(MENAFN- Market Research HUB) 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%. The demand for industrial gaskets is increasing, owing to growing demand from oil & gas production-related facilities in GCC countries, and stringent leakage regulations implemented by the Environmental Protection Agency to prevent damage to the environment.
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The demand for industrial gaskets is rising, owing to the stringent leakage regulations implemented by Environmental Protection Agency (EPA) and also because of increasing oil production in GCC countries. Also, rise in number of refineries in APAC is providing opportunity for this market. However, the volatility of raw material prices for the manufacturing of industrial gaskets is challenging the market. Furthermore, the increasing demand for treated water in emerging provide growth opportunities to the market. On the other hand, the consumption of low cost asbestos based gaskets in emerging countries is restraining the growth of the industrial gaskets market.
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.
Wide applications of industrial gaskets in various end-use industries are expected to create opportunities for manufacturers during the forecast period. The key players in the industrial gaskets market include Klinger (Austria), Teadit (US), Flexitallic (US), Garlock (US), W.L.Gore (US), Spira Power (UAE), Lamons (US), Donit (Slovenia), Goodrich Gasket (India), and James Walker (UK). Tindustrial gaskets market report analyzes the key growth strategies, such as investment & expansion, and merger & acquisition adopted by the leading market players between 2017 and 2020.
Klinger (Austria) is one of the leading players in industrial gaskets market. In July 2020, The company majorly focuses on joint venture strategy. The company signed a joint venture agreement with Chinese Sinyuan Industrial Material Group and Japanese Hamamatsu Gasket to establish Klinger Asia. This development is aimed at expanding its services and expertise in the Asian region.
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Flexitallic is one of the leading manufacturers and suppliers of industrial static sealing products globally. The company is among the key players in the industrial gaskets market. The company believes in sustainability for creating value. Its strategy is focused on investments & expansions to expand its global reach and strengthen its competitiveness in the global industrial gaskets market. For instance, in 2020, The company expanded its Aberdeen base to 4,600 square feet to meet the demand from the offshore oil & gas industry. This expansion will provide increased support to its growing client base in the North East of the UK.
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