Industrial Gaskets Market: Global Industry Analysis and Forecast (2024-2030)

The Industrial Gaskets Market size was valued at USD 12511.86 Million 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 18237.00 Million by 2030. Strict leakage standards imposed by different environmental regulatory authorities, as well as rising hydrocarbon investment and production, are driving growth in the industrial gaskets industry.

Moreover, the global industrial gaskets market is estimated to increase considerably throughout the forecast period. This is due to the rapid growth of the aviation and automotive industries, and the widespread application of these advanced materials in applications such as chemical processing, medical equipment, and aircraft manufacturing. The growing demand for vibration-reducing products in electrical and electronic components is further boosting the Industrial gaskets market size. Industrial gaskets are essential components that decrease vibration, prevent leaks, and optimize the mounting process by sealing joints. Industrial gaskets are generally categorized according to their purpose and material. The three most typical applications for industrial gaskets are anti-vibration, sealing, and mounting.

The industrial gaskets market is highly fragmented due to the large number of gasket providers. SKF, a Swedish corporation, provides products, solutions, and services in seals, mechatronics, roller bearings, and lubrication systems. Dana Limited develops and manufactures motion and drive systems, thermal management technologies, sealing solutions, and fluid power products for engine and vehicle manufacturers in regions like North America, Europe, Asia Pacific, and South America. Freudenberg Sealing Technologies GmbH & Co. KG, Bruss Sealing System GmbH, and Crown Gaskets Pvt. Ltd. are some of the emerging players in the industrial gaskets industry. Crown Gaskets Pvt. Ltd. designs and manufactures passenger car and commercial vehicle gaskets for Indian automakers, which are then exported to other countries across the world.

Bruss Sealing System GmbH manufactures sealing products for powertrain applications and offers cover modules, elastomer gaskets, bonded pistons, and aluminum die-casting components. It serves automotive manufacturers all across the world, including BMW, Daimler, Porsche, Volkswagen, and Jaguar Land Rover. Prominent players in the industrial gaskets market are adopting various organic and inorganic business strategies to maintain their market presence and increase their profit share. For instance, in December 2023, Trelleborg acquired MNE Group, a company specializing in high-performance gaskets for semiconductor production equipment. The acquisition will help Trelleborg expand its market share by gaining customer contacts with major semiconductor manufacturers and enhancing its gaskets offerings.

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Industrial Gaskets Market Trends:
High Adoption Of 3D Printing Technology For Gaskets Manufacturing

The significant trend in the global industrial gaskets market is expected to be the growing adoption of 3D printing technology in the manufacturing of industrial gaskets. Prominent industrial gasket manufacturers, including Freudenberg Sealing Technologies, Trelleborg Sealing Solutions, and SKF, are adopting 3D printing technology more often to rapidly develop prototypes and manufacture gaskets with intricate geometries and unique patterns. This makes it possible to produce bespoke gaskets on demand without the need for costly molds or tooling. It also makes high-volume manufacturing environments more innovative and responsive to client needs.

TPU and silicone gaskets produced via 3D printing are a cost-effective substitute for traditional injection-molded seals. Rubber seals composed of silicone and flexible TP potentially be produced rapidly, customized, and adjusted to specific needs, all while maintaining a high level of design flexibility thanks to additive manufacturing. The ability to rapidly and inexpensively manufacture customized seals from materials like silicone and TPU without the need for expensive molds lowers initial costs and accelerates manufacturing. Because of its adaptability, seals are expected to develop in any size or shape, guaranteeing a precise fit and improving performance. The cost efficiency and adaptability of 3D printing make it ideal for producing small batches and prototypes economically, which drives the industrial gaskets demand thereby supporting the industrial gaskets market growth.
Industrial Gaskets Market Dynamics:
Growing Applications In Various End-user Industries Boost Industrial Gaskets Demand

