Gaskets, Packing, And Sealing Devices Market Expected to Reach $99.6 Billion by 2028

Overview and Scope
Gaskets, packings, and sealing devices are components used to regulate or prevent leaks between two surfaces or components that come together. The gaps are either fixed or moving components and are sealed upon mechanical compression. Gaskets, packings, and sealing devices are commonly used in machinery and equipment to maintain proper function and prevent fluid or gas leaks.

Sizing and 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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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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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

The gaskets, packing, and sealing devices market report table of contents includes:

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. Global Gaskets, Packing, and Sealing Devices Market Size and Growth
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32. Global Gaskets, Packing, and Sealing Devices Market Competitive Benchmarking

33. Global Gaskets, Packing, and Sealing Devices Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Gaskets, Packing, and Sealing Devices Market

35. Gaskets, Packing, and Sealing Devices Market Future Outlook and Potential Analysis

36. Appendix

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