Industrial Gaskets Market worth $11.6 billion by 2025 | Key players Klinger, Teadit, Flexitallic, Garlock, Lamons.

According to recent market research the "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", 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%. The demand for industrial gaskets is rising, owing to the stringent leakage regulations implemented by Environmental Protection Agency (EPA) and 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.

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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.

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.

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.

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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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Klinger (Austria) is one of the leading players in industrial gaskets market. In July 2020, the company majorly focuses on joint venture strategy. The company signed a joint venture agreement with Chinese Sinyuan Industrial Material Group and Japanese Hamamatsu Gasket to establish Klinger Asia. This development is aimed at expanding its services and expertise in the Asian region.

Flexitallic is one of the leading manufacturers and suppliers of industrial static sealing products globally. The company is among the key players in the industrial gaskets market. The company believes in sustainability for creating value. Its strategy is focused on investments & expansions to expand its global reach and strengthen its competitiveness in the global industrial gaskets market. For instance, in 2020, The company expanded its Aberdeen base to 4,600 square feet to meet the demand from the offshore oil & gas industry. This expansion will provide increased support to its growing client base in the Northeast of the UK.

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