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Gaskets Market Size

Report ID: GMI5681
Published Date: Nov 2024
Report Format: PDF

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Gaskets Market Size

The global gaskets market was valued at USD 9.4 billion in 2023 and is estimated to grow at a CAGR of over 6.2% from 2024 to 2032, due to rising demand from automotive and industrial sectors. In cars, gaskets are vital for sealing engines, transmissions, and exhaust systems, preventing leaks and ensuring peak performance. As global car production grows, especially for fuel-efficient and hybrid models, the need for high-quality gaskets has surged. Car makers' focus on durability and safety has also boosted demand for advanced gaskets that can handle extreme conditions.

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Additionally, industries like oil and gas, petrochemicals, and manufacturing rely heavily on gaskets to prevent leaks in pipes, pumps, and equipment. As energy and industrial projects expand worldwide, there's a growing need for gaskets that can maintain tight seals in harsh environments. Safety and environmental regulations have further driven gasket demand, as companies strive to prevent leaks that could cause accidents or legal issues.

Gaskets Market Report Attributes
Report Attribute	Details
Base Year:	2023
Gaskets Market Size in 2023:	USD 9.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.2%
2032 Value Projection:	USD 16.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	230
Tables, Charts & Figures:	83
Segments covered:	By Product Type, Material Type, Application, End Use, Distribution Channel, Region
Growth Drivers:	Increasing demand in automotive and industrial sectors Technological advancements in gasket materials Rising focus on energy efficiency and emission reduction
Pitfalls & Challenges:	Fluctuating raw material prices High competition from low-cost manufacturers

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The rapid industrialization in emerging economies, particularly in Asia-Pacific, has also fueled gasket demand. These regions need more gaskets for machinery, equipment, and maintenance as they develop their infrastructure and manufacturing capabilities. This ongoing growth in both automotive and industrial sectors is pushing gasket manufacturers to innovate and create new materials that meet evolving industry needs.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for gaskets was reached USD 9.4 billion in 2023 and is estimated to grow at a 6.2% CAGR from 2024 to 2032, driven by rising demand from the automotive and industrial sectors.

The soft gaskets segment was valued at approximately USD 3.1 billion in 2023 and is expected to grow at a 6.4% CAGR through 2032, led by their excellent sealing capabilities and adaptability.

The offline sales segment dominated with around 63% market share in 2023 and is expected to grow at a 6.4% CAGR up to 2032, propelled by the need for custom, high-performance products in industries like automotive, aerospace, and machinery.

The U.S. gaskets market size surpassed USD 2.1 billion in 2023 and is predicted to showcase about a 6.4% CAGR through 2032, driven by demand from the automotive, aerospace, and manufacturing sectors.

Major players in the gaskets industry include BRUSS Sealing Systems GmbH, Cooper Standard Holdings Inc., Dana Incorporated, Datwyler Holding AG, ElringKlinger AG, Flowserve Corporation, Freudenberg Sealing Technologies GmbH & Co. KG, Garlock Sealing Technologies LLC, IGP Engineers Private Limited, John Crane Group Limited, KLINGER Holding GmbH, SKF Group, Smiths Group plc, Tenneco Inc., and Trelleborg AB.