Industrial Gaskets Market to Reap Excessive Revenues by 2025- Exclusive Report by MarketsandMarkets™
The global industrial gaskets market size is estimated at USD 9.0 billion in 2020 and is projected to reach USD 11.6 billion by 2025, at a CAGR of 5.2%. The demand for industrial gaskets is increasing, owing to growing demand from oil & gas production-related facilities in GCC countries, and stringent leakage regulations implemented by the Environmental Protection Agency to prevent damage to the environment.
Soft gaskets will account for the largest share of the industrial gaskets market in 2020 followed by spiral wound gaskets, kammprofile gaskets, ring joint gaskets and others. This is because it is the most preferred product type in various end-use industries, which include refinery, power generation, chemical processing and food processing. In addition, it offers low-cost advantage compared to other gaskets which helps in accelerating their demand globally. A soft gasket material can be selected from a large variety of elastomers, compressed non-asbestos, PTFE, flexible graphite, and high-temperature sheet products. These gaskets are used in a wide range of applications such as pipe flanges, heat exchangers, compressors, and bonnet valves.
Wide applications of industrial gaskets in various end-use industries are expected to create opportunities for manufacturers during the forecast period. The key players in the industrial gaskets market include Klinger (Austria), Teadit (US), Flexitallic (US), Garlock (US), W.L.Gore (US), Spira Power (UAE), Lamons (US), Donit (Slovenia), Goodrich Gasket (India), and James Walker (UK). Tindustrial gaskets market report analyzes the key growth strategies, such as investment & expansion, and merger & acquisition adopted by the leading market players between 2017 and 2020.
