|Base Year Market Size
|USD XX Billion
|Forecast Year Market Size
|USD XX Billion
|Fastest Growing Market
Metallic gaskets refer to the gaskets that are made up of metal materials and used to fill the space between two or more mating surfaces in order to prevent leakage from or into the joined objects while under compression. These are fabricated from one or a combination of metal to the desired shape and size and used for sealing higher temperature and pressure applications, where non-asbestos materials usually fail.
Metallic gaskets find application in higher quality surface sealing and are considered a good fit for high and medium-pressure applications. These gaskets are designed in a way that they are able to resist extreme exposure to temperatures, pressures, and chemicals. In addition to this, these gaskets are produced with the help of a wide variety of materials capable of accommodating different process applications.
The increasing demand for metallic gaskets in a wide variety of end-use industries, coupled with stringent leakage regulations implemented by the Environmental Protection Agency (EPA) in order to prevent damage to the environment, is positively impacting the growth of the market.
The growing demand for metallic gaskets in automobiles is predicted to boost the market growth during the forecast period. As per the European Technology Chamber, Mexico is one of the world’s largest markets for vehicles, trucks, buses, and auto parts and is projected to become the fifth-largest global vehicle producer by 2025. In addition to this, Brazil is also facing a rise in the growth of the automobile industry. The country observed sales of 2,262,069 million in the year 2019, as reported by the International Organization of Motor Vehicle Manufacturers (OICA). Similarly, various other countries are seeing a robust growth of this industry.
The oil and gas industry is the second largest user of metallic gaskets. As per the data shared by the Organization of the Petroleum Exporting Countries (OPEC), the OPEC member countries have 1,189.8 million barrels of crude oil reserves. These countries, which produce crude oil, have implemented the industry's best practices, performed extensive explorations, and increased the usage of metallic gaskets as it helps to fasten the reliable seal on the flange joints for blocking leakages. In addition to this, it is used in oil and gas production and transportation pipes to prevent leakage as well as to avoid harm to people and the environment.
The fluctuation in the prices of raw materials hampers the growth of this market. Some of the regions have an abundance of raw material, while others rely on imports from the countries. For instance, steel is one of the metals used in the manufacturing of metallic gaskets, which are mainly produced in China, Japan, and India. Therefore, this difference in the availability of materials leads to a surplus or deficit in specific regions, causing fluctuations in the prices of raw materials.
Asia-Pacific is anticipated to hold the largest market share during the forecast period, owing to the increased consumption of manufactured goods, continuous technological innovation, stable economic growth, and expanding manufacturing base. In addition to this, the growing automotive industry in the region is expected to boost the growth of this market.
Due to industrialization, urbanization, and the growing population in the region, there has been an increase in the demand for automobiles. In addition to this, manufacturers are shifting their focus in this region due to low manufacturing costs and availability of cheap labor, which has led to a significant presence of leading automobile manufacturers. The below figure shows the export data of India over the years.
Figure 1: Number of Automobiles Exported From India, 2020
Source: India Brand Equity Foundation (IBEF)
As per the above figure, the number of automobiles exported from India is continuously increasing since 2017 and saw an increase of 0.14 million in 2020. Furthermore, the use of metallic gaskets in industries, such as electrical and electronics, chemical and petrochemical, oil and gas, pharmaceutical, and industrial machinery, are also projected to augment the market growth in the region.
North America is expected to be the second-largest region in the metallic gaskets market on account of its surging demand among the end-use industries, such as electrical and electronics and chemical and petrochemicals. Additionally, the growing disposable income, coupled with a high standard of living is escalating the use of portable and other electrical gadgets, further driving the demand for metallic gaskets.
Rising demand for lightweight and heavy commercial vehicles provides an impetus to the market growth. According to the statistics shared by the International Organization of Motor Vehicle Manufacturers, the U.S produced 8,02,873 light commercial vehicles and 3,46,366 heavy trucks in the year 2019, which is projected to increase in the coming years.
|By Product Type
|By End-User Industry
|Expert Gasket and Seal LLC AMG Sealing Limited Denver Rubber Company Klinger Limited Flexitallic Garlock Sealing Technologies Hennig Gasket and Seals, Inc Mercer Gasket and Shim, Inc Goodrich Gasket Private Limited Spira Power Gasket Manufacturing LLC
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The increase in industrialization has led to a significant rise in the number of manufacturing plants, machinery, and various other mechanical instruments in developing as well as developed countries, which is anticipated to propel the demand for metallic gaskets during the forecast period. These gaskets augment the performance and quality of engineered goods.
Several industries are expanding steadily in emerging markets of China, India, Brazil, and Russia, further driving the market growth. For instance, in South America, Brazil is one of the emerging countries where the industries, such as chemical processing, petroleum, construction, and aerospace, have the potential to become significant gasket users are.