Gaskets, Packing, and Sealing Devices Global Market Report 2024

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 expansion observed in the historical period can be attributed to industrial expansion and manufacturing growth, regulatory compliance and safety standards, infrastructure development, global economic conditions, and 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 anticipated growth in the forecast period can be attributed to an increased emphasis on sustainability, the rise of electric vehicles (EVs), advancements in smart manufacturing, the expansion of renewable energy, and stringent emission standards. Major trends expected in the forecast period include the digitalization of industries, technological advancements in materials, a demand for high-performance materials, IoT integration for predictive maintenance, and the rise of non-contact sealing technologies.

The gaskets, packing, and sealing devices market is anticipated to grow due to the increasing demand for oil and gas. In the oil and gas industry, equipment processing these resources requires effective sealing mechanisms to prevent leaks, ensuring safe and secure operations. Gaskets and seals are integral components in this regard. The International Energy Agency reports a global increase in oil demand, reaching 2.3 mb/d in December 2022, and a 4.4% rise in natural gas consumption in North America in 2022. This surge in demand for oil and gas reinforces the importance of gaskets, packing, and sealing devices in maintaining operational integrity.

The growth in automotive production is anticipated to propel the market for gaskets, packing, and sealing devices. The automotive sector encompasses activities related to motor vehicles, including design, manufacturing, and maintenance. Gaskets, packings, and sealing devices play a crucial role in ensuring leak-free and efficient automotive production, contributing to overall vehicle reliability and performance. As per the European Automobile Manufacturers Association (ACEA) report in May 2023, global automotive production increased by 5.7% in 2022, reaching 85.4 million motor vehicles. This surge in automotive production is a significant driver for the gaskets, packing, and sealing devices market.

Technological advancements are driving the sector's evolution. Major companies in this industry are committed to developing new technologies to enhance product functionality, meet customer needs, and strengthen their market positions. In June 2022, Lummus Technology, a US-based provider of process technologies and energy solutions, launched the Polaris breech-lock closure. This high-pressure heat exchanger equipment features two technology upgrades – the ProSeal system, simplifying manufacturing, installation, and disassembly, and the ProLock closure system, facilitating maintenance, lubrication, and repair access. The breech-lock closure design offers operational advantages, ensuring safe, reliable, and secure sealing under various circumstances.

Major companies are dedicated to developing seal ranges, such as lip seal secondary containment devices, to enhance liquid quench applications and gain a competitive advantage. A lip seal secondary containment device is a sealing mechanism designed to prevent leakage and contain fluids in industrial applications. John Crane, a U.S.-based provider of rotating equipment solutions, launched the 5610 Liquid Quench (5610L) in November 2021. This extension to the 5600-seal range features a lip seal secondary containment device, ensuring reliability and interchangeability within the 5600-seal design for various liquid applications.

In August 2022, Flexitallic Group, a US-based provider of static sealing solutions, completed the acquisition of Novus Sealing Pty Ltd for an undisclosed amount. This strategic move allowed Flexitallic Group to expand its presence in the Australian and Asian markets. Novus Sealing Pty Ltd., based in Australia, is a reputable manufacturer of gaskets and seals.

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.

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 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.

Gaskets, packings, and sealing devices primarily include gaskets and seals. Gaskets are flat pieces of soft material or rubber inserted between two joined metal surfaces to prevent gas, oil, or steam leakage. Various material types, including metallic, non-metallic, and elastomeric, are distributed through original equipment manufacturers (OEM) and the aftermarket. Applications span automotive, electrical and electronics, marine and rail, industrial and manufacturing, aerospace, oil and gas, chemicals, petrochemicals, and other sectors.

The gaskets, packing, and sealing devices market research report is one of a series of new reports that provides gaskets, packing, and sealing devices market statistics, including gaskets, packing, and sealing devices industry global market size, regional shares, competitors with a gaskets, packing, and sealing devices market share, detailed gaskets, packing, and sealing devices market segments, market trends and opportunities, and any further data you may need to thrive in the gaskets, packing, and sealing devices industry. The gaskets, packing, and sealing devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gaskets, packings, and sealing devices market consists of the sales of full-face gaskets, ring-type gasket, spiral-wound gasket, U-packings, V-packings, cup-packings, and O-rings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.