Gaskets And Seals Market to Reap Excessive Revenues By 2028

 Gaskets And Seals Market Growth & Trends

The global gaskets and seals market size is expected to reach USD 74.4 billion by 2028, registering a CAGR of 3.6% from 2020 to 2028, according to a new report by Grand View Research, Inc. Increasing demand for these products in fluid transfer applications in semi-conductor manufacturing is expected to drive the overall market growth.

Gaskets and seals are critical components in complex mechanical systems in the manufacturing sector to reduce environmental impact and prevent personal injuries due to fugitive emissions. Thus, the rising environmental concerns owing to industrial emissions, coupled with implications of stringent emission standards, is expected to positively influence the market growth.

Key industry participants are developing advanced engineered sealing solutions with a corrugated metal core combined with compressible sealing element of various materials. These products are hence suitable for use in harsh operating conditions such as corrosive chemicals, extreme temperature, and thermal cycling.Moreover, advanced sealing systems and components enhance the production efficiency and sustainability of plants, there enabling greater resource efficiency.

The industry exhibits a minimal threat of substitution due to unavailability of commercially viable alternatives for sealing solutions. However, rapidly rising penetration of Form-In-Place (FIP) gaskets in automotive and electronic manufacturing is expected to result in the internal substitution of their metal counterparts across applications.

Key industry participants are developing superior material technology, thereby enhancing their sealing product offering. In addition, they are employing competitive pricing strategies and are offering complete field support and engineering assistance to gain a competitive edge and maintain their stronghold in the market.

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Gaskets And Seals Market Report Highlights

• The gaskets segment is expected to register the highest CAGR of 4.0% from 2020 to 2028 owing to the rising product demand in the chemical processing industry to address environment concerns regarding emissions and to enhance industrial efficiency
• Seals amounted to a revenue of USD 34.8 billion in 2018 due to high product demand in microelectronics and semi-conductor processing applications in the growing electrical and electronics industry
• The demand for gaskets and seals in the automotive industry is expected to value USD 25.2 billion by 2028 on account of their extensive use in the production and assembly of powertrain, chassis, exhaust manifolds, and other components
• The market in China makes the largest revenue contribution to the Asia Pacific gasket market, accounting for more than 55.0% of the share in 2018. This is mainly attributed to the extensive use of the product for automotive and electronics manufacturing
• The gaskets and seals market is characterized by the presence of numerous players exhibiting a vast logistics network featuring a notable number of distributors and service centers.

Access Press Release@ https://www.grandviewresearch.com/press-release/global-gaskets-seals-market

Gaskets And Seals Market Segmentation

Grand View Research has segmented the global gaskets and seals market on the basis of product, application, end use, and region:

Gaskets and Seals Product Outlook (Revenue, USD Million, 2017 - 2028)

• Gaskets
  • Metallic
  • Semi-metallic
  • Non-metallic
• Seals
  • Shaft Seals
  • Molded Packing & Seals
  • Motor Vehicle Seals
  • Others

Gaskets and Seals Application Outlook (Revenue, USD Million, 2017 - 2028)

• Automotive
• Electrical & Electronics
• Marine & Rail
• Industrial & Manufacturing
• Aerospace
• Oil & Gas
• Chemicals & Petrochemicals
• Others

Gaskets and Seals End-use Outlook (Revenue, USD Million, 2017 - 2028)

• OEMs
• Aftermarket

Gaskets and Seals Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • United Arab Emirates

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.