Industrial Gaskets Market worth $11.6 billion by 2025 - Exclusive Report by MarketsandMarkets™
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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