Adoption of Oil and Gas Gaskets Market To Surge During Forecast Period Owing To Increased Consumer Demand : Fact.MR

From a dip in 2015, investments in oil refinery have remained high, reflecting a wave of positive investment decisions in the recent years. Around 70% of the investment in refineries in 2019 were done in Asia and Middle East. The refining capacity by 2023 is projected to be 17,882 million barrels of oil per day and 158 new refineries are planned to start operations between 2019 and 2029. China is the global leader in terms of refining capacity, fueled by the industrial growth and spiraling demand from the transportation sector.

The capacity expansion program is powering China crude imports and transforming the country to become a strong competitor for exports of petroleum products. Middle East countries are planning to increase their crude oil distillation and capacity of the refineries. The oil & gas gaskets are majorly utilized in refineries for piping and pressure vessel applications. Thus, with the rapid expansion in refineries, the global oil & gas gaskets market is anticipated to receive impetus.

For critical insights on this market, request for More Info - https://www.factmr.com/connectus/sample?flag=S&rep_id=3720

Key Segments of the Oil & Gas Gaskets Market
Fact.MR's study on the oil & gas gaskets market offers information divided into four key segments- product type, material, application, end use and region.

This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

Kammoprofile

Ring Joint Gaskets
Corrugated Gaskets
Jacketed Gaskets
Others

Diesel Generators
Heat Exchangers
Valves
Manifold, Wellhead and Christmas Tree
Others

Europe
East Asia
South Asia & Oceania
Middle East & Africa (MEA)

Request more information about Report Methodology - https://www.factmr.com/connectus/sample?flag=RM&rep_id=3720

Key Takeaways of Global Oil & Gas Gaskets Market

Spiral wound gaskets are projected to expand 1.3X as compared to 2019, and account for around 64% of the overall value opportunity in the global market by 2029 end.

The downstream segment is expected to create an absolute dollar opportunity around US$ 239 Mn during the forecast period

East Asia will remain the prominent region across the projection period, accounting for more than 27% share of the global market, as the countries in this region are increasing their pipeline infrastructure

Piping accounts for nearly three-fifth of the overall oil & gas gaskets market value by the end of the forecast duration

Demand for metallic is projected to expand 2.9 times as compared semi-metallic by 2029 end

Manufacturers Focusing on Regional Expansion

The report reveals some of the prominent market players, including Flexitallic Group, Klinger Limited, LGC US Asset Holdings, Donit Tesnit, Garlock Sealing Technologies, Freudenberg Oil & Gas Technologies, Teadit Group, Leader Gaskets Technologies, Phelps Industrial Products, James Walker, Macro Rubber and Plastic and others. Prominent manufacturers are focusing on expansion to strengthen their global presence. For instance,

In 2018, Garlock opened a new office named Garlock & Technetics Group in Suzhou, China. With this expansion, the company strives to build a better relationship with Chinese customers in the fields of energy, steel, chemical, and pulp & paper

In 2018, Klinger established a new branch in Cape Town (South Africa). This new branch structure enhances the sales of particular products like Fluid Control, Fluid Sealing, and Furmanite.

For in-depth competitive analysis, Buy Now - https://www.factmr.com/checkout/3720

Expansion: Key Growth Influencer within Oil & Gas Gaskets Services Market

Industry leaders are continuously focusing on expansion to increase their geographic presence, and business operations and their share within the market

In 2019, the Flexitallic expanded its operation in Aberdeen, which enabled it to provide increased support to its consumers in North American. Flexitallic Group also aims to expand its gasket stockholding and workshop capabilities.

In 2018, Garlock opened a new office named Garlock & Technetics Group in Suzhou, China. With this expansion, the company strives to build a better relationship with Chinese customers in the fields of energy, steel, chemical, and pulp & paper.

Source - https://www.factmr.com/report/3720/oil-and-gas-gaskets-market

US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email : sales@factmr.com
Website : https://www.factmr.com

About Us:
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range - from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analysed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we'll be an able research partner.

This release was published on openPR.