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Gaskets, Packing, and Sealing Devices Market Size, Growth, Trends And Forecast 2033
Gaskets, Packing, and Sealing Devices Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Gaskets, Packing, and Sealing Devices Market 2024 Key Insights:
• 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%.
• Surging Oil And Gas Demand Drives Growth In Gaskets, Packing, And Sealing Devices Market
• Technological Advancements In Gaskets, Packing, And Sealing Devices Market
• Asia-Pacific was the largest region in the gaskets, packing, and sealing devices market in 2023
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