The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased demand for oil and gas is likely to stimulate innovation in the manufacturing of gaskets, packing, and sealing devices, propelling the market over the forecast period.

The global gaskets, packing, and sealing devices market is expected to grow from $55.97 billion in 2022 to $61.89 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The global gaskets, packing, and sealing devices market size is expected to reach $90.19 billion in 2027 at a CAGR of 9.9%.

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 Global Gaskets, Packing, And Sealing Devices Market Segments Include:

• By Product: Gaskets, Seals
• By Material Type: Metallic, Non-metallic, Elastomeric, Other Material Types
• By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
• By Application: Automotive, Electrical And Electronics, Marine And Rail, Industrial And Manufacturing, Aerospace, Oil And Gas, Chemicals and Petrochemicals, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global gaskets, packing, and sealing devices market in 2021.

Major Market Players in the gaskets, packing, and sealing devices market include SKF Inc., Flowserve Corporation, Trelleborg AB, Freudenberg Sealing Technologies GmbH & Co KG, Federal-Mogul Corporation, Smiths Group plc.

Technological advancements are a crucial trend that is gaining traction in the market for gaskets, packaging, and sealing devices. Major firms in the gaskets, packaging, and sealing devices sector are focusing on creating new technologies to increase product functioning, meet consumer expectations, and strengthen their market position. Lummus Technology, a US-based process technologies and energy solutions provider, for example, launched Polaris breech-lock closure, a new high-pressure heat exchanger equipment with two technology upgrades, the ProSeal system, a gasket loading design that simplifies manufacturing, installation, and disassembly by eliminating the use of internal split ring, flange, or bolts, and ProLock closure system, a sealing system and securing mechanism that eases. Its cutting-edge breech-lock closure design provides a number of operating benefits, including safe, dependable, and secure sealing under all conditions.

The Gaskets, Packing, And Sealing Devices Global Market Report 2023  provides a gaskets, packing, and sealing devices market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The gaskets, packing, and sealing devices market forecast analyzes gaskets, packing, and sealing devices market size, gaskets, packing, and sealing devices market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Gaskets, packings, and sealing devices are components that are used to control or prevent leaks between two surfaces or components that come into contact. The gaps are either permanent or moving components that seal when mechanical compression is applied. Gaskets, packings and sealing devices are extensively employed in machinery and equipment to keep it running properly and to prevent fluid or gas leakage.

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