Gaskets and seals are those components that are used in order to fill the gaps and spaces in between two or more mating surfaces. The primary function of these gaskets and seals is to ensure a seamless fit in between the two components thus preventing any leakage of fluids – vapours, liquids etc. into or from these mating surfaces. Gaskets and seals are often used in order to maintain the intended level of pressure in the components. Also, these gaskets and seals act as a component which prevents contamination caused by entry of foreign particles and substances into the assembled unit. Moreover, these gaskets, while occupying the space in between the surfaces, fill out the irregularities in the surfaces, which otherwise could result in failure of the assembly. Gaskets are usually made of materials such as metals, paper, elastomers or rubbers, thermoplastic elastomers, fibre based materials and plastics among the others. One of the key factors which influences gasket material selection is the compression load that is likely to be exerted on the gaskets and the load bearing capacity of these gaskets.
Gaskets and seals Market: Drivers & Restraints
Global Gaskets and seals market is expected to register a steady single digit growth over the forecast period. The major growth driving factor for Gaskets and seals market is the growth of end use industries using Gaskets and seals. The steady growth in demand from automotive, oil & gas machinery, electronics and electrical equipment industry is expected to drive the growth of global gaskets and seals market during the forecast period.
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Gaskets and seals Market: Segmentation
On the basis of end use industries, global Gaskets and seals market can be segmented into following key market segments:
- Electronics & Electrical
- Marine & Rail
Depending on the type of material, global gaskets and seals market can be segmented into the following key market segments:
- Fibre-glass based
Amongst the product type based segments, elastomeric gaskets and seals segment is slated to register fastest CAGR over the forecast period.
Gaskets and seals Market: Region-wise Outlook
On the basis of geographic regions, global Gaskets and seals market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the regions of the globe, US is expected to account for a relatively larger share in global gaskets and seals market. Growth in demand from developing regions such as those in Asia Pacific namely China, India and others in Latin America such as Brazil are expected to drive the growth of global gaskets and seals market during the forecast period.
Gaskets and seals Market: Key Players
Some of the identified major players operating in the global Gaskets and seals market are as follows:
- Dana Holding Corporation
- AB SKF
- Boyd Corporation
- ElringKlinger AG
- Henniges Automotive Inc.
- John Crane Group
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