Global Industrial Gasket Market that has gained momentum in recent years with a CAGR of 5.43%, is expected to touch the milestone of USD 15.18 Billion in value terms over the forecast period 2020-2026.
Gaskets are mainly used to fill vacuum spaces between the coupling surfaces to prevent leakage and fluid and gas wastage. Gaskets are customarily made by cutting materials from sheets. Many industrial gaskets require bolts that exert compression well within the range of 14 MPa (2000 psi) or higher. The gaskets made of silicone or rubber withstands the test of superior features, such as high reliability, greater power, high durability, and resistance to high heat and pressure.
Growing demand from oil and gas-related facilities in the Gulf countries is enhancing the industrial gasket market. The increasing use of Polytetrafluoroethylene gaskets and strict leakage regulations enforced by the Environmental Protection Agency to avoid environmental damage also stimulate market growth. With the rise in industrial development and urbanization, the number of manufacturing plants, machinery, automobiles, and various other mechanical instruments that use a gasket has increased considerably. It has affected business growth positively.
Wide range of applications in different industries is the primary driver of the Industrial Gasket market
The major factors driving the growth of the industrial gaskets market are the full range of applications of these gaskets in various end-user industries, stringent government regulations for controlling leakage to prevent environmental harm, and the demand from oil and gas-related installations. The application of these gaskets is growing due to their superior property of resistance to chemicals, alkaline, acids, and others, as well as persistence against extreme temperature, intense pressure, different conditions, and others in various industries.
Increasing demand in oil and gas industries
Oil and gas industries use gaskets widely to prevent propelling leakage or wastage of costly fluids or gas in their plants. Because of their unique characteristic to withstand intense pressure conditions, compressive loads, and heat, the gasket offers remarkable utility and advantage across various verticals. However, price instability of its raw materials like rubber, silicone, graphite, etc., curtails the development of the industrial gasket sector. The increasing number of refineries in the Asia Pacific region is also expected to create multiple growth opportunities for the existing players in the global gasket market.
Raw material price fluctuation is the major restraint of the Industrial Gasket market.
The major market challenge identified is the volatility in the prices of the raw material. The primary raw materials needed are mild steel sheets, sheets of asbestos, and copper sheets. The cost of the material depends on the number of factors that include material formulation, material production, quality, availability, and others. One of the significant challenges faced by the industrial gaskets market is the fluctuating cost of raw material.
North America is expected to witness significant growth in the market during the forecast period.
North America dominates the global industrial gasket market, and it is expected to grow at a significant rate over the forecast period. The ever-increasing deployment of wind power in Asia-Pacific is inducing demand for various gaskets in this region. China is the largest buyer and exporter of gasket goods in the world. The growing number of refineries in China to meet the rising demand for fuel pushes the demand for industrial gasket products in the Asia-Pacific region.
Industrial Gasket: Competitive Landscape
Major players for Industrial Gasket Market include Klinger Limited, Garlock Sealing Technologies, Spira Power, Denver Rubber Company, Goodrich Gasket Private Limited, Amg Sealing Limited, Oman Gasket Factory, Gasket Manufacturing Company, Hennig Gasket & Seals Inc., Phelps Industrial Products, and Leader Gasket Technologies and other prominent players.
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The in-depth analysis of the report provides information about the growth potential, upcoming trends, and statistics of the Industrial Gasket market size & forecast. The report promises to provide insights about the state-of-the-art technology of Industrial Gasket and industry that help decision-makers make more sound strategic decisions. Not only that, the report also analyzes the market drivers and challenges and underlying opportunities.