Industrial Gaskets Market

Industrial Gaskets Market Size (2023-2028)

The Industrial gaskets market is valued at USD 9.5 billion in 2022 and is estimated to reach 11.8 billion dollars by 2028, at a CAGR of 5.5%.

The increasing demand for industrial gaskets is because of its rising demand in different applications like piping and heat exchangers in oil and gas, refineries, and chemical processing industries, stringent leakage regulations by different environmental regulatory bodies, and also the rising investments and production of hydrocarbons (crude oil and natural gas) within the Middle East and Asia. However, the utilization of low-cost asbestos-based gaskets is reducing the demand for industrial gaskets.

The gasket is a mechanical seal that is used to fill the space between two or over two mating surfaces. It’s used to prevent leakage from the joined objects after they are under compression. It's commonly produced from sheet materials by cutting. Gaskets are generally made up of flat materials which include a sheet, from rubber, paper, silicone, cork, felt, metal, nitrile rubber, fiberglass, etc. The industrial gasket market is estimated to register decent growth during the forecast period. This is often attributed to its wide application in several end-user industries including power, oil, gas, chemicals, etc.

Industrial Gaskets Market Trends:

Extensive use of industrial gaskets in various applications in end-user industries could be a key factor in rising the demand for industrial gaskets. The increasing demand for standardized sealing applications within the oil and gas industries could be a notable trend bolstering the demand for industrial gaskets. Over the past few years, the oil and gas industries have made rapid boosts in emerging economies, thus increasing the expansion in the industrial gaskets market. In recent years, industrial gaskets made from polytetrafluoroethylene or Teflon have gathered substantial steam across various end-user industries, essentially for high-demanding applications. Features that support this kind of industrial gaskets are that they work well in high operating temperatures. Moreover, Teflon industrial gaskets can manage aggressive liquids on account of the amazing chemical resistance characteristics that they possess.

Industrial Gasket Market Drivers:

Industrial gaskets are widely utilized in process industries, like refineries & petrochemical, power generation, chemical, and pulp and paper, to stop leakages of liquids and gases. The demand for industrial gaskets is rising in these industries, due to their higher resistance to chemicals, alkaline, acids, etc. Resistance to high temperature; resistance to extreme pressure; ability to resist different environments, and others. The increasing number of refineries in emerging countries is anticipated to enhance the demand for industrial gaskets during the forecast period.

Industrial Gasket Market Restraints:

Asbestos is a thin, fibrous, silicate mineral crystal that is inexpensive and has good properties like high insulation, excellent soundproofing, and heat and electric resistance. The consumption of low-priced products manufactured by domestic players, in addition to the utilization of asbestos-based gaskets in emerging economies, mainly, China and India are curtailing the expansion of the industrial gaskets market. Asbestos is a dangerous material with high inherent characteristics and has been banned in most developed countries. However, it's still being employed in countries, like India and China, which are among the biggest consumers of gaskets in terms of volume. However, because of the harmful effects of asbestos, reliance on this material is reducing, and also the industry is moving toward the utilization of non-hazardous materials for the manufacturing of industrial gaskets.

INDUSTRIAL GASKETS MARKET REPORT COVERAGE:

Industrial Gasket Market Segmentation:

By Material Type:

• Semi-metallic
• Non-metallic
• Metallic

The semi-metallic segment is the material type segment that has ore demand in the market. It's expected to be the second highest-growing segment of the world industrial gaskets market. The expansion of semi-metallic material is majorly driven by the increasing demand from chemical processing, industrial machinery, food and pharmaceutical, and pulp and paper industries. These gaskets are suitable for high-pressure and medium-pressure applications. Corrugated jacketed gaskets, Spiral wound gaskets are the foremost preferred product types within the semi-metallic industrial gaskets segment.

By Product Type

• Soft
• Spiral Wound
• Ring Joint
• Jacketed
• Corrugated
• Others

The soft gaskets product type is estimated to account for the biggest share during the forecast period. This can be because it's the foremost preferred product type in various end-use industries, which include chemical processing. Additionally, it offers a low-cost advantage compared to other gaskets. Soft gasket material is selected from an oversized form of elastomers, compressed non-asbestos, PTFE, flexible graphite, and high-temperature sheet products. These gaskets are utilized in a wide range of applications like pipe flanges, heat exchangers, compressors, and bonnet valves. Soft gasket material is often purchased in a form of cut shapes or be provided in sheets or rolls.

By End User Industry:

• Refineries

• Power Generation

• Chemical Processing

• Industrial Machinery

• Others

Industrial gaskets find applications in various industries, like refineries, chemical processing, power generation, food & pharmaceutical, industrial machinery, and pulp & paper. they're utilized in critical sealing applications within the oil industry, under extreme temperatures, and in high-pressure environments to stop the leakage of hazardous media. Industrial gaskets are used extensively within the oil industry to produce reliable sealing and adhere to the leakage regulations set by regulatory authorities. Their use also improves operational efficiency by reducing expenses on monitoring, maintenance, and repairs.

Industrial Gasket Market Regional Analysis:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle east and Africa

Asia Pacific region was the largest marketplace for industrial gaskets in 2020. The economic gaskets market in Asia Pacific region is especially driven by the expansion in end-use industries during this region. The longer-term trends within the industrial gaskets market would largely depend upon the regulations, availability of raw materials, and investments in end-use industries. The increasing population, urbanization, and growing demand for energy are resulting in an increasing demand for industrial gaskets from end-use industries and driving the industrial gaskets market in Asia Pacific. Moreover, in China, the industrial gasket market is growing rapidly because of high demand from the refining and chemical processing industries. China has a number of the biggest refineries in the world and also accounts for the second-largest refining capacity in the world.

Impact Of the COVID-19 Pandemic on the Industrial Gasket Market:

Industrial gaskets are used in various industries like power generation, refineries, chemical processing, food, and pharmaceuticals, etc. COVID-19 has severely impacted these industries.The lockdown in different countries and logistical restrictions has a negative impact on the industries. Availability of components, Workforce unavailability, supply chain disruptions, demand drop, logistical restrictions, low company liquidity, limited, and shutdown of manufacturing because of lockdowns in various countries have adversely affected the industry. staple suppliers and other related businesses are forced to re-evaluate their strategies to cater to the current industry during this crisis period. Due to the lockdown, many refineries, chemical processing, food and beverage processing industries, textile, and water and wastewater treatment industries activities are stopped. Businesses are taking precautions to avoid the spread of the virus. Governments of various countries are keeping a detailed watch on the disruption and taking every necessary step to mitigate the impact of COVID-19 by promoting food processing. For example, The UAE has tripled its local food production and is going to increase domestic production of essential items, like dairy products, vegetable oil, and packaging of dates, fresh poultry, fish, seafood, and other items.

Even where shutdowns haven't been imposed, restrictions on the movement of people and supplies have delayed operations. In the last half of 2020, countries have lifted restrictions and gradually started business operations in various sectors. Even after the lifting of the lockdown, it'll be challenging for industrial gasket manufacturers to urge back to normal working situations. This may subsequently affect the industrial gasket market.

Industrial Gasket Market Key Players:

Key Players operating in the industrial gasket market are:

• AMG Sealing Limited
• Denver Rubber Company
• Klinger Limited
• Teadit
• Flexitallic
• Garlock family of companies
• Spira Power
• lamons
• Spitmaan
• W. L. Gore & Associates
• Inc Hennig Gasket & Seals Inc
• James Walker
• Denver Rubber Company