The 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″, 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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• 170 Market data Tables
• 43 Figures
• 209 Pages and in-depth TOC on “Industrial Gaskets Market – Global Forecast to 2025”
Some of the prominent key players are:
· Klinger (Austria)
· Teadit (US)
· Flexitallic (US)
· Garlock (US)
· W.L.Gore (US)
· Spira Power (UAE)
· Lamons (US)
· Donit (Slovenia)
· Goodrich Gasket (India)
· James Walker (UK)
Opportunity: Growing number of refineries in APAC
There has been a rise in the number of refineries in APAC, which is spurring the growth of the industrial gaskets market in this region. The three leading players in the Indian downstream sector, Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum (BPCL), signed a Joint Venture (JV) agreement in June 2017 to create the world’s largest refinery-cum-petrochemicals complex at Babulwadi, Ratnagiri, in India at a cost of USD 40.0 billion with a refining capacity of 60 million metric tons per annum (MMTPA). This is expected to significantly increase the demand for industrial gaskets in this region.
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 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.
