At 4.2% CAGR, North America Form-In-Place Gasket Market is Projected to be Worth US$ 277.77 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America form-in-place gasket market was valued at US$ 199.47 million in 2022 and is expected to reach US$ 277.77 million by 2030, registering a CAGR of 4.2% from 2022 to 2030. High demand for form-in-place gaskets from automotive industry and growing oil & gas industry are among the critical factors attributed to the North America form-in-place gasket market expansion. 

Form-in-place gaskets are commonly used in engine applications to create seals between engine components. They are employed in areas such as cylinder heads, valve covers, and oil pans to prevent leaks and ensure the proper functioning of the engine. In addition, form-in-place gaskets are applied in the sealing of electronic control units and protecting sensitive electronic components from environmental factors such as moisture and contaminants. Form-in-place gaskets are often used in electric and hybrid vehicles to seal battery enclosures, thereby maintaining the safety and integrity of the battery system. The ability of form-in-place gaskets to be customized according to specific shapes and sizes, makes it suitable for various custom sealing applications in the automotive industry. The advancements in automotive manufacturing capabilities and rising demand for electric vehicles drive the global automotive industry. In January 2021, the US President announced the plan to strengthen the US manufacturing sector under the “Made in America” initiative, which focused on making the manufacturing sector technologically advanced and automated. He announced an investment of US$ 300 billion for the R&D and inclusion of advanced technologies to boost the country's production output, focusing on electric vehicle production. In September 2022, the President announced the plan to achieve a target of electric vehicles accounting for a 50% share of the total vehicles sold by 2030. To meet the target, companies such as Honda, Toyota, General Motors, Ford Motor Company, and Panasonic announced investments in manufacturing in North Carolina, Missouri, Michigan, Kansas, Ohio, and elsewhere. As per OICA estimates, in 2022, vehicle production in North America accounted for 1,77,56,263 units, signifying a 10% year-on-year increase. Thus, the rising production and sales of vehicles drive the demand for form-in-place gaskets owing to their use in various applications in the automotive industry.  

Thus, the rising production and sales of vehicles drive the demand for form-in-place gaskets owing to their use in various applications in the automotive industry.

On the contrary, availability of alternative sealing solutions hampers the growth of North America form-in-place gasket market.

Based on application, the North America form-in-place gasket market is segmented into marine, automotive, electrical and electronics, aerospace, lighting, and others. The electrical and electronics segment held 37.8% share of North America form-in-place gasket market in 2022, amassing US$ 75.43 million. It is projected to garner US$ 110.57 million by 2030 to expand at 4.9% CAGR during 2022–2030.

By country, the North America form-in-place gasket market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.8% share of North America form-in-place gasket market in 2022. It was assessed at US$ 163.25 million in 2022 and is likely to hit US$ 230.08 million by 2030, exhibiting a CAGR of 4.4% during 2022–2030.  

Key players operating in the North America form-in-place gasket market 3M Co, Henkel AG & Co KGaA, Parker Hannifin Corp, Modus Advanced Inc, Dow Inc, Compagnie de Saint Gobain SA, Permabond LLC, Bostik SA, HB Fuller Co, and ITW Performance Polymers, among others.

• In November2023, Henkel´s new 1k RTV silicone form-in-place-gasket (FIPG) solution dispense, assemble, and test in-line reduces staging times and creates an immediate, robust seal on assembly.

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