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Gaskets, Packing, and Sealing Devices Market 2024 To 2033 Insights, Top Players And Opportunities
Gaskets, Packing, and Sealing Devices Market Insights
Gaskets, Packing, and Sealing Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $99.6 billion In 2028 At A CAGR Of 9.7% :
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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Gaskets, Packing, and Sealing Devices Market Major Segments
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
Key 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.
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Prominent Trend - Technological Advancements In Gaskets, Packing, And Sealing Devices Market
Technological Advancements are a key trend gaining popularity in the gaskets, packing, and sealing devices market. Major companies in the gaskets, packing, and sealing devices sector are focused on developing new technologies to improve the functionality of the product, meet customer needs, and strengthen their position in the market. For instance, in June 2022, Lummus Technology, a US-based process technologies, and energy solutions provider launched Polaris breech-lock closure, a new high-pressure heat exchanger equipment with two technology upgrades, the ProSeal system, a gasket loading design, that simplifies manufacturing, installation, and disassembly by eliminating the usage of internal split ring, flange, or bolts, and ProLock closure system, a sealing system and securing mechanism that eases access to all threads for maintenance, lubrication, and repair. Its cutting-edge breech-lock closure design offers a variety of operational advantages, such as safe, dependable, and secure sealing under all circumstances.
Gaskets, Packing, and Sealing Devices Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the gaskets, packing, and sealing devices market in 2023. The regions covered in the gaskets, packing, and sealing devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gaskets, Packing, and Sealing Devices Market Report Structure
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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