Thanks to its availability in numerous specifications, Industrial gaskets play a critical role in various manufacturing processes. The choice of gasket material is based on its resistance to chemicals, temperature fluctuations, pressures, acids, gases, and sometimes electromagnetic or electrical forces. These components are commonly used in cars, trains, planes, boats, electrical equipment, and pumps. In addition, industrial gaskets are extensively used in process industries such as refineries, petrochemical plants, power generation, chemical processing, and pulp and paper industries to prevent leakage of liquids and gases. The growing demand in these sectors is driven by the gaskets' superior resistance to chemicals, alkalis, acids, high temperatures, and extreme pressures, as well as their ability to withstand diverse environments. As a result, the growing demand for gaskets in various end-user industries boosts the industrial gaskets market growth.



In the oil and gas sector, spiral wounds, ring-type joints, and composite materials like mica and graphite are preferred for high-temperature, high-pressure conditions. The automotive industry uses silicone, nitrile, and Viton for their high temperature and oil resistance properties. The aerospace industry requires gaskets with rigorous certification standards, often involving silicone and PTFE materials. In food processing, silicone's high-temperature stability and bacterial resistance make it ideal, while EPDM and PTFE are used for potable water applications. The electrical industry utilized weather-resistant materials such as EPDM and neoprene, along with conductive foams for EMI shielding. In petrochemical environments, non-asbestos materials, mica, and graphite are used for their safety and durability.

Pharmaceutical applications favor silicone and PTFE for their low bacterial growth properties. Thus, the widespread adoption of these specialized materials across various industries drives the industrial gaskets demand thereby supporting the industrial gaskets market size during the forecast period.

Expansion Of The Oil And Gas Industry

Oil and gas organizations are among the industries that frequently utilize industrial gaskets to prevent leakage/wastage of expensive fluids/gas in their plants. Gaskets are in high demand in the oil and gas industry, because of their special ability to tolerate heat, compressive stresses, and high pressure. As a result, expanding the oil and gas industry globally is expected to increase the demand for industrial gaskets, thereby offering lucrative growth opportunities for industrial gasket manufacturers during the forecast period. The industry expansion is driven by new drilling plans and increased investments in extraction activities in regions like North America, the Middle East, and Africa. For instance, the United States and Saudi Arabia are major contributors, with substantial new drilling approvals set to drive the oil and gas industry growth.

Leading Oil And Gas Companies Worldwide Based On Market Capitalization As Of June 2024 (In Billion U.S. Dollars)



Company
Country
Market Capitalization (in billion U.S. dollars)


ExxonMobil
U.S.
497.62


Chevron
U.S.
284.22


PetroChina
China
244.41


Reliance Industries
India
237.31


Royal Dutch Shell
U,K
221.92


TotalEnergies
France
164.67


CNOOC
China
137.62


ConocoPhillips
U.S.
130.62


China Shenhua
China
118.86


BP
UK
99.23


China Petroleum & Chemical Corp. (Sinopec)
China
98.72


Petrobras
Brazil
88.66



The Permian Basin in the United States remains a significant growth region, while Saudi Arabia's initiatives are centered on increasing production capacity to satisfy global demand. Additionally, countries such as the United Arab Emirates and Qatar are emerging as major players, with significant investments in new oil and gas projects. This growth in oil and gas operations is driving up demand for industrial gaskets, which are critical for reducing leaks and guaranteeing operational safety in high-pressure, high-temperature conditions. The capacity of these gaskets to endure such circumstances renders them vital in oil and gas operations. As the industry expands, the need for reliable and durable gaskets increases, thereby driving the growth of the industrial gaskets market. This trend is expected to continue as new projects come online and existing operations scale up, presenting lucrative opportunities for gasket manufacturers globally.

