CHICAGO, Feb. 23, 2021 /PRNewswire/ -- According to the
new market research report "Industrial Gaskets
Market by Material Type (Semi-metallic, Non-metallic, and
Metallic) , Product Type (Soft, Spiral Wound, Ring Joint,
Kammprofile, Jacketed, Corrugated, and Others), End-Use Industry,
and Region - Global Forecast to 2025", published by
MarketsandMarkets™, the global Industrial Gaskets Market size
is estimated at USD 9.0 billion in
2020 and is projected to reach USD 11.6
billion by 2025, at a CAGR of 5.2%.
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Browse 91 market data Tables and 43 Figures spread through
177 Pages and in-depth TOC on "Industrial Gaskets Market"
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The demand for industrial gaskets is rising, owing to the
stringent leakage regulations implemented by Environmental
Protection Agency (EPA) and also because of increasing oil
production in GCC countries. Also, rise in number of refineries in
APAC is providing opportunity for this market. However, the
volatility of raw material prices for the manufacturing of
industrial gaskets is challenging the market. Furthermore, the
increasing demand for treated water in emerging provide growth
opportunities to the market. On the other hand, the consumption of
low cost asbestos based gaskets in emerging countries is
restraining the growth of the industrial gaskets market.
Based on the material type, the semi metallic segment is
estimated to lead the overall industrial gaskets market
in 2020.
Semi-metallic is the largest segment in the overall industrial
gaskets market. Semi-metallic gaskets can be fabricated using any
metal which is available in thin strip or sheet form, and which can
be welded. These gaskets can be used against any corrosive medium
depending on the required metal and filler/facing material. These
gaskets are suitable for medium and high pressure applications.
Based on product type, soft gaskets to be largest segment of
industrial gaskets market in 2020.
Soft gaskets will account for the largest share of the
industrial gaskets market in 2020 followed by spiral wound gaskets,
kammprofile gaskets, ring joint gaskets and others. This is because
it is the most preferred product type in various end-use
industries, which include refinery, power generation, chemical
processing and food processing. In addition, it offers low-cost
advantage compared to other gaskets which helps in accelerating
their demand globally. A soft gasket material can be selected from
a large variety of elastomers, compressed non-asbestos, PTFE,
flexible graphite, and high-temperature sheet products. These
gaskets are used in a wide range of applications such as pipe
flanges, heat exchangers, compressors, and bonnet valves.
Based on end-use industry, the refinery to be the largest
consumer of industrial gaskets.
Refineries accounted for the largest share of the industrial
gaskets market in 2019. These gaskets are used in critical sealing
applications in the refining industry, under high temperature, and
in high-pressure environments to prevent the leakage of hazardous
media. Industrial gaskets are used extensively in the refining
industry to provide reliable sealing and adhere to the leakage
regulations set by regulatory authorities. The use of industrial
gaskets in this industry also enhances operational efficiency by
reducing expenses on maintenance, monitoring, and repairs.
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Based on region, APAC is estimated to lead the industrial
gaskets market in 2020.
APAC is estimated to be the largest and the fastest-growing
industrial gaskets market during the forecast period. The growth of
the market in this region is primarily attributed to the rapidly
growing population, urbanization, and industrialization. Moreover,
growing demand for energy are leading to an increasing demand for
industrial gaskets from end-use industries and driving the
industrial gaskets market in APAC.
In addition, an increase in R&D investments is also one
of the factors driving thedemand for industrial
gaskets market in APAC.
The recent COVID-19 pandemic is expected to impact the various
industries globally. Due to lockdown, many refineries, chemical
processing, and food & pharamceuticals industries were halted.
Governments of different countries are keeping a close watch on the
disruption and taking every necessary step to mitigate the impact
of COVID-19 by promoting various industries. Between 2019 and 2020,
the industrial gaskets market witnessed a low growth rate due to
COVID-19 and the consequent complete lockdown worldwide. This has
led to a decrease in the demand for fuels globally, leading to
reduced production in oil refineries. Therefore, in 2020, the
industrial gaskets market is expected to witness a dip.
The key players in the industrial gaskets market include
Klinger (Austria), Teadit (US),
Flexitallic (US), Garlock (US), W.L.Gore (US), Spira Power (UAE), Lamons (US), Donit
(Slovenia), Goodrich Gasket
(India), and James Walker (UK). These players have
established a strong foothold in the market by adopting strategies,
such as investments & expansions, and mergers &
acquisitions.
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