Gasket and Seal Market Scope
Gaskets and seals are used to prevent leakage of any kind of pressurized or non-pressurized media. Gaskets are of different shapes so that they fit the design and bolt spacing of a component. Seals are used to describe parts that are used between engine parts, pumps, and shafts that rotate. Seals are molded or machined product, flat and round such as an O-ring. The Asia Pacific represents the largest and fastest-growing market worldwide, led by factors such as stable economic growth, expanding manufacturing base, and continuous technology innovation. The more mature manufacturing economies of North America and Western Europe are also anticipated to post gasket and seal demand in the coming years.
According to AMA, the Global Gasket and Seal market is expected to see growth rate of 3.2%
The Vendors having a strong hold in the market are AB SKF, Dana Holding Corporation, DowDuPont Inc., and Federal-Mogul Motorparts. Research Analyst at AMA estimates that United States and Europe Vendors will contribute to the maximum growth of Global Gasket and Seal market throughout the predicted period.
AB SKF (Sweden), Dana Holding Corporation (United States), DowDuPont Inc. (United States), Federal-Mogul Motorparts (United States), Freudenberg Sealing Technologies GmbH & Co. KG (Germany), Saint-Gobain (France), Flowserve Corporation (United States), Smiths Group PLC (United Kingdom), Cooper Standard Holding Inc. (United States) and Bruss Sealing System GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Trelleborg Sealing Solutions AB (Sweden), Total SA (France), ElringKlinger (Germany), Garlock Sealing Technologies LLC (United States), Trimas Corporation (United States) and Zhejiang Cathay Packing & Sealing Company (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Gasket and Seal market by Type (Flange Gaskets, Spiral Wound Gaskets, Manway Gaskets and Transformer Gaskets), by Application (Sealing and Mounting) and Region with country level break-up.
On the basis of geography, the market of Gasket and Seal has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On October 1, 2018, Tenneco Inc., one of the world’s leading designers, manufacturers, and marketers of Ride Performance and Clean Air products and technology solutions for automotive and commercial vehicle original equipment markets and the aftermarket, has announced that it has completed its acquisition of Federal-Mogul LLC, a leading global supplier to original equipment manufacturers and the aftermarket.
On September 20, 2017, Dow Building Solutions, a global business unit of DowDuPont Specialty Products division, has introduced a water-based, one-component sealant foam technology used to improve air sealing performance by creating a gasket between drywall and framing.
PTFE-based and elastomeric seals have been the products of choice for food and beverage applications. The two most commonly referenced Food and Drug Administration (FDA) standards for sealing products are found in the Code of Federal Regulations under Title 21 (Food and Drugs), part 177 (Indirect Food Additives: Polymers). Section 177.1550 focuses on perfluorocarbons such as PTFE- based products, and Section 177.2600 deals with rubber articles intended for repeated use.
Market Trend
- 3D printing technology facilitates the development of the prototype of new seal design and also aids in designing custom 3D printed product designs.
Market Drivers
- An increase in industrialization and urbanization globally owing to the rise in manufacturing plants, machinery and automobiles has increased the demand for gasket and seal market, which in turn driving the growth of the market.
- Rise in Number of Vehicle Production and Electrical & Electronic Equipment
Opportunities
- Expanding Demand for more Expensive Sealing Products made from Advanced Materials
- Compliance with Stringent Environmental Standards and Regulation
Restraints
- Price Volatility of Raw Materials
- Increase in Electrification and Industrial Automation
Challenges
- Greater Utilization of Better Performing, Longer Lasting Gaskets, and Seals
- Intense Competition in the Industry
Key Target Audience
Gasket and Seal Manufacturers, Raw Material Suppliers and Industry Bodies & Associations