Report Overview

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.

With the rapid growth noticed in global industrialization and urbanization, demand for automobiles, manufacturing plants and various mechanical instruments that use gaskets and seals has advanced dramatically. The gaskets of different diameters ranging between 5 mm to 5000 mm are widely used in multiple industries. They include industrial metallic gaskets, spiral-wrapped metallic gaskets, PTFE sheet gaskets, graphite gaskets, ring gaskets, cut gaskets, cut gaskets, compressed non-asbestos joints, PTFE (Polytetrafluoroethylene) sheet gaskets, etc. 

Global Industrial Gasket Market Overview 

Industrial gaskets are typically used to fill the empty spaces between the connecting surfaces to avoid leakage and fluid and gas wastage. It also helps to maintain the pressure and avoid contamination from the external condition. They are generally made of flexible material like rubber, paper, or cork. They are used in electrical equipment manufacturing such as cars, aircraft, vessels, ships, pumps, etc.

Global Industrial Gasket Market Assessment and Trends

Growth drivers 

Ø  Extensive Use of Industrial Gaskets in Several End-Use Industries

Industrialization leading to a significant increase in the number of manufacturing plants, machinery, and various other mechanical instruments in developing countries, is expected to fuel the demand for industrial gasket over the period under study. Industrial gaskets augment the performance and quality of engineered goods. Various industries are expanding steadily in emerging markets of China, India, Brazil, and Russia, which will promote product market growth. For instance, in South America, Brazil is one of the emerging economies where chemical processing, petroleum production, and cement manufacturing industries that have the potential to become significant gasket users are witnessing expansion. 

Ø  Growing Demand from Oil & Gas Production Related Facilities in GCC Countries

OPEC member countries have 1,189.8 million barrels of crude oil reserves, according to the Organization of the Petroleum Exporting Countries (OPEC). Countries that produce crude oil have implemented industry best practices, performed extensive explorations, and made recoveries. The gaskets help to fasten the reliable seal on the flange joints for blocking leakages. Industrial gaskets are used in oil & gas production and transportation pipes to prevent leakage and to avoid harm to people and the environment. As a result, demand for an industrial gasket for the production of oil & gas in GCC countries is expected to receive the boost.

Restraints

Ø  Raw material price volatility 

Ø  The raw materials used to produce the gaskets include rubber, fiberglass, plastic polymer, silicone, metal, and neoprene. In some regions, these raw materials are available in abundance, while other countries rely on imports from those countries. Steel, for example, is one of the metals used in manufacturing gaskets. It is mostly produced in China, Japan, and India. Therefore, it may lead to its surplus or deficit in specific regions causing fluctuations in the prices of raw materials, which, in effect, may hamper product market development.

Ø  Impact of COVID-19 in industry

Ø  The global economy and the entire human race have been pushed into a COVID-19 pandemic-generated crisis in current times. The uncertainty surrounding this situation clouds the insights or projections related to any industry as no one can predict how the future recovery might unfold. Several hard-pressed manufacturing companies may get funding from government stimulus. But still, they run a substantial risk and may end up facing bankruptcy due to the crisis and cumulative effect of declining demand, production and revenues, and increasing debt obligations. Many organizations do have business continuity plans, but they cannot control the fast-moving and volatile outbreak of COVID-19 and its impact. These factors have affected the gasket market also.

Global Industrial Gasket Market: By Material Type

The industrial gaskets market is split into semi-metallic, non-metallic, and metallic based on material type. The semi-metallic material segment is anticipated to dominate the market in the coming years. Different end-user industries use semi-metallic gaskets, as they provide enhanced fastening with low overall load compared to other types of gaskets off the assembly. The non-metallic content group is expected to rise at the highest CAGR during the projection period.

Global Industrial Gasket Market: By Product Type

The industrial gaskets market is segregated into soft gaskets, spiral wound gaskets, ring joint gaskets, and other gaskets by product type. The soft gasket is the most prevalent and cost-effective category of product type gaskets. Processing and other end-user industries use them widely. 

Global Industrial Gasket Market: By End User

The industrial gaskets industry, based on end-users, is categorized into refineries, power generation, chemical processing, etc. The end-user segment of refineries is expected to hold the highest market share in the coming years and record the fastest growth due to diverse commercial applications and the increasing use of these gaskets in refinery applications for enduring high temperatures and pressure.

Global Industrial Gasket Market: Regional insights

The global industrial Gasket market has been divided into five regions i.e., North America, Europe, Asia Pacific, and Latin America, and Middle-East & Africa (MEA). North America dominates this market and retains the largest share in the market for industrial gaskets. Market growth in this area is primarily due to the growing demand for gaskets from end-user industries such as electricity, chemical, oil and gas, and others However, the Asia-Pacific is projected to record the accelerated growth during the period under consideration, owing to the increasing power generation in the region to meet the increasing power demand.

Competitive landscape

The major players operating in the industrial gaskets industry are 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.

Recent Development 

January 2020: KLINGER acquires Swiss companies FRANZ GYSI AG and GYSI Dichtungstechnik, enabling the direct manufacturing and provision of plant safety products and solutions in Switzerland. The businesses of former owner Mr. Franz Gysi provide gaskets and valves to several core markets, including different heating and cooling process industries, heat, gas, water & wastewater processing industries, loose materials, as well as the biotech, food, chemical, petrochemical, and pharmaceutical industries. Their alliance will enable the KLINGER Group to deliver products and solutions to the Swiss market directly.

Competitive Landscape

The key players in the market are 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 others.

Scope of the Report

By Material Type

Ø  Semi-Metallic

Ø  Non-Metallic

Ø  Metallic 

By Product Type

Ø  Soft Gasket

Ø  Spiral Wound Gasket

Ø  Ring Joint Gasket

Ø  Other Gasket 

By End-User

Ø  Power Generation

Ø  Industrial Machinery

Ø  Chemical Processing

Ø  Refineries

Ø  Pulp & Paper

Ø  Food & Pharmaceuticals

Ø  Others 

By Region:

Ø  Asia Pacific

Ø  North America

Ø  Europe

Ø  Middle East & Africa

Ø  Latin America

The objective of the Study:

Ø  To analyze and forecast the global Industrial Gasket market size of the market in terms of value.

Ø  To examine the market segmentation based on the region by splitting the Global Industrial Gasket market into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and their leading countries and estimate their respective market size.

Ø  To outline, categorize, and project the global Industrial Gasket market based on the Material Type, Product Type, and End-user.

Ø  To examine competitive developments like technological advancement, services, and regulatory framework in the global Industrial Gasket Market.

Ø  To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares and detail the competitive landscape for market players.

Business Questions Answer by the Report

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

Ø  A comprehensive survey of the competitive landscape and the market participant players

Ø  Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Ø  Additional Company Information

Ø  Detail Analysis of Five Additional Companies

Ø  Additional country analysis

Ø  Detailed segment analysis