Market ReportsNewsrss4

North America and Asia Pacific gasket and seal market forecast at $19.5 billion by 2027

Portland, OR – The North America and Asia Pacific gasket and seal market is classified into automotive and transportation, industrial and manufacturing, oil and gas, power and energy, chemicals, and others. Automotive and transportation and oil and gas dominated the end-use industry segment in terms of revenue. An increase in the adoption of gasket and seal solutions in oil and gas refineries is due to stringent regulations implemented by the Environmental Protection Agency (EPA) in North America. As compared to Europe and LAMEA, the North America and Asia Pacific gasket and seal market share is dominant, owing to rising industrialization in Asia Pacific, and significant increase in the adoption of mechanical seals in the oil and gas refineries of North America.

Gaskets are shaped sheets or rings of rubber or other materials that are inserted between two joined metal surfaces to prevent gas, oil or steam from escaping. They are made from a flat material, a sheet such as paper, rubber, silicone, metal, cork, felt, polychloroprene, nitrile rubber, fiberglass, polytetrafluoroethylene or a plastic polymer. An effective gasket in industrial applications has the ability to withstand high compressive loads.

Seals are generally molded or machined products used between engine parts, pumps and shafts to prevent the occurrence of leaks within a molded or machined product. A significant increase in motor vehicle production, machinery output and electrical and electronic equipment production is anticipated to boost the demand for gaskets and seals in the market. Furthermore, a rise in the adoption of mechanical seals from oil and gas refineries in North America is predicted to ensure perfect or precise sealing in a pipeline, which is expected to increase the market value significantly. However, volatility in the prices of raw material is anticipated to hamper the market during the forecast period. Moreover, the need for superior sealing requirements mainly in the food and beverage, and chemical industries is projected to create huge growth opportunities in the near future.

Asia Pacific accounted for more than half the share of the gasket and seal market in 2017, and is expected to maintain its lead position during the forecast period, owing to an increase in motor vehicle production. India, Japan and Indonesia are some of the countries in the Asia Pacific region where there is a significant rise in motor vehicle production, which fuels the demand for gaskets. Asia Pacific is expected to continue its dominance during the analysis period in terms of revenue, owing to the rise in industrialization.

The North America and Asia Pacific gasket and seal market analysis covers in depth information of major players. Arezda, EagleBurgmann Germany GmbH & Company KG, Flexitallic, Flowserve Corporation, Garlock, James Walker Group Ltd., John Crane, Klinger Group, Nichias Corporation, Smiths Group plc, Tri GrahaSealisindo and Valqua Ltd. are the key players operating in the market.