Global Industrial Gaskets Market Size | 2021 - 2028 | Growing Massively - Projected to Reach Worth USD $ 14.1 Billion by 2028: Report by Zion Market Research
NEW YORK, March 21, 2022 /PRNewswire/ -- As per study of Zion Market Research, Industrial Gaskets industry amassed proceeds worth nearly US$ 9.1 billion in 2020 and is anticipated to accrue returns of approximately US$ 14.1 billion by 2028. Moreover, Industrial Gaskets market is prognosis to record CAGR of almost 5.7% in 2021-2028. Massive demand for industrial gaskets as heat-exchanger in oil & gas, chemical processing firms, and refineries will steer growth of industrial gaskets market. Apart from this, strict laws implemented by environmental authorities pertaining to leakage issues will culminate into humungous growth of industrial gaskets industry. Additionally, rise in production of hydrocarbons in Asia and middle-east countries will create new growth opportunities for industrial gaskets market. Large-scale use of industrial gaskets in myriad equipment such as automotive devices, aerospace instrument, food equipment, electrical device, pharmaceutical devices, marine equipment, petrochemical devices, and water equipment will drive market trends. Nonetheless, use of low priced asbestos-based gaskets in developing countries can curtail growth of industrial gaskets market.
Zion Market Research published the latest report titled as "Industrial Gaskets Market- By Product Type (Spiral Wound Gasket, Soft Gasket, Kammprofile Gasket, Ring Joint Gasket, Corrugated Gasket, And Jacketed Gasket), By Material Type (Semi-Metallic, Non-Metallic, And Metallic), By End-User (Power Generation, Refineries, Chemical Processing, Pulp & Paper, Industrial Machinery, Food & Pharmaceuticals, Wastewater Treatment, And Textiles), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028." into their research database.
Industrial Gaskets Market: Overview
Industrial gasket is a mechanical seal utilized for filling space between two or more than two surfaces. Moreover, it is used for preventing leakage from space occurring between two joined objects under compression. Apparently, the products are made from sheet, paper, metal, fiberglass, rubber, cork, silicone, and felt. Furthermore, industrial gaskets find extensive use in mining, refining, oil & gas, water treatment, electronic, and petro-chemical industries. Moreover, industrial gasket is used for storing energy such as spring.
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Industry Dynamics:
Industrial Gaskets Market: Growth Dynamics
Massive product demand for piping & heat-exchanger activities in oil & gas sector, chemical processing industry, and refineries will proliferate growth of industrial gaskets market. Apart from this, strict laws pertaining to leakage in factories and rise in investments for enhancing production capacity of product will steer development of industrial gaskets market. Large-scale use of industrial gaskets in power generation, pulp & paper, and specialty chemical & chemical industries for preventing leakage of liquids & gases will prop up growth of industrial gaskets industry over forecast timespan. Moreover, beneficial features such as resistance to acids, chemicals, extreme temperatures, and alkaline will accentuate growth of industrial gaskets market. Surge in number of factories in developing nations will augment business landscape. However, fluctuations in raw material costs can impede growth of industrial gaskets market in years ahead.
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Soft Gaskets To Lead Product Type Segment Growth Over 2021-2028
Growth of soft gaskets segment over assessment period is owing to large-scale use of soft gaskets in chemical processing and other end-user industries. Moreover, these products are utilized in a slew of applications like compressors, bonnet valves, pipe flanges, and heat exchangers. In addition to this, these products are available in myriad forms such as sheets and rolls as well as other cut shapes, thereby steering demand for these products.
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List of Key Players of Industrial Gaskets Market:
- Denver Rubber Company
- W. L. Gore & Associates
- Hennig Gasket & Seals Inc.
- James Walker & Co.
- Teadit N.A.Inc.
- Klinger Limited
- Spira Power Gasket Manufacturing LLC
- Garlock Sealing Technologies Inc.
- Flexitallic L.P.
- Lamons
- Spitmaan
Key Industry Insights & Finding of the Industrial Gaskets Market Reports:
- As per the analysis shared by our research analyst, the Industrial Gaskets Market is expected to grow annually at a CAGR of around 5.7% (2021-2028).
- Through the primary research, it was established that the Industrial Gaskets Market was valued approximately USD 9.1 billion in 2021 and is projected to reach to roughly USD 14.1 billion by 2028.
- Large number of chemical factories in these countries is projected to create lucrative growth avenues for industrial gaskets market in Asia Pacific zone.
Key questions answered in this report:
- What are the growth rate forecast and market size for Industrial Gaskets Market?
- What are the key driving factors propelling the Industrial Gaskets Market forward?
- What are the most important companies in the Industrial Gaskets Market Industry?
- What segments does the Industrial Gaskets Market cover?
- How can I receive a free copy of the Industrial Gaskets Market sample report and company profiles?
Report Scope:
Semi Metallic Material To Dominate Material Type Segment By 2028
Segmental expansion over forecast period can be credited to surge in demand for semi metallic material in chemical processing, pulp & paper, food & pharmaceuticals, and industrial machinery sectors. Moreover, this material is fit for medium as well as high pressure apps. Additionally, products such as spiral wound gaskets, kammprofile gaskets, corrugated gaskets, and jacketed gaskets.
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Refineries Segment To Contribute Majorly Towards Industrial Gaskets Market Revenue By 2028
Growth of refineries segment over anticipated timeframe is subject to rise in utility of industrial gaskets in high temperature & pressure applications in refineries. Apart from this, these products are also used in sealing equipment for preventing leakages in refineries. This, in turn, will translate into humungous segmental growth over coming years. In addition to this, application of industrial gaskets in refineries improves operational efficacy and reduces expenses incurred due to maintenance, repair, and monitoring activities.
Regional Dominance:
Asia Pacific Industrial Gaskets Market To Record Fastest Growth By 2028
Expansion of industrial gaskets industry in Asia Pacific zone over assessment period is owing to easy availability of raw components and huge investments in end-use sectors. In addition to this, growing urbanization, rise in demand for power conservation, and increase in population in countries such as India and China is predicted to pave way for growth of industrial gaskets market in Asia Pacific over forecast period. Presence of large number of chemical factories in these countries is projected to create lucrative growth avenues for industrial gaskets market in Asia Pacific zone.
Global Industrial Gaskets Market is segmented as follows:
Industrial Gaskets Market: By Product Type Outlook (2021-2028)
- Spiral Wound Gasket
- Soft Gasket
- Kammprofile Gasket
- Ring Joint Gasket
- Corrugated Gasket
- Jacketed Gasket
Industrial Gaskets Market: By Material Type Outlook (2021-2028)
- Semi-Metallic
- Non-Metallic
- Metallic
Industrial Gaskets Market: By End-User Outlook (2021-2028)
- Power Generation
- Refineries
- Chemical Processing
- Pulp & Paper
- Industrial Machinery
- Food & Pharmaceuticals
- Wastewater Treatment
- Textiles
Industrial Gaskets Market: By Region Outlook (2021-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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