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Top Factor Driving Gaskets, Packing, and Sealing Devices Market Growth in 2025: Surging Oil And Gas Demand Drives Growth In Gaskets, Packing, And Sealing Devices Market
Gaskets, Packing, and Sealing Devices Market Size
In the past few years, the market size of gaskets, packing, and sealing devices has been on a significant upward trend. It is projected to grow from $61.87 billion in 2024 to $66.29 billion in 2025, representing a compound annual growth rate (CAGR) of 7.1%. The notable growth during the historic period is attributable to factors such as industrial development and manufacturing progress, adherence to regulatory compliances and safety norms, infrastructure enhancements, global economic situations, and energy prospecting and manufacturing.
The market size of gaskets, packing, and sealing devices is predicted to witness substantial growth in the forthcoming years, ballooning to $88.67 billion by 2029 with a compound annual growth rate (CAGR) of 7.5%. This expected growth during the projection period can be accredited to factors such as greater emphasis on sustainability, an upsurge in electric vehicles (EVs), advancements in smart manufacturing, an increase in the use of renewable energy, and strict emission norms. Key trends forecasted for this period encompass industrial digitalization, technological progression in materials, a rising demand for high-performance materials, the integration of IoT for predictive maintenance, and the emergence of non-contact sealing technologies.
What Are the Primary Growth Drivers for the Gaskets, Packing, and Sealing Devices Market?
The expected rise in oil and gas demand is predicted to boost the growth of the gaskets, packing, and sealing devices market. Oil and natural gas are naturally occurring chemicals, extracted from oil wells and made up of just carbon and hydrogen. The oil and gas industry makes use of equipment and machinery that process a mix of oil, gas, water, and other elements. Any unexpected leaks can obstruct their operations, making gaskets and seals essential to prevent leaks and ensure safe and secure operations. For example, the Paris-based International Energy Agency reported an increase in global oil demand from 140 kb/d in November 2022 to 2.3 mb/d in December 2022. Similarly, the IEA Gas market report Q1-2023 revealed a 4.4% rise in North America's natural gas consumption in 2022. Consequently, the growing demand for oil and gas is driving the development of the gaskets, packing, and sealing devices market.
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Who Are the Dominant Companies Influencing Gaskets, Packing, and Sealing Devices Market Trends?
Major companies operating in the gaskets, packing, and sealing devices market include 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., 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
How Is the Gaskets, Packing, and Sealing Devices Market Evolving?
Innovation in technology is increasingly trending in the gaskets, packing, and sealing devices industry. The focus for big businesses in this industry is to create new tech solutions to enhance product performance, cater to customer demands, and consolidate their market footprint. An example is the launching of Polaris breech-lock closure in June 2022 by Lummus Technology - a US-based provider of energy solutions and process technologies. It's a novel high-pressure heat exchanger apparatus that features two improved technologies, the ProSeal system, and the ProLock closure system. The ProSeal system is a gasket loading design that makes assembly, manufacturing, and disassembly less complicated by doing away with the internal split ring, flange, or bolts. The ProLock closure is a sealing method and a locking system that simplifies maintenance, lubrication, and repair by providing easy access to all threads. The state-of-the-art breech-lock closure design offers multiple operational benefits, including dependable, safe, and reliable sealing in any situation.
What Are the Different Segmentations in the Gaskets, Packing, and Sealing Devices Market?
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), After market
4) By Application: Automotive, Electrical And Electronics, Marine And Rail, Industrial And Manufacturing, Aerospace, Oil And Gas, Chemicals And Petrochemicals, Other Applications
Subsegments:
1) By Gaskets: Rubber Gaskets, Metal Gaskets, Composite Gaskets, PTFE Gaskets, Cork Gaskets
2) By Seals: O-rings, Lip Seals, Mechanical Seals, Grommets, Sealing Strips
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Which Region Is at the Forefront of the Gaskets, Packing, and Sealing Devices Market?
The countries covered in the gaskets, packing, and sealing devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Is Covered In The Gaskets, Packing, and Sealing Devices Global Market Report?
- Market Size Analysis: Analyze the Gaskets, Packing, and Sealing Devices Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Gaskets, Packing, and Sealing Devices Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Gaskets, Packing, and Sealing Devices Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Gaskets, Packing, and Sealing Devices Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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