The gasket is a mechanical seal that is used to fill the space between two or more two mating surfaces. It is used to prevent leakage from the joined objects when they are under compression. It is commonly produced from sheet materials by cutting. Gaskets are generally made from flat materials which include a sheet, from rubber, paper, silicone, cork, felt, metal, nitrile rubber, fiberglass, and others. The industrial gaskets market is anticipated to register good growth during the forecast period. This is attributed to its wide application in different end-user industries including power, oil and gas, chemicals, and others.
Based on product type, the industrial gaskets market is categorized into the soft gasket, spiral wound gasket, and ring joint gasket. Soft gaskets are the most dominant product type category, as it is the most preferred product type in various end-user industries which includes processing industry and others. This is attributed to the low-cost advantage it offers as compared to other gaskets.
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On the basis of end-user, the industrial gaskets market is segmented into refineries, power generation, chemical processing, and others. The refinery end-user segment is anticipated to hold the largest share in the market in the coming years. This segment is projected to register the fastest growth in the market. This is attributed to the growth of the commercial application and increasing use of these gaskets in high temperature and pressure applications in refineries.
The players in the industrial gaskets market are adopting organic and inorganic growth strategies to strengthen their position and to expand their market share. The manufacturers are investing heavily in research and development to enhance their product portfolio and to gain a competitive edge in the market.
Globally, North America is the most dominant market and accounts for the largest share in the industrial gaskets market. The growth of the region’s market is mainly attributed to the growing demand for gaskets in end-user industries such as power, chemical, oil and gas, and other industries. However, during the forecast period, the Asia-Pacific is projected to register the fastest growth in the market, owing to the increasing power production in the region in order to meet the increasing power demand.
Some of the major players operating in the industrial gaskets industry are Klinger Limited, Garlock Sealing Technologies, Spira Power, Hennig Gasket & Seals Inc., Denver Rubber Company, Goodrich Gasket Private Limited, Amg Sealing Limited, Oman Gasket Factory, Gasket Manufacturing Company, Phelps Industrial Products, and Leader Gasket Technologies.
Source: VynZ Research