Industrial Gaskets Market worth $11.6 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Feb. 23, 2021 /PRNewswire/ -- According to the new market research report "Industrial Gaskets Market by Material Type (Semi-metallic, Non-metallic, and Metallic) , Product Type (Soft, Spiral Wound, Ring Joint, Kammprofile, Jacketed, Corrugated, and Others), End-Use Industry, and Region - Global Forecast to 2025", published 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%.
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The demand for industrial gaskets is rising, owing to the stringent leakage regulations implemented by Environmental Protection Agency (EPA) and also because of increasing oil production in GCC countries. Also, rise in number of refineries in APAC is providing opportunity for this market. However, the volatility of raw material prices for the manufacturing of industrial gaskets is challenging the market. Furthermore, the increasing demand for treated water in emerging provide growth opportunities to the market. On the other hand, the consumption of low cost asbestos based gaskets in emerging countries is restraining the growth of the industrial gaskets market.
Based on the material type, the semi metallic segment is estimated to lead the overall industrial gaskets market in 2020.
Semi-metallic is the largest segment in the overall industrial gaskets market. Semi-metallic gaskets can be fabricated using any metal which is available in thin strip or sheet form, and which can be welded. These gaskets can be used against any corrosive medium depending on the required metal and filler/facing material. These gaskets are suitable for medium and high pressure applications.
Based on product type, soft gaskets to be largest segment of industrial gaskets market in 2020.
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.