Press release
Industrial Gasket Market Size Estimation, Trends Analysis, Key Players, Applications, COVID-19 Impact and Future Insights By 2026
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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.
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.
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.
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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.
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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