DUBLIN--(BUSINESS WIRE)--The "Global Industrial Gasket Market By Material Type, by Product Type, By End User, By Region; Trend Analysis, Competitive Market Share & Forecast, 2016-2026." report has been added to ResearchAndMarkets.com's offering.
The Global Industrial Gasket Market that has gained momentum in recent years with a CAGR of 5.43%, is expected to touch the milestone of USD 15.18 Billion in value terms over the forecast period 2020-2026.
Growing demand from oil and gas-related facilities in the Gulf countries is enhancing the industrial gasket market. The increasing use of Polytetrafluoroethylene gaskets and strict leakage regulations enforced by the Environmental Protection Agency to avoid environmental damage also stimulate market growth. With the rise in industrial development and urbanization, the number of manufacturing plants, machinery, automobiles, and various other mechanical instruments that use a gasket has increased considerably. It has affected business growth positively.
This in-depth analysis of the market provides information about the growth potential, upcoming trends, and statistics of the Industrial Gasket market size & forecast. The report promises to provide insights about the state-of-the-art technology of Industrial Gasket and industry that help decision-makers make more sound strategic decisions. Not only that, the report also analyzes the market drivers and challenges and underlying opportunities.
Wide range of applications in different industries is the primary driver of the Industrial Gasket market
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.
Increasing demand in oil and gas 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.
Raw material price fluctuation is the major restraint of the Industrial 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.
North America is expected to witness significant growth in the market during the forecast period
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.
Industrial Gasket: Competitive Landscape
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.
Key Topics Covered
1. Research Framework
2. Research Methodology
3. Executive Summary
4. Global Industrial Gasket Industry Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.3. Technological Landscape/Recent Development
4.4. Company Market Share Analysis, 2019
4.5. Porter's Five Forces Analysis
4.5.6. Impact of COVID-19
5. Global Industrial Gasket Market Overview
5.1. Market Size & Forecast by Value, 2016-2026
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Material Type
5.2.2. By Product Type
126.96.36.199. Soft Gasket
188.8.131.52. Spiral Wound Gasket
184.108.40.206. Ring Joint Gasket
220.127.116.11. Other Gasket
5.2.3. By End-user
18.104.22.168. Power Generation
22.214.171.124. Industrial Machinery
126.96.36.199. Chemical Processing
188.8.131.52. Pulp & Paper
184.108.40.206. Food & Pharmaceuticals
5.2.4. By Region
220.127.116.11. North America
18.104.22.168. Latin America
22.214.171.124. Middle East & Africa
6. North America Industrial Gasket Market
7. Europe Industrial Gasket Market
8. Asia-Pacific Industrial Gasket Market
9. Latin America Industrial Gasket Market
10. Middle East & Africa Industrial Gasket Market
11. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
11.1. Klinger Limited
11.2. Garlock Sealing Technologies
11.3. Spira Power
11.4. Denver Rubber Company
11.5. Goodrich Gasket Private Limited
11.6. Amg Sealing Limited
11.7. Oman Gasket Factory
11.8. Gasket Manufacturing Company
11.9. Hennig Gasket & Seals Inc.
11.10. Phelps Industrial Products
11.11. Leader Gasket Technologies
11.12. Centauro S.R.L.
11.13. Smith Gaskets
11.14. Hydro Silica
11.15. Phelps Industrial Products
11.17. Leader Gasket Technologies
11.19. Mercer Gasket & Shim
11.21. Other Prominent Players
For more information about this report visit https://www.researchandmarkets.com/r/m8f8s9