Description
Industrial Gaskets Market
Global Industrial Gaskets Market to surpass USD 14.2 billion by 2030 from USD 9.3 billion in 2020 at a CAGR of 5.5 % in the coming years, i.e., 2021-30.
Product Overview
Gasket is a mechanical screen that fills the space between two or more pairing surfaces. It is used to avoid leakage when compressed from the joined objects. It is usually produced by cutting from sheet materials. Gaskets usually consist of flaky materials, including rubber, foil, silicone, cork, felt, metal, fiberglass, and other nitrile rubber.
It is widely used in the automotive, aerospace, electrical, food, petrochemical, marine, pharmaceutical, pumping, rail, petroleum, and gas and water sectors. Soft gasket, spiral wound gasket, ring joint gasket, corrugated joints, and jacket joints are numerous types of industrial gaskets. It is used to prevent leakage. Multiple manufacturers’ industrial dip gaskets are compatible and can be metallic or semimetallic with certain international laws. In addition to other sealing solutions, industrial gaskets take a pivotal position in different parts of the world in Maintenance, Repair, and Operating (MRO) applications.
Market Highlights
Global Industrial Gaskets market is expected to project a notable CAGR of 5.5% in 2030.
Industrial gaskets, such as petrochemical, electricity generation, chemical, pulp, and paper, are widely used by process industries to avoid liquid and gas leakages. In those industries, demand for industrial gaskets increases results in a greater chemical, alkaline, acid, and other resistance; high-temperature resistance; resistance to intense pressure; resistance to various climates and other conditions. During the projected period, the increasing number of refineries in the developing countries will increase demand for industrial gaskets.
Global Industrial Gaskets: Segments
Soft segment to grow with the highest CAGR during 2020-30
Global Industrial Gaskets market is segmented by material type into Soft, Spiral Wound, Ring Joint, Kammprofile, Jacketed, Corrugated, and Others. The largest share of Industrial Gaskets market is expected to be achieved in 2020 with Soft Gasket, spiral wound gaskets, kammprofile gaskets, ring joint joints, etc. It is the best choice in various end-use industries, including refinery, power, chemical processing, and food processing. It’s the most important type of product. Moreover, it provides reduced benefits compared to other gaskets that help to speed up demand globally. A range of elastomers, non-asbestos packings, FTFE, flexible graphite, and high-temperature sheet products are available for selecting a soft gasket material.
Refineries segment to grow with the highest CAGR during 2020-30
Global Industrial Gaskets is divided by end-user into Refineries, Power Generation, Chemical Processing, Industrial Machinery, Pulp & Paper, Food & Pharmaceutical, and Others. The biggest proportion of the industrial gasket market in 2020 was represented by refineries. These gaskets are used to prohibit the leak of dangerous media for critical scelling in the refining, high-temperature, and elevated environments. In the refining industry industrial gaskets are widely used to provide for reliable screening and comply with the regulatory authorities for leakage regulations. The use of industrial gaskets also improves operational productivity by minimizing maintenance, monitoring, and repair costs.
Market Dynamics
Drivers
Penetration in end-user industry
Industrial gaskets, such as petrochemical, electricity generation, chemical, pulp, and paper, are widely used by process industries to avoid liquid and gas leakages. In those industries, demand for industrial gaskets increases results in a greater chemical, alkaline, acid, and other resistance; high-temperature resistance; resistance to intense pressure; resistance to various climates and other conditions. During the projected period, the increasing number of refineries in the developing countries will increase demand for industrial gaskets.
Increase in refineries
The number of APAC refineries has increased and the growth of the industrial gasket market has been stimulated in that region. A joint ventures (JV) agreement was signed in June 2017 between India’s 3 leading Indian downstream players, the Indian Oil Corporation (IOC), the Hindu Petroleum Corporation (HPCL), and Bharat Petroleum (BPCL) to generate the world’s biggest petrochemical refinery sophisticated in Babulwadi, Ratnagiri, for $40.0 billion in India at 60 million metric tonnes per year. The demand for industrial gaskets in this geographical area is projected to increase noticeably.
Restraint
Consumption of Asbestos
Asbestos is a thin fibrous, cheap silicate crystal that has good qualities such as a high isolation, better resistance to sound, heat, and electricity. Taken together with the use of asbestos-based gaskets in developing countries, consumption of cheap domestically manufactured products is reducing the growth of industry gaskets. China and India are mainly reducing this growth. In most developed nations, the presence of asbestos is a hazardous substance with high inherent characteristics. It is still used, however, in countries like India and China, which in volume are one of the largest users of gaskets. However, asbestos’ harm reduces reliance on this material, and the industry moves towards the use of unsafe materials for the production of industrial gaskets.
Global Industrial Gaskets: Key Players
Denver Rubber Company
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
AMG Sealing Limited
Klinger Limited
Teadit
Flexitallic
Spira Power
Lamons
Spitmaan
Other Prominent Players
Global Industrial Gaskets: Regions
Global Industrial Gaskets market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Industrial Gaskets in APAC held the largest market share of XX% in the year 2020. In 2020, APAC was the largest business gasket market in 2020, with the most rapidly growing market anticipated in the forecasting period as well.
APAC’s industrial gasketing market is driven primarily by the growth in the region’s end-use industries. Future marketing strategies would ultimately depend on regulations, raw material availability, and investments in the end-use industries. The growing population, urbanization, and energy demand are driving APAC’s industrial gasket demands and are boosting the market for industrial gaskets.
In China, moreover, due to rapid growth from the refining and chemical processing industries, industry gaskets are expanding quickly. China has some of the largest global refineries and is also the second-largest refinery in the world.
Global Industrial gaskets is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Industrial Gaskets report also contains analysis on:
Industrial gaskets Segments:
By Type
Soft
Spiral Wound
Ring Joint
Kammprofile
Jacketed
Corrugated
Others
By End-user
Refineries
Power Generation
Chemical Processing
Industrial Machinery
Pulp & Paper
Food & Pharmaceutical
Others
Industrial gaskets Dynamics
Industrial gaskets Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Industrial Gaskets Market
Report Attribute Details
Market size value in 2020 USD 9.3 billion
Revenue forecast in 2030 USD 14.2 billion
Growth Rate CAGR of 5.5% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Denver Rubber Company, AMG Sealing Limited, Klinger Limited, Teadit, Flexitallic, Spira Power, Lamons, Spitmaan, Flexitallic, and Other Prominent Players.
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