Rubber Gaskets and Seals Market Segmentation By Application, Region, Gross Margin and Forecast From 2023-2030
The global gaskets and seals market size was estimated at USD 56.93 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% over the forecast period.
The use of advanced materials in manufacturing gaskets and seals for critical applications including aircraft manufacturing, medical equipment, and chemical processing is expected to drive the market growth over the forecast period. The global gaskets and seals market industry has experienced limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in industrial activities.
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Rubber Gaskets and Seals Market Overview
As a result, the market for gaskets and seal materials has also experienced a catastrophic setback. The COVID-19 pandemic in the U.S affected the growth of the industrial operations. The stay-at-home instructions and social distancing mandates also impacted the product demand. In the U.S., the automotive sector accounted for the largest market share in 2021 and is estimated to grow at a CAGR of 3.3% over the forecast period. Gaskets and seals are designed to help ensure performance efficiency and to support manufacturers to comply with stringent specifications and standards.
In addition, they also aid in reducing the risk of unexpected downtime and control emissions. In the automotive industry, increasing stringent emission norms are also one of the major factors that are expected to drive the product demand. The industrial sector is also witnessing the development of advanced power transmission seals, which are expected to demonstrate a notable reduction of power loss in drive assemblies as opposed to conventional sealing elements. These seals comprise revolutionary designs and special materials, which offer superior performance under extreme pressure conditions.
They also ensure the optimization of sealing function, friction, and abrasion resistance. The use of advanced sealing systems and components is projected to enhance the production efficiency and sustainability of plants. Thus, it allows products to be manufactured with greater resource efficiency. Companies are also installing indicators to gauge energy efficiency and emissions at plants. Hence, sealing solutions are expected to aid the growth of green manufacturing across the industrial sector, thereby driving the overall demand for seals in the market.
Product Insights
The seals product segment led the market and accounted for more than 61.00% share of the global revenue in 2021. They are used in various applications ranging from automobiles, rockets, ships, industrial plant equipment, and consumer devices. Thus, the rise of automobile and electronics production in the global market is anticipated to drive the demand for mechanical seals. The seals product segment is expected to grow at a steady CAGR over the forecast period. The machine comprising of a large vessel and a rotating shaft at the center of the vessel also requires the installation of mechanical seals. Thus, they have a wide range of applications in the oil & gas sector, such as upstream or downstream exploration and midstream transportation.
The gasket segment is projected to register the fastest CAGR over the forecast period. The gaskets handle pressure and temperature fluctuations, bolt stress relaxation, and creep. In addition, it prevents the ingress or leak of toxic and corrosive chemicals and media. Thus, gaskets are widely used for extreme chemical and temperature demands in the chemical process and aerospace. Non-metallic gaskets are witnessing high demand in automotive electronics, further supplemented by the rising automotive production, particularly in Asia Pacific and Europe. In addition, gaskets manufactured with advanced materials, which are lightweight and offer high functionality, are expected to drive the demand for non-metallic gaskets.
End-user Insights
The OEM sector led the market in 2021and accounted for the largest share of 60% of the overall revenue. The development of advanced proprietary materials to withstand extreme operating conditions is expected to drive the market growth of gaskets and seals. The OEM sector is estimated to expand further at the fastest CAGR during the forecasted years. The marine industry OEM requires more than fluid or water resistance properties through their cushioning and gasketing system to withstand physical shocks, weather vibrations, intense temperature fluctuations, and more to protect industrial duty applications.
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. These products are replaced each time the gases and fluids are changed in the system. As a result, a significant number of gaskets and seals are required for MRO operations in several industries. The development of engineered plastics and elastomers for manufacturing seals for aerospace applications is likely to drive the replacement of conventional seals. Furthermore, the development of advanced seals, which offer lightweight and space-saving solutions with exceptional thermal resistance, is expected to drive the overall market growth.
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Application Insights
The automotive application segment dominated the global market in 2021 and accounted for the largest share of more than 33.00% of the overall revenue. The wide application scope of seals in automotive interiors coupled with the growing affinity of consumers toward electronics in automobiles is anticipated to drive the segment growth. The automotive sector was followed by the electrical & electronics and industrial manufacturing sectors. The electrical and electronics industry is anticipated to witness exponential growth due to increasing investment and innovation leading to a rise in the digital economy.