Overview

Gaskets are the components used to prevent the escape or flow of liquid or gases between two interfaces on the application of high pressure or temperature. The gaskets can be made of metals, elastomers, or any other non-metallic material or with a combination of more than one type of material. Seals are used to prevent leakage between two surfaces in contact. The surfaces can be at rest (stationary) or in a relative motion with respect to each other (moving). Depending on the surface, the seals are classified as static seals or dynamic seals. Depending upon the type of application, there are various seals available, such as o-ring seal, body seals, mechanical seals, shaft seal, piston seal, rod seals, lip seals, and oil seals.

The global Gasket and Seals Market was accounted for US$ 69,457.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 5.4% for the period 2020-2027.

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Market Driver

Growing urbanization and industrialization is expected to drive growth the global gasket and seals market during the forecast period

Growing urbanization has made a positive impact on growth of the market. Developed as well as emerging economies are witnessing rapid urbanization. According to the United Nations (UN), in 2017, around 4 billion people were living in urban areas globally. According to the same source, by 2050, around 7 billion people are expected to live in urban areas. As a result of rapid urbanization, there has been a significant rise in a number of manufacturing plants, automobiles, types of machinery, and various other mechanical instruments, in which gaskets and seals are predominantly used. Thus, these factors are expected to drive growth of the global gasket and seals market during the forecast period.

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Market Opportunity

Engine downsizing and lightweight components assemblies can present lucrative growth opportunities

Engine downsizing is the use of smaller engines in a vehicle that provides a power of a larger engine. Car manufacturers use this in an attempt to provide more efficient vehicles that emit fewer emissions. Gaskets and seals find major applications in downsizing of engines, making them more efficient and effective. Thus, major companies in the market can capitalize on these opportunities and gain a competitive edge in the market.

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