spiral wound gasket is expected to expand at a significant CAGR in terms of value over the forecast period. Among applications, the machinery segment is anticipated to witness higher CAGR in terms of value over the forecast period. Global sales of gaskets and seals is estimated to be valued at US$ 60,275.6 Mn by the end of 2016, witnessing a Y-o-Y growth of 5.4% over the year 2015. Asia Pacific is estimated to account for a value share of 37.2% in the global gaskets and seals market by 2016 end and it is anticipated to retain its dominance throughout the forecast period.
Gaskets and seals have become an integrated component in various applications such as, automotive, machinery, aerospace etc.In order to improve the efficiency of various engineering equipment i.e. to prevent leakage of fluids and gases, etc. gasket and seals are used across different end-use industries.The stringent regulations to minimize leakage and fugitive emissions from various industrial equipment and machines are expected to play a key role in the market dynamics of gasket and seals. Environmental agencies such as, the Environmental Protection Agency (EPA), European Environmental Agency, etc. are involved in the development of standards to control the amount of leaks from industrial equipment, which in turn, is expected to drive the demand for gasket and seals throughout the world.
However, the gaskets and seals market is expected to face certain challenges. Improvisation in equipment/machine design due to the growing need for compact, efficient and high-performance process systems has led to the requirement for highly customized gasket and seals. The alteration in shape, size or design also require the change in the material of construction used for manufacturing gasket and seals.To ensure the long life and high-end—physical, chemical and mechanical properties in particular gasket and seals to perform and withstand operating conditions in different applications, selection of the correct combination of materials remains as a critical challenge in the product’s success.
• On the basis of product type, the spiral wound gasket segment is anticipated to continue to dominate the market in terms of value over the forecast period. Seals used for dynamic surfaces such as, mechanical seals, piston seals, pump seals etc. are anticipated to grow at a significant CAGR over the forecast period
• On the basis of application, the machinery segment is expected to represent its dominance throughout the forecast period. The segment is anticipated to hold 34.1% market value share by the end of 2026.
• The automotive application segment is anticipated to witness robust growth in terms of value over the forecast period. The segment is estimated to create total incremental $ opportunity of US$ 12,638.0 Mn between 2016 and 2026. This is attributed to the growing use of gaskets and seals for various application including body seals, engine gaskets (cylinder head), exhaust manifold, etc.
• On the basis of sales channel, OEMis expected to be the most attractive segmentin terms of CAGR and market share. Aftermarket segment is anticipated to hold relatively low market share through 2026.
APEJ is estimated to account for 37.2% value share in the global gaskets and seals market by the end of 2016. The APEJ gaskets and seals market is expected to remain dominant over the forecast period. The strong regional growth is due to the high demand for gaskets and seals in various end use applications such as automotive, machinery, electrical and electronics, etc. China is expected to hold dominant revenue share in the APEJ gaskets and seals market over the forecast period. North America and Western Europe are also anticipated to grow at a significant CAGR, accounting for a collective share of 33.0% by the end of 2026.
The report highlights some of the key companies operating in the global gaskets and seals market including, Freudenberg & Co. KG, SKF AB, Parker Hannifin Corp., Smiths Group Inc.(John Crane), Federal-Mogul Holdings Corproration, Elringklinger AB, Trelleborg AB, Dana Incorporated, Banco Products(I)Ltd, Hennings Automotive Holdings Inc.