Industrial Gaskets Market : Size, Share, Growth, Demand, Top Companies, Analysis and Forecast 2018-2024

Gaskets are a kind of mechanical seals, which are used to prevent leakage while joining two surfaces together under compression. The industrial gaskets market is expected to observe considerable growth in the coming years, accredited to its wide application in power, oil and gas, chemicals, and other end-user industries.

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Market Segmentation

1) Insight by Material
a) Semi-metallic
b) Non-metallic
c) metallic
Semi-metallic gasket category has been dominating the global markets over the years years, credited to its usage in several end-user industries as well as for providing enhanced tightness with low overall load. The non-metallic category is expected to grow with the highest CAGR during the forecast period.

2) Insight by Product Type
a) Soft
b) Spiral wound
c) Ring joint
Soft gaskets are the largest revenue generating category worldwide, as the most preferred product category in processing industries due to its low-cost advantage.

3) Insight by End-User
a) Refineries
b) Power generation
c) Chemical processing
d) Others
The refineries are the largest consumer of industrial gaskets and is also expected to witness the fastest growth in demand in the forecast period. The growth of this segment is credited to the growing commercial application as well as increased use of gaskets in high temperature and pressure situations.

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Industry Dynamics

Growth Drivers
i. Wide range of applications in different industries
ii. Strict government regulations for controlling leakage so as to prevent environmental damage
iii. Increased demand from facilities related to production of oil and gas
iv. Ability of gaskets to resist chemical, alkaline, acids
v. Ability of gaskets to withstand extremes of temperature and pressure

Challenges
i. Unpredictability of the prices of raw materials like steel sheets, asbestos sheets, and copper sheets
ii. Overall production costs
iii. High initial investments

Industry Ecosystem

The key players in the industrial gaskets market are implementing organic as well as inorganic growth strategies to strengthen their position and to expand their market share. The manufacturers are financing greatly on research and development to improve their product portfolio and to achieve competitive edge in the market.

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Geographic Overview

Major Centres:
• Asia Pacific — China, Japan, India
• Europe — France, Germany, UK, Spain
• North America — US, Canada and Mexico
• South America — Brazil, Argentina, Colombia
• Middle East and Africa — South Africa, Saudi Arabia, UAE

Globally, North America is the largest market accounting for the largest share in the industrial gaskets market, worldwide. However, the Asia-Pacific is expected to see the fastest growth in the market, owing to the increasing power production in the region to meet the increasing power demand.

Competitive Insight

Some of the major players operating in the industrial gaskets industry are Klinger Limited, Garlock Sealing Technologies, Spira Power, Hennig Gasket & Seals Inc., Denver Rubber Company, Goodrich Gasket Private Limited, Amg Sealing Limited, Oman Gasket Factory, Gasket Manufacturing Company, Phelps Industrial Products, and Leader Gasket Technologies.

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This release was published on openPR.