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Global Industrial Gaskets Market
Global Industrial Gaskets Market has valued US$ 8.5 Bn in 2017 and is anticipated to reach approximately US$ 13.2 Bn by 2026 at CAGR of about 5.6 % during a forecast period.
Global Industrial gaskets market is segmented by material, by product, by an end user, and by region. Based on the material type, industrial gasket market is segmented into semi-metallic gaskets, non-metallic gaskets, and metallic gasket. Soft gaskets, spiral wound gaskets, ring joint gaskets and other are product segments of industrial gaskets market. Refineries, power generation, chemical processing, and others are end-user segments of industrial gaskets market. By geography, industrial gasket market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The rise in industrialization and urbanization has resulted in a considerable rise in the number of manufacturing plants, machinery, automobiles, and various other mechanical instruments is stimulating the industrial gasket market growth. Increasing need to improve the performance and efficiency of engineering equipment is further boosting the industrial gaskets market. Gaskets find its wide applications of Industrial gaskets in various end-use industries. Stringent leakage regulations implemented by the environmental protection agency to prevent damage to the environment. The volatility of raw material prices restrains the Industrial gasket market.
Global Industrial Gaskets Market
Non-metallic material type segment of the industrial gaskets market is estimated to grow at the highest CAGR during the forecast period. Polytetrafluoroethylene (PTFE) is the most utilized material in the non-metallic gaskets segment because of material's ability to repel water, provide excellent thermal insulation and resistance to most chemicals, and ability to operate in extreme temperatures. Semi-metallic is the second largest segment of industrial gasket market.
Soft gasket product type segment of the industrial gaskets market is projected to grow at the highest CAGR during the forecast period. Soft gaskets help in reducing maintenance cost and provides high compressibility in extreme conditions & high temperature in various application areas in different end-use industries.
Refineries end-use industry segment of the Industrial gaskets market is projected to grow at the highest CAGR during the forecast. Gaskets are being used extensively in the refinery and oil & gas industries to provide reliable sealing and adhere to leakage regulations set by regulatory authorities. Gaskets also enhance operational efficiency by reducing expenses on maintenance, monitoring, and repair.
The Asia Pacific is expected to gain stronger growth due to the rapid rise in automobile production in countries such as China and India. The growing number of refineries in the Asia Pacific will drive the market in the region. Growth in Middle East Africa region is expected to gain at a faster rate due to growing small markets in countries that are attempting to diversify away from resource extraction towards manufacturing of higher value goods. North America and Europe are saturated economies. North America market is anticipated to experience gains based upon the steady output growth in automobile manufacturing in Mexico.
AB SKF, Dana Holding Corporation, Federal-Mogul Holdings Corporation, Freudenberg Sealing Technologies Gmbh & Co. Kg, Flowserve Corporation, Smiths Group PLC, Trelleborg AB, Elringklinger AG, Datwyler Holding Inc., Victor Gaskets India Limited, Boyd Corp, DuPont, Cooper standard holding Inc., BRUSS, Bal Seal Engineering, AIGI Environmental are key players of industrial gasket market.
Scope of the Global Industrial Gaskets Market
Global Industrial Gaskets Market, By Material Type:
• Semi-Metallic Gaskets
• Non-Metallic Gaskets
• Metallic Gasket
Global Industrial Gaskets Market, By Product Type:
• Soft Gaskets
• Spiral Wound Gaskets
• Ring Joint Gaskets
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