At 7.4% CAGR, Asia Pacific Encapsulated Gaskets and Seals Market is Projected to be Worth US$ 200.80 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific encapsulated gaskets and seals market was valued at US$ 113.29 million in 2022 and is projected to reach US$ 200.80 million by 2030, registering a CAGR of 7.4% from 2022 to 2030. Soaring growth of the oil & gas industry and increasing demand from chemical industry are among the critical factors attributed to drive the Asia Pacific encapsulated gaskets and seals market growth.

The chemicals industry stands as a cornerstone of industrial development, encompassing a vast array of processes involved in the production, transformation, and handling of various chemicals. As a critical sector with diverse applications, the chemical industry places stringent demand on equipment and components to ensure safety, efficiency, and regulatory compliance. Encapsulated gaskets and seals play a vital role in meeting these challenges, serving as essential components that contribute to the integrity and reliability of chemical processing equipment. In the chemical industry, where precision and containment are paramount, the choice of sealing solutions is pivotal. Encapsulated gaskets and seals provide a robust defense against the corrosive and aggressive nature of many chemicals involved in industrial processes.

According to the India Brand Equity Foundation, the chemical industry in India stood at US$ 220 billion in 2022. It is anticipated to reach US$ 300 billion by 2025 and US$ 1 trillion by 2040. According to the American Chemistry Council (ACC), global chemical production increased by 2.1% in November 2023, with countries in Asia Pacific registering positive growth. As the chemical industry continues to expand in developed and developing economies, there is an increasing need for reliable sealing solutions that can withstand the harsh and corrosive nature of many chemicals. Encapsulated gaskets and seals provide an effective barrier, preventing the escape of hazardous materials and ensuring the safety of both the processes and personnel. The chemical resistance of materials such as PTFE, commonly used in encapsulated seals, makes them particularly suitable for applications in this demanding industry. Moreover, the chemical industry strongly emphasizes regulatory compliance and adherence to safety standards. Encapsulated gaskets and seals contribute to meeting these stringent requirements and offer benefits such as reduced maintenance needs and increased equipment reliability. This becomes especially crucial in preventing costly downtime and minimizing the risk of environmental contamination or accidents. Thus, the chemical industry relies heavily on encapsulated gaskets and seals to ensure the integrity and safety of its processes. The symbiotic relationship between the chemical industry and the manufacturers of sealing solutions underscores the pivotal role of encapsulated gaskets and seals in supporting the growth, efficiency, and sustainability of this critical sector.

On the contrary, availability of alternative sealing solutions hampers the growth of Asia Pacific encapsulated gaskets and seals market.

Based on material, the Asia Pacific encapsulated gaskets and seals market is segmented into silicon, neoprene, Viton, Teflon, and others. The Viton segment held 40.1% market share in 2022, amassing US$ 45.43 million. It is projected to garner US$ 82.06 million by 2030 to register 7.7% CAGR during 2022-2030.

Based on end use, the Asia Pacific encapsulated gaskets and seals market is segmented into oil and gas, food, pharmaceutical, chemical, automotive, and others. The oil and gas segment held 33.6% market share in 2022, amassing US$ 38.08 million. It is projected to garner US$ 71.05 million by 2030 to register 8.1% CAGR during 2022-2030.

Based on country, the Asia Pacific encapsulated gaskets and seals market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.1% share of Asia Pacific encapsulated gaskets and seals market in 2022. It was assessed at US$ 45.40 million in 2022 and is likely to hit US$ 84.42 million by 2030, registering a CAGR of 8.1% during 2022-2030.

Key players operating in the Asia Pacific encapsulated gaskets and seals market are AS Aston Seals SPA, Gasco Inc, Polymax Ltd, Trelleborg AB, VH Polymers, and Vulcan Engineering Ltd, among others.

In December 2023, Trelleborg agreed to acquire MNE Group, consisting of Materials Nano Engineering and Materials Nano Solution, through its business area Trelleborg Sealing Solutions. The acquisition is expected to be completed in Q1 2024. MNE Group will provide Trelleborg with established customer contacts with the world's largest semiconductor manufacturers and a base in South Korea for further growth in other Asian markets. The acquisition is expected to generate around SEK 300 M in revenue in 2023, with an EBITA margin in line with Trelleborg Sealing Solutions.

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