Dublin, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The "Industrial Gasket Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
Industrial gasket market is projected to grow at a CAGR of 2.26% to reach US$1,842.491 million by 2026, from US$1,575.668 million in 2019.
The stringent environmental regulation against leakage to prevent any damage to human health and the environment is one of the major drivers of the industrial gasket market.
Driving Factors
Gaskets are extensively used in several industries such as automotive, aerospace, electrical, food, petrochemical, marine, pharmaceutical, pumping, rail, oil and gas, and water industries, the steady growth of these industries will subsequently surge the demand for gaskets during the forecast period. In addition, the rising E&P activities worldwide and the increasing demand for standardized sealing applications in the oil and gas industries will also boost the demand for industrial gaskets.
Moreover, the increasing number of refineries in the Asia Pacific region will further continue to bolster the growth of the industrial gasket market during the forecast period. Since gaskets are majorly required in plumbing systems, rising construction activities will also drive the growth of the industrial gasket market in the coming years.
Market segmentation and trends
By material type, the semi-metallic segment is expected to hold a dominant market share owing to the growing demand from various industries such as chemical processing, industrial machinery, food & pharmaceutical, and pulp & paper industries during the forecast period.
By product type, the soft gaskets segment is projected to hold a significant market share as it is preferred over the other gaskets in many end-use industries due to its flexible graphite, and high-temperature sheet product characteristics.
By end-use industries, the chemicals, pulp, and paper, textile all are anticipated to grow at a high CAGR owing to the increasing use of gaskets in their processes. Geographically, North America holds a significant market share owing to stringent EPA regulations along with rising in crude oil production in the U.S. and Mexico.
Also, Asia Pacific will be the fastest-growing market region owing to the increasing industrialization in countries such as India and China.
Growth Factors
Increasing industrialization in countries
The major key driver of the industrial gasket market is the increasing industrialization in several countries, especially in emerging economies, across the globe.
The growing industrialization has led to a surge in the number of manufacturing plants, machinery, and other mechanical instruments which in turn will accelerate the demand for industrial gaskets during the forecast period. In countries such as China, India, Brazil, and Russia, there has been a constant surge in the number of industries which will further propel the market demand in the coming years.
Restraints
Consumption of low-cost asbestos-based gaskets
The consumption of low-priced asbestos-based gaskets, especially by developing countries may restrain the market growth of the industrial gasket market.
Asbestos is banned in many developed countries, however, many developing countries like China and India are still consuming it which may decline the demand for an industrial gasket in the countries as the developing countries are a strong target prospect for the industry.
Impact Of COVID-19 On The Industrial Gasket Market
The Covid-19 pandemic negatively impacted the industrial gasket market, as due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the business operations of many industries such as chemical processing, food & beverage processing industries, textile, and water & wastewater treatment industries were put to a halt which in turn declined the demand for an industrial gasket in 2020 as the industries suffered huge losses.
However, with the ease of restrictions, the market is expected to rebound during the forecast period.
Competitive Insights
The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, and others, to gain a competitive advantage over their competitors.
The market leaders for the industrial gasket market consist of
- Spira Power
- Denver Rubber Company
- Flexitallic L.P
- Klinger Limited
- Flosil Group
- Hennig Gasket & Seals Inc.
- Lamons Gasket Company
- Centauro Srl
- James Walker
- Pidemco
Segmentation:
By Material Type
- Metallic
- Semi-Metallic
- Non- Metallic
By Product Type
- Ring Joint Gaskets
- Soft Gaskets
- Spiral Wound Gaskets
- Corrugated Gaskets
- O-Ring Gaskets
- Others
By End-Use Industry
- Food Processing
- Pharmaceutical
- Textiles
- Chemicals
- Pulp and Paper
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Middle East and Africa
- Saudi Arabia
- Israel
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Taiwan
- Thailand
- Others
For more information about this report visit https://www.researchandmarkets.com/r/291npa
