Global Industrial Gaskets Market – Analysis and Forecast (2018-2024) - Industry Insights by Material (Semi-Metallic, Non-Metallic, Metallic), by Product Type (Soft Gasket, Spiral Wound Gasket, Ring Joint Gasket), by End-User (Refineries, Power Generation, Chemical Processing)
Gasket is a mechanical seal that are used to fill the space between two or more than two mating surfaces. It is used to prevent leakage from the joined objects when they are under compression. It is commonly produced from sheet materials by cutting. Gaskets are generally made from flat materials which include a sheet, from rubber, paper, silicone, cork, felt, metal, nitrile rubber, fiberglass, and others. The industrial gaskets market is anticipated to register a good growth during the forecast period. This is attributed to its wide application in different end-user industries including power, oil and gas, chemicals, and others.
Insight by Material
On the basis of material, the industrial gaskets market is classified into semi-metallic, non-metallic, and metallic. Of all these, semi-metallic material category is expected to dominate the market in the coming years. Semi-metallic gaskets are utilized by various end-user industries, as off the assembly they provide enhanced tightness with low overall load as compared to other type of gaskets. However, during the forecast period, non-metallic material category is anticipated to grow at the highest CAGR.
Insight by Product Type
Based on product type, the industrial gaskets market is categorized into soft gasket, spiral wound gasket, and ring joint gasket. Soft gaskets are the most dominant product type category, as it is the most preferred product type in various end-user industries which includes processing industry and others. This is attributed to the low-cost advantage it offers as compared to other gaskets.
Insight by End-User
On the basis of end-user, the industrial gaskets market is segmented into refineries, power generation, chemical processing, and others. The refineries end-user segment is anticipated to hold the largest share in the market in the coming years. This segment is projected to register the fastest growth in the market. This is attributed to the growth of the commercial application and increasing use of these gaskets in high temperature and pressure applications in refineries.
The major factors that are driving the industrial gaskets market growth are wide application range of these gaskets in various end-user industries, stringent governmental regulations to control leakage in order to prevent environmental damage, and increasing demand from oil and gas production related facilities. The application of these gaskets are increasing in various industries due to its superior properties such as, their resistance to chemicals, alkaline, acids, and others; resistance to extreme temperature; resistance to extreme pressure; resistance to withstand different environments, and others, resulting in driving the industrial gaskets market growth.
The major challenge identified in the market is the volatility of raw material prices. The principal raw materials required are mild steel sheet, asbestos sheet, and copper sheet. The material cost depends on the number of factors which includes material formulation, material production, material quality, material availability, and others. Hence, the fluctuating cost of raw material is one of the major challenges the industrial gaskets market is facing.
The players in the industrial gaskets market are adopting organic and inorganic growth strategies to strengthen their position and to expand their market share. The manufacturers are investing heavily on research and development to enhance their product portfolio and to gain competitive edge in the market.
Globally, North America is the most dominant market and account for the largest share in the industrial gaskets market. The growth of the region’s market is mainly attributed to the growing demand of gaskets in end-user industries such as power, chemical, oil and gas, and other industries. However, during the forecast period, the Asia-Pacific is projected to register the fastest growth in the market, owing to the increasing power production in the region in order to meet the increasing power demand.
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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