INDUSTRIAL GASKET MARKET TO REACH USD 11.6 BILLION BY 2024 | CAGR 5.4% – FORENCIS RESEARCH

Industrial Gasket Market Size, Share, Trends, Growth, Analysis, Research

Global Industrial Gasket Market: Key Highlights

  • According to the new market research report Industrial Gasket Market by Material Type (Non-metallic, Semi-metallic, and Metallic), by Product Type (Soft Gasket, Corrugated Gasket, Spiral Wound Gasket, Ring Joint Gasket, Camprofile Gasket, Others), by Application (Refiners, Food Processing Industries, Power Plants, Chemical Processing, Industry Machinery, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global industrial gasket market is estimated to reach USD 11.6 billion by 2024 at a CAGR of around 5.4% during the review period.
  • Industrial gaskets are sealing materials placed between the connecting flanges which will help to maintain the leakage proof sealing in all the operations by creating a static seal
  • The primary function of gaskets is to retain the internal pressure and prevent the liquids, gases, and contaminants to escape from the assemblies in the industries.
  • However, gaskets and seals are widely used across the aerospace, automotive, electronics, and other key manufacturing industries, which are the sectors worst-hit by the COVID-19 pandemic

Industrial Gasket Market

Global Industrial Gasket Market: Key Market Dynamics

  • Industrialization in emerging countries has resulted in a considerable rise in the number of manufacturing plants, machinery, and various other mechanical instruments that are expected to boost the demand for industrial gasket during the forecasted period
  • Gasket helps to prevent the leakage from flange joints and is widely used in oil & gas industry. Thus, the demand for industrial gasket from oil & gas production in GCC countries has expected to surge the demand for market
  • Volatility of raw material prices has expected to hinder the growth of industrial gasket market.

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Global Industrial Gasket Market: Regional Overview

  • Europe

Owing to the rapid growth of the aerospace & defense industry in Europe, the demand for industrial gasket is expected to increase. According to the Aerospace & Defense Industries Association of Europe, the total turnover stood at USD 281.67 billion in 2018. The country invested USD 21.76 billion in aerospace & defense R&D.

  • Asia-Pacific

The industrial gasket market in the Asia-Pacific region is projected to witness high demand owing to the rise in industrialization. Some of the factors such as increasing business investment spending, steady economic growth, and strong growth in manufacturing especially in countries such as Japan and China are also boosting the demand for product market.

Global Industrial Gasket Market: Key Players Overview

  • Klinger Limited:

Klinger Limited is one of the leader in sealing technology and offers clients innovation solutions to every application. The company offers solution for aerospace, oil & gas, petrochemical, pharmaceuticals, and utility industries. Other products offered by the company include compression packing, pump diaphragms, gasketing products, hydraulic components, metallic gaskets, rubber expansion joints, custom molded rubber, oil seals, bearing isolators, mechanical seals, metal expansion joints, oil & gas seals, and butterfly valves.  

  • GARLOCK (ENPRO INDUSTRIES, INC.):

GARLOCK (ENPRO INDUSTRIES, INC.) is a multinational manufacturer of high-performance fluid sealing and pipeline solutions. They offer its products and services for various industries such as chemical, food & beverages, marine, mining, and others. In Feb 2018, the company launched GYLON EPIX, a next generation PTFE gasket feature a hexagonal surface profile with superior compressibility and sealing for use in chemical processing environments.

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Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. We strive to help our clients to foray into uncharted space to attain increased revenue growth for the present as well as the future.

 

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Rep Id : CM 025

Published : 2020-01-15

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