Press Release: November 04, 2020
Gasket and seals are used extensively on all sorts of materials from paper to plastics, and on almost any other product or material that has to be sealed. The seals can be applied to products from paper and wood to metal and glass, and they can even be applied to fabrics like cloth and leather. The sealant is used on these materials to help keep out dust and debris and to make it last longer. It is important to note that sealants can only be used on sealable materials, not on non-sealable materials. The seal is usually applied with a pressurized tool such as a knife or a metal scraper, which helps to seal the seal. Once the sealant has been applied, the material is then left to set or harden up, generally overnight. This is why seals are also referred to as Gasket Covers.
Increasing use of gaskets and seals in the oil and gas industry is expected to drive growth of the global gasket and seals market during the forecast period. Gaskets and seals have witnessed massive demand from the oil & gas industries. This is typically due to rising oil & gas exploration activities globally. For instance, in July 2020, ExxonMobil Corp. resumed its drilling in Guyana, which was paused back in April 2020. Hence, such factors are expected to drive growth of the global gasket seals market during the forecast period. Moreover, rising demand for chemical and petrochemical sectors is expected to propel the global gasket and seals market growth over the forecast period.
However, declining automotive production and stagnant industrial growth in developed countries are expected to hamper the global gasket and seals market growth over the forecast period. That being said, rising construction of solar and wind energy to boost renewable energy consumption is expected can present major business opportunities in the global gasket and seals market.
Furthermore, Europe is expected to register a robust growth rate in the market during the forecast period. This is typically due to rising use of gaskets in the defense and aerospace sector in the region. Besides, rapid economic growth and increasing business investment are expected to boost growth of the market in Asia Pacific region.
Major companies operating in the global gasket and seals market are Dana Holding Corporation, Victor Gaskets India Limited, Flowserve Corporation, Datwyler Holding Inc., Smiths Group PLC, Federal-Mogul Holdings Corporation, Freudenberg Sealing Technologies Gmbh & Co. Kg, and AMG Sealing Limited, BRUSS Sealing Systems GmbH, ElringKlinger AG, and AB SKF. There has been an attempt to expand the gasket and seals industry. For instance, in December 2019, Flowserve and Petrotec opened a new dry gasket and seal repair and testing facility in the Salwa industrial area of Qatar.