Industria
APAC Dominates: Industrial Gaskets Market Set to Surge by USD 18.23 Billion by 2030, Finds Maximize Market Research
The Industrial Gaskets Market size was valued at USD 12.51 Billion in 2023 and the total Industrial Gaskets revenue is expected to grow at a CAGR of 5.53% from 2024 to 2030, reaching nearly USD 18.23 Billion by 2030. APAC is estimated to contribute 35.50% to the growth of the global market during the forecast period. MMR's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory during the forecast period.
The Industrial Gaskets Market includes the presence of several global as well as regional key players. A few prominent players that offer Industrial Gaskets in the market are SKF, Dana Limited, Freudenberg Sealing Technologies GmbH & Co. KG, Flowserve Corporation, Smiths Group Plc, Trelleborg Sealing Solutions, ElringKlinger AG, Cooper Standard ., Bruss Sealing System GmbH., Garlock Sealing Technologies, Crown Gaskets Pvt. Ltd., Kinger, Teadit, Flexitallic, W.L. Gore) and others.
MMR has segmented the market based on by Material Type (Semi-Metallic Gaskets, Non-Metallic Gaskets, Metallic Gasket) by Product Type (Soft Gaskets, Spiral Wound Gaskets, Ring Joint Gaskets, Others) by End-Use Industry (Refineries, Power Generation, Chemical Processing, Others), and Region (APAC, Europe, North America, Middle East and Africa, and South America).
Based on the Product Type Segment, the Soft Gaskets sub-segment dominated the global industrial gaskets market with the highest revenue of USD 4.98 Billion in 2023. flexible gaskets are the most common product as they are less expensive than other types of products and easier to use, therefore, the segment dominates the market. They are designed to withstand extreme temperatures, pressures and chemical applications, making them suitable for a wide range of applications. Flexible gaskets are commonly used in a variety of applications, including automotive engines, industrial equipment, plumbing, and electronics. Furthermore, the growing emphasis on reducing maintenance costs and increasing operating efficiency is boosting the use of soft gaskets in sectors such as automotive , chemical, oil and gas, and manufacturing. However, the Spiral Wound Gaskets product type sub-segment is expected to grow at a rapid pace of 6.85%, providing considerable growth opportunities for industrial gasket manufacturers over the forecast period. These gaskets are widely used in the oil and gas petrochemical and processing industries, as well as cryogenics and research facilities. Thus, increased demand from these areas is propelling the industry forward.
The report will offer a precise estimation of the contribution by various segments in the growth of the Industrial Gaskets market size.
In 2023, Asia Pacific dominated the global industrial gaskets market, accounting for 35.50% of the total revenue. According to the MMR study, the
Asia Pacific industrial gaskets market is expected to grow at a CAGR of 6.78% and continue its dominance throughout the forecast period. The demand for industrial gaskets in this segment is driven by rapid industrialization, urbanization, growing population and high productivity. During the forecast period,
China , India ,
Japan , and South Korea are expected to dominate the
Asia-Pacific industrial gaskets market in terms of revenue. The oil, gas, automotive, chemical, manufacturing and construction industries of these countries extend and increase the demand for industrial gaskets. According to IBEF (India Brand Equity Foundation), Oil demand in
India is projected to register a 2x growth to reach 11 million barrels per day by 2045. In
February 2023 , India's oil demand rose to a 24-year high, which resulted due to a boost in industrial activity.
China is the leading market in the APAC Industrial Gaskets industry with a revenue share of 27.45% in 2023. China is a chemical manufacturing hub, accounting for the largest share of the world's chemicals. With the growing demand for various chemicals across the globe, the demand for gaskets in this industry is expected to increase during the forecast period. China wants to expand its domestic pipeline network, including new connections to Central Asia and Russia. The China National Petroleum Corporation (CNPC) intends to finish substantial parts of Russia's huge oil and gas pipelines in Heilongjiang , the country's northeast. In recent years, India has risen to the sixth position in the top ten manufacturing countries in the world. Furthermore, the expansion of industrial, electrical and electronic industries in emerging markets is expected to boost the demand for gaskets in this sector.
is expected to reach USD 86.02 billion at a CAGR of 3.7% during the forecast period 2030.
was valued nearly US$ 21.07 Bn . in 2023. Valve Cover Gasket Market size is estimated to grow at a CAGR of 5.76 % & is expected to reach US$ 31.19 Bn . by 2030.
is anticipated to reach US$ 33.82 Mn by 2030 from US$ 26.05 Mn in 2023 at a CAGR of 3.8% during a forecast period.
was valued US$ 270 Mn in 2023 and the total revenue is expected to grow at a CAGR of 4.7 % from 2024 to 2030, reaching US$ 372.38 Mn .
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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