Industry Overview
Gaskets are a kind of mechanical seals, which are used to prevent leakage while joining two surfaces together under compression. The industrial gaskets market is expected to observe considerable growth in the coming years, accredited to its wide application in power, oil and gas, chemicals, and other end-user industries.
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Market Segmentation
1. Insight by Material
Semi-metallic gasket category has been dominating the global markets over the years, credited to its usage in several end-user industries as well as for providing enhanced tightness with low overall load. The non-metallic category is expected to grow with the highest CAGR during the forecast period.
2. Insight by Product Type
Soft gaskets are the largest revenue generating category worldwide, as the most preferred product category in processing industries due to its low-cost advantage.
3. Insight by End-User
The refineries are the largest consumer of industrial gaskets and is also expected to witness the fastest growth in demand in the forecast period. The growth of this segment is credited to the growing commercial application as well as increased use of gaskets in high temperature and pressure situations.
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Industry Dynamics
Growth Drivers
Challenges
Industry Ecosystem
The key players in the industrial gaskets market are implementing organic as well as inorganic growth strategies to strengthen their position and to expand their market share. The manufacturers are financing greatly on research and development to improve their product portfolio and to achieve a competitive edge in the market.
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Geographic Overview
Major Centres:
Globally, North America is the largest market accounting for the largest share in the industrial gaskets market, worldwide. However, the Asia-Pacific is expected to see the fastest growth in the market, owing to the increasing power production in the region to meet the increasing power demand.
Competitive Insight
Some of the major players operating in the industrial gaskets industry are Klinger Limited, Garlock Sealing Technologies, Spira Power, Hennig Gasket & Seals Inc., Denver Rubber Company, Goodrich Gasket Private Limited, Amg Sealing Limited, Oman Gasket Factory, Gasket Manufacturing Company, Phelps Industrial Products, and Leader Gasket Technologies.