APAC Dominates: Industrial Gaskets Market Set to Surge by USD 18.23 Billion by 2030, Finds Maximize Market Research

PUNE, India, July 10, 2024 /PRNewswire/ -- The report provides an in-depth analysis of the strategies of the top players in the Global Industrial Gaskets industry with an in-depth analysis of the market segments and regions. A detailed analysis of market dynamics including drivers, restraints, opportunities, and challenges is provided region-wise and segment-wise, in the Global Industrial Gaskets Market report. It also includes figures for import/export consumption, supply and demand, price, cost, revenue, and gross margins which makes it an investor's guide.

The data for the Global Industrial Gaskets Market report was collected using primary and secondary research methods, which were combined to make the report authentic. The primary research conducted includes the questionnaire distribution, surveys, and phone interviews with Global Industrial Gaskets industry experts, market leaders, marketing professionals, and entrepreneurs. The bottom-up approach has been used to estimate the global and regional Global Industrial Gaskets Market size. SWOT analysis was used to provide the strengths and weaknesses of Industrial Gaskets key players in the industry.

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The Industrial Gaskets Market size was valued at USD 12.51 Billion in 2023 and the total Industrial Gaskets revenue is expected to grow at a CAGR of 5.53% from 2024 to 2030, reaching nearly USD 18.23 Billion by 2030. APAC is estimated to contribute 35.50% to the growth of the global market during the forecast period. MMR's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory during the forecast period.

Competitive Landscape

The Industrial Gaskets Market includes the presence of several global as well as regional key players. A few prominent players that offer Industrial Gaskets in the market are SKF, Dana Limited, Freudenberg Sealing Technologies GmbH & Co. KG, Flowserve Corporation, Smiths Group Plc, Trelleborg Sealing Solutions, ElringKlinger AG, Cooper Standard., Bruss Sealing System GmbH., Garlock Sealing Technologies, Crown Gaskets Pvt. Ltd., Kinger, Teadit, Flexitallic, W.L. Gore) and others.

What's New: Recent Additions and Updates

• Fluctuations in the prices of rubber, silicone, stainless steel, aluminium, bronze, titanium, and PTFE are a primary restraint on market growth.
• Real-world examples of corporate use of advanced solar PV glasses and their benefits.
• Information on recent developments in Industrial Gaskets technology, including new materials, coatings and manufacturing processes.
• 3D printing technology for manufacturing intricate and customized gaskets by prominent manufacturers.
• Supply chain insights, including key suppliers, logistics challenges and efficiency opportunities.

Key Player Offerings

• SKF offers the SKF Speedi-Sleeve, a shaft repair solution that provides an improved sealing surface for radial shaft seals. These are commonly used in applications such as industrial gearboxes and air conditioners. The SKF SEAL JET DD system manufactures custom hydraulic seals using high-quality materials such as polyurethane, nitrile rubber, fluorocarbon rubber, etc. and produces these seals on hydraulic cylinders, construction equipment, products applications and in agricultural machinery.
• Victor Reinz^® Gaskets: The Dana Victor Reinz^® brand offers gaskets for automotive engines, including multi-layer steel (MLS) head gaskets, valve cover gaskets, and intake manifold gaskets These gaskets have extreme heat and pressure combustion engines Built to stand inside.
• Glyptal^® Sealing Solutions: Dana offers Glyptal^® products, including sealing compounds and coatings for gasket performance and longevity. These solutions are used in a variety of industries such as powertrain components, gearboxes and industrial pumps.

For details on the key players and their offerings

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Segment Overview

MMR has segmented the market based on by Material Type (Semi-Metallic Gaskets, Non-Metallic Gaskets, Metallic Gasket) by Product Type (Soft Gaskets, Spiral Wound Gaskets, Ring Joint Gaskets, Others) by End-Use Industry (Refineries, Power Generation, Chemical Processing, Others), and Region (APAC, Europe, North America, Middle East and Africa, and South America).

Based on the Product Type Segment, the Soft Gaskets sub-segment dominated the global industrial gaskets market with the highest revenue of USD 4.98 Billion in 2023. flexible gaskets are the most common product as they are less expensive than other types of products and easier to use, therefore, the segment dominates the market. They are designed to withstand extreme temperatures, pressures and chemical applications, making them suitable for a wide range of applications. Flexible gaskets are commonly used in a variety of applications, including automotive engines, industrial equipment, plumbing, and electronics. Furthermore, the growing emphasis on reducing maintenance costs and increasing operating efficiency is boosting the use of soft gaskets in sectors such as automotive, chemical, oil and gas, and manufacturing. However, the Spiral Wound Gaskets product type sub-segment is expected to grow at a rapid pace of 6.85%, providing considerable growth opportunities for industrial gasket manufacturers over the forecast period. These gaskets are widely used in the oil and gas petrochemical and processing industries, as well as cryogenics and research facilities. Thus, increased demand from these areas is propelling the industry forward.

The report will offer a precise estimation of the contribution by various segments in the growth of the Industrial Gaskets market size.

Geography Overview

In 2023, Asia Pacific dominated the global industrial gaskets market, accounting for 35.50% of the total revenue. According to the MMR study, the Asia Pacific industrial gaskets market is expected to grow at a CAGR of 6.78% and continue its dominance throughout the forecast period. The demand for industrial gaskets in this segment is driven by rapid industrialization, urbanization, growing population and high productivity. During the forecast period, China, India, Japan, and South Korea are expected to dominate the Asia-Pacific industrial gaskets market in terms of revenue. The oil, gas, automotive, chemical, manufacturing and construction industries of these countries extend and increase the demand for industrial gaskets. According to IBEF (India Brand Equity Foundation), Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045. In February 2023, India's oil demand rose to a 24-year high, which resulted due to a boost in industrial activity.

China is the leading market in the APAC Industrial Gaskets industry with a revenue share of 27.45% in 2023. China is a chemical manufacturing hub, accounting for the largest share of the world's chemicals. With the growing demand for various chemicals across the globe, the demand for gaskets in this industry is expected to increase during the forecast period. China wants to expand its domestic pipeline network, including new connections to Central Asia and Russia.  The China National Petroleum Corporation (CNPC) intends to finish substantial parts of Russia's huge oil and gas pipelines in Heilongjiang, the country's northeast. In recent years, India has risen to the sixth position in the top ten manufacturing countries in the world. Furthermore, the expansion of industrial, electrical and electronic industries in emerging markets is expected to boost the demand for gaskets in this sector.

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Global Industrial Gaskets Market 2023-2027: Key Highlights

• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030.
• Detailed information on factors that will assist Industrial Gaskets market growth during the next seven years.
• An estimation of the Industrial Gaskets market size and the impact of the country's GDP on the Industrial Gaskets market.
• Forecasts on upcoming trends and changes in consumer behaviour.
• The growth of the Industrial Gaskets market
• Analysis of the competitive landscape and detailed information on companies.
• Comprehensive details of factors that will impede the growth of Industrial Gaskets companies.

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