The gaskets market is expected to grow at a CAGR of 3.9% until 2027, reaching U.S. $10.8 billion. This is according to a new report from Stratview Research. The gasket market suffered a decline of -10.3% in 2020, as a result of the pandemic and is now rebounding.
A gasket is a flat piece of material used to fill the gap between two or more joining surfaces. Their purpose is to prevent leakage into or out of the joined parts that are under pressure or compression.
Ideally, gaskets should be made from materials that can fill the space between irregularities, withstanding high pressure and temperature fluctuations.
Given the possible cost and safety implications of defective or leaking gaskets, the correct gasket material must be chosen to meet the needs of the application. It should be able to bear corrosive materials such as alkaline acids, gases, electric and magnetic forces, and chemicals.
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Almost every industry uses gaskets, including food and beverages, energy and power, petrochemical, oil and gas, and many others. These parts are employed to prevent cross-system and environmental contamination. Gaskets also shield the moving parts of machines from damage by preventing them from rubbing against hard surfaces and reducing friction.
As a result, the ideal gasket will increase machine life and boost productivity.
There is a considerable demand for seals in the transportation sector due to the increasing production of automotives, growing aircraft fleet, and rising demand for mobility. Transportation held a market share of >40% in 2021.
But because of the significant rise in the demand for advanced gadgets and consumer electronics, electrical and electronics is expected to be the fastest-growing segment over the forecast period.
The gaskets market is driven by a host of factors…
- Increasing demand from various end-use industries. As these industries continue to expand, the demand for gaskets also grows, driving the market forward.
- Gaskets play an important role in sealing systems and preventing energy loss. As a result, there is a growing demand for energy-efficient applications.
- Advancements in technology have led to the development of new materials, that offer superior performance and durability. These new materials are expanding the range of applications where it can be used.
- The demand grows as developing countries continue to industrialize and expand their manufacturing sectors, This is particularly true in regions such as Asia-Pacific, where there is a growing demand for gaskets in automotive, aerospace, and other industries.