Global Industrial Gaskets Market, Industry Insights by Material, Product Type and End-User - Analysis and Forecast 2024


Posted June 26, 2019 by vynzresearch

The industrial gaskets market is anticipated to register good growth during the forecast period.

 
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 a 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.

On the basis of material, the industrial gaskets market is classified into semi-metallic, non-metallic, and metallic. Of all these, semi-metallic material category is expected to dominate the market in the coming years. Semi-metallic gaskets are utilized by various end-user industries, as off the assembly they provide enhanced tightness with low overall load as compared to other type of gaskets.

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Insight by Product Type

Based on product type, the industrial gaskets market is categorized into 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.

Insight by End-User

On the basis of end-user, the industrial gaskets market is segmented into refineries, power generation, chemical processing, and others. The refineries 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.

Growth Drivers

i. Wide range of applications in end-user industries
ii. strict government regulations for controlling leakage so as to prevent environmental damage
iii. increased demand from facilities related to production of oil and gas
iv. ability of gaskets to resist chemical, alkaline, acids
v. ability of gaskets to withstand extremes of temperature and pressure

Challenges

i. unpredictability of the prices of raw materials raw material like steel sheets, asbestos sheets, and copper sheets
ii. overall production costs
iii. high initial investments

Industry Ecosystem

The key players in the industrial gaskets market are implementing organic as well as inorganic growth strategies to strengthen their position and to expand their market share. The manufacturers are financing greatly on research and development to improve their product portfolio and to achieve competitive edge in the market.

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Geographic Overview

Major Centres:

• Asia Pacific — China, Japan, India
• Europe — France, Germany, UK, Spain
• North America — US, Canada
• South America — Brazil, Colombia
• Middle East and Africa — South Africa, Saudi Arabia, UAE

Globally, North America is the most powerful market accounting for the largest market share in the industrial gaskets market. However, the Asia-Pacific is expected to see the fastest growth in the market, owing to the increasing power production in the region to meet the increasing power demand.

Competitive Insight

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
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Tags industrial gaskets , industrial gaskets market
Last Updated June 26, 2019