Industrial Gaskets Market worth $11.6 billion by 2025, at a CAGR of 5.2 %, says MarketsandMarkets™
Chicago, Jan. 24, 2024 (GLOBE NEWSWIRE) — 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%, as per the recent study by MarketsandMarkets™. Increasing consumption of PTFE gaskets is the major factor for the growing demand of industrial gaskets market.
An industrial gasket is a type of seal, which is used to fill the space between two or more contacting surfaces to prevent leakages. In other words, it can be defined as a compressible material, or a combination of materials clamped between two or more stationary flanges to prevent the leakage of the media flowing through it. The gasket is made of different metallic and non-metallic materials, depending upon the application area which may require withstanding oil, water, antifreeze, electromagnetic interference (EMI), or radio frequency interference (RFI). Klinger (Austria), Teadit (US), Flexitallic (US), Garlock (US), and W.L.Gore (US) have a strong emphasis on using different strategies to maintain their competitive position in the market.
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List of Key Players in Industrial Gaskets Market:
- 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)
Drivers, Opportunities and Challenges in Industrial Gaskets Market
- Drivers: Wide applications of industrial gaskets in various end-use industries
- Restraint: Consumption of low-cost asbestos-based gaskets in emerging countries
- Opportunity: Growing number of refineries in APAC
- Challenge: Volatility of raw material prices
Key Findings of the Study:
- Based on the material type, the semi metallic segment is estimated to lead the overall industrial gaskets market in 2020.
- Based on product type, soft gaskets to be largest segment of industrial gaskets market in 2020.
- Based on end-use industry, the refinery to be the largest consumer of industrial gaskets.
- Based on region, APAC is estimated to lead the industrial gaskets market in 2020.
- In addition, an increase in R&D investments is also one of the factors driving the demand for industrial gaskets market in APAC.
Based on material type, industrial gaskets are segmented on the basis of material type as semi-metallic, non-metallic, and metallic. 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.
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Based on product type, the market can be segmented as spiral wound gaskets, kammprofile gaskets, ring joint gaskets, soft gaskets, jacketed gaskets, corrugated gaskets, and others. Soft gaskets accounted for the largest share of the industrial gaskets market in 2019. This is because it is the most preferred product type in various end-use industries, which include chemical processing. In addition, it offers low-cost advantage compared to other gaskets. 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. A soft gasket material can be purchased in a variety of cut shapes or be provided in sheet or rolls.
Based on end-use industry, the market can be segmented as refinieries, chemical processing, power generation, industrial machinery, pulp & paper, food & pharamceutical, and others. Refineries accounted for the largest share of the industrial gaskets market in 2019.They are used in critical sealing applications in the refining industry, under high temperature, and in high-pressure environments to prevent the leakage of hazardous media. Industrial gaskets are used extensively in the refining industry to provide reliable sealing and adhere to the leakage regulations set by regulatory authorities. Their use also enhances operational efficiency by reducing expenses on maintenance, monitoring, and repairs.
The industrial gaskets market in APAC is projected to register the highest CAGR during the forecast period. The increasing population, urbanization, and 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. Recent policies formulated by the Indian government, such as the decision to liberalize the pharmaceutical industry in the country by allowing Foreign Direct Investment (FDI) of up to 100% is expected to provide a boost to the country’s pharmaceutical sector, and further drive the demand for industrial gaskets in India during the forecast period.
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The key players in the Industrial Gaskets Market are dominated by a few globally established players, such as Klinger (Austria), Teadit (US), Flexitallic (US), Garlock (US), and W.L.Gore (US) have a strong emphasis on using different strategies to maintain their competitive position in the market. These companies have adopted various organic as well as inorganic growth strategies between 2016 and 2020 to enhance their regional presence and meet the growing demand for industrial gaskets from emerging economies.
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