The global industrial gaskets market size is projected to reach USD 11.6 billion by 2025 at a CAGR of 5.2% during the forecast period. The the increasing demand for industrial gaskets in various applications for refineries, chemical processing, food processing, pulp & paper, power generation, and pharmaceutical industries and stringent leakage regulations by various environmental regulatory bodies, are the major drivers boosting the demand for industrial gaskets market globally. In addition, rise in the number of refineries in APAC, are creating growth opportunities for the industrial gaskets market in this region. However, the consumption of low-cost asbestos-based gaskets is hampering the demand for industrial gaskets.
Semi Metallic material type segment to capture highest share in industrial gaskets market during the forecast period. The semi metallic is the most-widely used material in industrial gaskets manufacturing owing to its various physical properties, and it offers enhanced tightness of the assembly with low overall load compared to metallic industrial gaskets.These gaskets are suitable for medium and high pressure applications.
Spiral wound gaskets, corrugated, jacketed, and kammprofile gaskets are the most preferred product types in the semi-metallic industrial gaskets segment.
Soft gaskets to be the largest product type segment Soft gasket product type accounted for the largest share of the industrial gaskets market in 2019.These gaskets are typically manufactured from soft materials and are commonly used in sealing pipes to prevent the leakage of liquids.
Soft gaskets also have certain other common applications, such as anti-vibration and mounting, and thus, used in pipelines and heat exchangers majorly.. These are in high demand for various applications in end-use industries like refineries, food & pharmaceutical, and chemical processing as they are cost effective.
Refineries to account for the largest market share during the forecast period The refineries segment is the largest and the fastest-growing end-use industry in the global industrial gaskets market in 2019. Gaskets also enhance operational efficiency by reducing the expenses on maintenance, monitoring, and repairs Moreover, the high pressure and high-temperature applications in this industry has boosted the demand for industrial gaskets during the forecast period.
APAC is the largest and fastest growing industrial gaskets market during the forecast period. 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.
The demand for industrial gaskets is high in developing economies, such as China, and India.The region is attracting investors for setting up production facilities because of the easy availability of raw materials and labor at lower prices.
It has witnessed significant growth in manufacturing activities due to low manufacturing costs and the support of local governments.An increase in R&D investments is also one of the factors driving the market in APAC.
There is a rising demand for non-metallic industrial gaskets from the food processing and pharmaceutical industries, which also contributes to the growth of this market.
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. • By Company Type – Tier 1: 25%, Tier 2: 50%, and Tier 3: 25% • By Designation - Director Level: 30%, C Level: 20%, and Others: 50% • By Region - Europe: 30%, North America: 25%, APAC: 20%, South America: 15%, and the Middle East & Africa: 10%
The report profiles several leading players of the industrial gaskets market, such as 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). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the industrial gaskets market.
Research Coverage: The report offers insights into the industrial gaskets market in the key regions.It aims at estimating the size of the industrial gaskets market during the forecast period and projects future growth of the market across various segments based on material type, product type, end-use industry, and region.
The report also includes an in-depth competitive analysis of the key players in the industrial gaskets market, along with company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help leaders/new entrants in the industrial gaskets market by providing them with the closest approximations of revenues for the overall market and its various sub-segments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the industrial gaskets market.
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