Use of Seals & Gaskets in the Oil and Gas Industry as they Ensure Proper Functioning of Onshore and Offshore Equipment to Drive the Global Market :

Pune, India, July 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Gasket & Seal Materials Market.

Market Highlights

Global Gasket & Seal Materials Market is projected to be valued at USD 37,863.5 Million by the end of 2025 registering a CAGR of 5.40% during the forecast period.

Extensive use of seals & gaskets in upstream, midstream, and downstream operations is a key driver of the global gasket & seal materials market. The extraction of oil and gas is one of the most challenging processes in the oil & gas industry, and the equipment used in the process are required to operate efficiently under lower friction, higher pressure, different temperatures, and high speed. With the need to ensure safe, reliable, and efficient operation of a wide range of onshore and offshore equipment, the use of seals & gaskets is increasing significantly, which in turn, drives the demand for gasket & seal materials.

Segment Analysis

Global Gasket & Seal Materials Market has been segmented on the basis of Material, End-Use Industry, and Region.

Based on material, the global gasket & seal materials market has been segmented into rubber, fiber, metal, PTFE, cork, and others. Among these, the rubber segment accounted for 35% of the market share in 2018; it is projected to exhibit a CAGR of 5.64%. The high demand for rubber seals & gaskets is attributed to their wide use in major end-use industries such as automotive, oil & gas, chemicals, and aerospace on account of various advantages such as shock resistance, oil & chemical resistance, adhesion, electrical properties, weather resistance, and water resistance. However, the PTFE segment emerged as the fastest-growing segment, registering a CAGR of 6.10% on the backdrop of its excellent chemical resistance, dielectric properties, outstanding corrosion protection, electrical insulation, high thermal stability, flame resistance, and weathering resistance.

By end-use industry, the market is classified into automotive, oil & gas, food & beverage, electrical & electronics, chemicals, aerospace and defense, and others. The automotive segment emerged as the largest and fastest-growing segment with a CAGR of 6.36% during the review period. In the automotive industry, seals & gaskets are widely used in shock absorbers, battery, electronic control units (ECUs), braking systems, exhaust gas recirculation systems, safety control systems, air conditioning, ride control systems, and fuel injectors, among others.

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Key Players

MRFR recognizes the following companies as the Key Players in the Global Gasket & Seal Materials Market— Trelleborg Group (Sweden), Freudenberg Sealing Technologies (Germany), Parker Hannifin Corporation (US), ERIKS NV (The Netherlands), ElringKlinger Kunststofftechnik GmbH (Germany), Saint-Gobain Performance Plastics (France), BRUSS Sealing Systems GmbH (Germany), Dimer Group (Czech Republic), John Crane (US), and Klinger Holding (Austria), among others.

Key Findings of the Study

  • Global gasket & seal materials market is projected to reach a value of USD 37,863.5 million by 2025 at a CAGR of around 5.40% during the forecast period of 2019 to 2025.

  • Asia-Pacific emerged as the leading and fastest-growing region for this market on account of the rapid growth of end-use industries in countries such as India, South Korea, and others.

  • Widespread use of seals & gaskets in the power generation industry is a key opportunity for players in this market.