Instability In Raw Material Prices

Rubber, silicone, stainless steel, aluminum, bronze, titanium, and PTFE are the most common raw materials used to manufacture industrial gaskets. These raw materials are abundant in some places, but other countries rely on imports from them. Furthermore, material cost is determined by components, including material formulation, material manufacturing, material quality, material availability, and so on. As a result, raw material price volatility is one of the primary factors restraining global industrial gaskets market growth all across the world.
Industrial Gaskets Market Segment Analysis:
Based on the Product Type Segment, the Soft Gaskets sub-segment dominated the global industrial gaskets market with the highest revenue of USD 4981.06 Million in 2023. Soft gaskets are the most common product among end-users because it is less expensive than other product categories and easier to deploy, thus, the segment dominates the market. They are also intended to endure extreme temperatures, pressure, and chemical exposure, making them suitable for a wide range of applications. Soft gaskets are often utilized in a variety of applications, including automobile engines, industrial machinery, plumbing, and electronics. They are widely utilized in applications that require a leak-proof barrier but do not have completely level or smooth surfaces to seal. 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.


Industrial Gaskets Market Regional Insights:
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 region's need for industrial gaskets is driven by rapid industrialization, urbanization, an increasing population, and significant manufacturing activity. During the forecast period, countries such as China, India, Japan, and South Korea are likely to dominate the Asia-Pacific industrial gaskets market in terms of revenue. The expansion of these countries' oil and gas, automotive, chemical, construction, and manufacturing industries drives up 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 osil demand rose to a 24-year high, which resulted due to a boost in industrial activity.



China is leading market in the APAC industrial gaskets industry accounting for 27.45% revenue share in 2023. China is a chemical processing hub, producing a large portion of the world's chemicals. With rising global requirements for different chemicals, the need for gaskets in this industry is expected to rise throughout the forecast period. China intends to extend its network of inter-country pipelines, including additional 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 addition, India is expected to grow at a substantial CAGR throughout the forecast period. India has been rated sixth among the world's ten major manufacturing countries in recent years. Moreover, the expansion of industrial, electrical, and electronics sectors in the emerging economies, is expected to boost the demand for gaskets in the region.
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Industrial Gaskets Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 12511.86 Million


Forecast Period 2024 to 2030 CAGR:
5.53%
Market Size in 2030:
US $ 18237.00 Million


 Segments Covered:
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



Industrial Gaskets Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Leading Industrial Gaskets Market, Key Players:
1. SKF
2. Dana Limited
3. Freudenberg Sealing Technologies GmbH & Co. KG
4. Flowserve Corporation
5. Smiths Group Plc
6. Trelleborg Sealing Solutions
7. ElringKlinger AG
8. Cooper Standard.
9. Bruss Sealing System GmbH.
10. Garlock Sealing Technologies
11. Crown Gaskets Pvt. Ltd.
12. Kinger
13. Teadit
14. Flexitallic
15. W.L. Gore
16. Spira Power
17. Lamons
18. Donit
19. Goodrich Gasket
20. James Walker

FAQs:
1. What are the growth drivers for the Industrial Gaskets market?
Ans. The increasing demand in oil and gas, chemical, and power industries, alongside advancements in material technology and stringent leakage regulations promoting the use of high-quality gaskets for enhanced performance and safety are expected to be the major drivers for the Industrial Gaskets market.

2. What are the factors restraining the global Industrial Gaskets market growth during the forecast period?
Ans. The consumption of low-cost asbestos-based gaskets, which hampers demand for high-quality alternatives, along with environmental and health regulations limiting asbestos use are expected to be the major factors restraining the global Industrial Gaskets market growth during the forecast period.

3. Which region is expected to lead the global Industrial Gaskets market during the forecast period?
Ans. Asia Pacific is expected to lead the global Industrial Gaskets market during the forecast period.

4. What is the projected market size and growth rate of the Industrial Gaskets Market?
Ans. The Industrial Gaskets Market size was valued at USD 12511.86 Million 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 18237.00 Million by 2030.

5. What segments are covered in the Industrial Gaskets Market report?
Ans. The segments covered in the Industrial Gaskets market report are Material Type, Product Type, End-Use Industry, and Region.