iCrowd Newswire – Jul 29, 2020
Global Industrial Gasket Market is estimated to reach the valuation of USD 15.18 Billion by 2026, with a CAGR of 5.43%. Gaskets are mainly used to fill vacuum spaces between the coupling surfaces to prevent leakage and fluid and gas wastage. Gaskets are customarily made by cutting materials from sheets. Many industrial gaskets require bolts that exert compression well within the range of 14 MPa (2000 psi) or higher. The gaskets made of silicone or rubber withstands the test of superior features, such as high reliability, greater power, high durability, and resistance to high heat and pressure.
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Growing demand from oil and gas-related facilities in the Gulf countries is enhancing the industrial gasket market. The increasing use of Polytetrafluoroethylene gaskets and strict leakage regulations enforced by the Environmental Protection Agency to avoid environmental damage also stimulate market growth. With the rise in industrial development and urbanization, the number of manufacturing plants, machinery, automobiles, and various other mechanical instruments that use a gasket has increased considerably. It has affected business growth positively.
The major factors driving the growth of the industrial gaskets market are the full range of applications of these gaskets in various end-user industries, stringent government regulations for controlling leakage to prevent environmental harm, and the demand from oil and gas-related installations. The application of these gaskets is growing due to their superior property of resistance to chemicals, alkaline, acids, and others, as well as persistence against extreme temperature, intense pressure, different conditions, and others in various industries.
Oil and gas industries use gaskets widely to prevent propelling leakage or wastage of costly fluids or gas in their plants. Because of their unique characteristic to withstand intense pressure conditions, compressive loads, and heat, the gasket offers remarkable utility and advantage across various verticals. However, price instability of its raw materials like rubber, silicone, graphite, etc., curtails the development of the industrial gasket sector. The increasing number of refineries in the Asia Pacific region is also expected to create multiple growth opportunities for the existing players in the global gasket market.
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North America dominates the global industrial gasket market, and it is expected to grow at a significant rate over the forecast period. The ever-increasing deployment of wind power in Asia-Pacific is inducing demand for various gaskets in this region. China is the largest buyer and exporter of gasket goods in the world. The growing number of refineries in China to meet the rising demand for fuel pushes the demand for industrial gasket products in the Asia-Pacific region.
Major players for Industrial Gasket Market include Klinger Limited, Garlock Sealing Technologies, Spira Power, Denver Rubber Company, Goodrich Gasket Private Limited, Amg Sealing Limited, Oman Gasket Factory, Gasket Manufacturing Company, Hennig Gasket & Seals Inc., Phelps Industrial Products, and Leader Gasket Technologies and other prominent players.
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Keywords: Industrial Gasket market, Industrial Gasket market size, Industrial Gasket market trends, Industrial Gasket market forecast