Press release
Gaskets, Packing, and Sealing Devices Market Size, Share, Segment Analysis And Forecast To 2033
Gaskets, Packing, and Sealing Devices Market
The Business Research Company offers in-depth market insights through Gaskets Packing and Sealing Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The gaskets, packing, and sealing devices market size has grown rapidly in recent years. It will grow from $62.13 billion in 2023 to $68.72 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to industrial expansion and manufacturing growth, regulatory compliance and safety standards, infrastructure development, global economic conditions, energy exploration and production.
The gaskets, packing, and sealing devices market size is expected to see strong growth in the next few years. It will grow to $99.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increased emphasis on sustainability, rise of electric vehicles (EVs), advancements in smart manufacturing, expansion of renewable energy, stringent emission standards. Major trends in the forecast period include digitalization of industries, technological advancements in materials, demand for high-performance materials, IoT integration for predictive maintenance, rise of non-contact sealing technologies.
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Market Segmentation:
The gaskets, packing, and sealing devices market covered in this report is segmented -
1) By Product: Gaskets, Seals
2) By Material Type: Metallic, Non-metallic, Elastomeric, Other Material Types
3) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Automotive, Electrical And Electronics, Marine And Rail, Industrial And Manufacturing, Aerospace, Oil And Gas, Chemicals and Petrochemicals, Other Applications
Major Driver - Surging Oil And Gas Demand Drives Growth In Gaskets, Packing, And Sealing Devices Market
An increase in the demand for oil and gas is expected to propel the growth of the gaskets, packing, and sealing devices market. Oil and natural gas refer to naturally occurring chemicals derived from oil wells through an extraction process composed of only two elements carbon and hydrogen. Oil and gas industry utilizes equipment and devices that process oil, gas, water, and other elements and any spurious leaks of these elements can disrupt its operations. Gaskets and seals are used in these equipment and devices to stop leaks and make the operations safe and secure. For instance, according to the International Energy Agency, a Paris-based intergovernmental organization, in December 2022, the global oil demand increased to 2.3 mb/d from 140 kb/d in November 2022. As per the IEA Gas market report Q1-2023, in 2022, natural gas consumption in North America increased by 4.4%. Therefore, the increase in the demand for oil and gas drives the gaskets, packing, and sealing devices market.
Competitive Landscape:
Major companies operating in the gaskets, packing, and sealing devices market report are Tenneco Inc., Dana Holding Corporation, SKF Inc., Federal-Mogul Corporation, W. L. Gore & Associates Inc., Smiths Group plc, Flowserve Corporation, Trelleborg AB, Cooper-Standard Holdings Inc, ElringKlinger AG, Lamons LGC US Asset Holdings LLC, Dätwyler Holding Inc., Daetwyler Holding Inc., KLINGER Holding GmbH, BRUSS Sealing Systems GmbH, IDT GmbH, Davlyn Manufacturing Co. Inc., Garlock Sealing Technologies LLC, Gasket Engineering Company, REDCO Rubber Engineering & Development Company, SSP Manufacturing Inc., A.J. Rubber & Sponge Ltd., Phelps Industrial Products, D&D Engineered Products Inc., Kenneth Industrial Products, Premier Seals Manufacturing, Dooley Gasket and Seal Co., I.G. Marston Co. Inc., AMG Sealing Limited, Freudenberg Sealing Technologies GmbH & Co KG
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Top Trend - Seal Range For Enhanced Liquid Quench Applications
Major companies in the gaskets, packings, and sealing devices market are focused on developing seal range, such as lip seal secondary containment devices, for enhanced liquid quench applications and to gain a competitive edge in the market. A lip seal secondary containment device is a sealing mechanism designed to prevent leakage and contain fluids, often used in conjunction with primary seals for enhanced reliability in industrial applications. For instance, in November 2021, John Crane, a US-based provider of rotating equipment solutions, launched 5610 Liquid Quench (5610L), an extension to the 5600-seal range, designed for liquid quench applications. The new seal features a lip seal secondary containment device and ensures reliability and interchangeability within the 5600-seal design. It accommodates a range of liquids, including those with crystallizing duties for caustic soda, ammoniums, dirty water, light sugars, and vegetable-based oils.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gaskets Packing and Sealing Devices Market Characteristics
3. Gaskets Packing and Sealing Devices Market Trends And Strategies
4. Gaskets Packing and Sealing Devices Market - Macro Economic Scenario
5. Gaskets Packing and Sealing Devices Market Size And Growth
…..
27. Gaskets Packing and Sealing Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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