Global Gaskets & Seals Market Status Research: Market Size is $61.43 Billion in 2024

Global Gaskets & Seals Market Overview

According to Global Market Monitor, the global gaskets & seals market size will reach $61.43 billion in 2024 with a CAGR of 2.65% from 2024 to 2029.

Gaskets and seals are mechanical components that prevent fluid leakage between two components and debris entry into engines. Between two non-mobile flat flanges, gaskets operate as a static seal. Rubber, nitrite, graphite, and neoprene are used to make them because they can withstand high compression rates. Seals, on the other hand, are used to keep two moving parts like shafts, pumps, and engine components from leaking. They're normally flat and spherical, with rubber inside the surface and a metal ring on the outside. They are typically used to seal the hydraulic line at the shaft end to avoid leakage.

Increasing Demand from the Automotive Industry

Automotive gaskets and seals are widely used in automotive engine applications, including powertrains, chassis, exhaust manifolds, and other components. The continuous growth in the gaskets and seals market across the globe is due to advancements in technologies and the growth in the automobile sector. The gaskets and seals are used in vehicles to prevent fluid and gas leakages. They seal the gaps between the vehicle components to prevent leakage. Seals help in stopping the leakage from the bearings and keep dust and other impurities out of the equipment. Technological improvements in gaskets and seals are providing fuel efficiency to the vehicles and reducing the maintenance cost of the vehicles.

The application of gaskets and seals in aerospace will also increase. Factors such as pricing pressure from aircraft OEMs and growth in high-margin aftermarket services are expected to drive global M&A activity. These further push suppliers to consolidate to increase scale and cost-effectiveness. In addition, the development of engineering plastics and elastomers used to manufacture seals in aerospace applications may also drive the replacement of traditional seals and gaskets.

Increasing need to enhance the performance of engineering equipment

The increasing need to enhance the performance of engineering equipment is expected to drive the growth of the global gasket and seals market during the forecast period. Gaskets and seals are important components in Maintenance, Repair, and Operations (MRO) operations as they play a critical role in fluid and gas leakage handling and are removed after a single use.

Market Drivers

Challenges associated with manufacturing, design, and material construction are expected to hinder the global gasket and seals market during the forecast period. Improvisation of machine design due to the increasing need for compact, efficient, and high-performance processes has resulted in the requirement for highly customized gaskets and seals. The alteration in shape, size, or design also requires a change in the material of construction used for manufacturing gaskets and seals. Limited availability of installation, manufacturing, service, and safety data for newly developed gaskets and seals further poses challenges while working with them. Thus, these factors are expected to restrain the growth of the market.

Over the medium term, the major factors driving the growth of the gaskets and seals market are the increase in the use of gaskets and seals in the oil and gas industry and increasing demand from the chemical and petrochemical sectors. The international oil and gas industry has a huge potential to create a great demand for the industrial equipment, which is projected to drive the market of gaskets and seals. The oil and gas industry are required to operate in a tough environment with maximum operational efficiency, which requires it to maximize the equipment uptime. In the industry, preventing leakage of potentially hazardous petrochemical products in valves, pumps, piping, fittings, storage tanks, and other key components is of utmost importance. Gaskets and seal tors are required in various equipment to maintain their timely function as these products help prevent leakage of any form of liquid and gas processing.

Drivers	Increasing demand from the automotive industry
	Increasing need to enhance the performance of engineering equipment
	Compliance with strict regulatory norms to minimize leakage and fugitive emissions
	Increasing demand from the Oil and Gas industry
	Technology development
	Development of composite materials
	Customized product offerings can provide major growth opportunities.

For more industry information, please refer to our latest released "2023 Global Gaskets & Seals Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".