Gaskets Market Size
Gaskets Market size surpassed USD 8.7 billion in 2022 and is anticipated to expand 4.8% CAGR from 2023 to 2032. Increasing oil refinery industry is expected to augment the industry growth by 2032. Increase in use of high-performance materials such as graphite, ceramic, or metallic materials such as stainless steel or Inconel in the refineries due to the harsh operating conditions will boost the product demand.
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There has been a significant focus on developing gasket materials that can withstand extreme temperatures and pressures, as well as harsh chemicals and corrosive environments. Manufacturers are exploring new materials such as advanced polymers, composites, and ceramics to improve performance and durability. Furthermore, with a growing focus on sustainability, manufacturers are developing eco-friendly gaskets that are made from renewable materials or can be recycled after use. Increasing focus on reducing energy consumption during manufacturing and transportation will boost gaskets market growth.
Gaskets Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Gaskets Market Size in 2022 |
USD 8.7 Billion |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
4.8% |
| 2032 Value Projection |
USD 14.2 Billion |
| Historical Data for |
2018 to 2022 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
244 |
| Segments covered |
Material Type, Product Type, End-Use and Region |
| Growth Drivers |
- Increasing demand from refining industry
- Surging chemical production to boost the demand
|
| Pitfalls & Challenges |
- Volatility in raw material prices
|
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COVID-19 Impact
The covid-19 pandemic have a negative impact on the gaskets industry. The product manufacturer faced a huge challenge due to restriction and disruption in supply chain. The production of gaskets was low in 2021 due to pandemic. This is due to the measures Chinese authority have taken to contain the spread of pandemic. The global supply chain from raw material sourcing to installation and manufacturing was disrupted due to COVID-19 pandemic.
Gaskets Market Trends
Increasing demand for electricity from various developing economies will benefit the gaskets market expansion by 2032. Gaskets play a critical role in power generation equipment by sealing joints and preventing leaks in a variety of applications. Power generation facilities typically operate at high temperatures and pressures, making it essential to use high-quality gaskets that can withstand these extreme conditions. Gaskets used in pumps and compressors prevent it from leaks of fluids and gases, ensuring efficient operation. Gaskets used in these applications are able to withstand high pressures and corrosive fluids.
Gaskets Material Market Analysis
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Semi-metallic material production is primarily fuelled by the expanding demand from the pulp & paper, food & pharmaceutical, industrial equipment, and chemical processing industries. Applications requiring medium and high pressure can use these gaskets. These gaskets are used for semi-metallic industrial gaskets, corrugated, spiral wrapped, and jacketed.
Hey there! Get ready for the soft gaskets market to make a splash in the coming years. Why? Well, everyone loves them for use in all sorts of industries, like chemical processing. Plus, they're a real steal compared to other types of gaskets. These soft gaskets come in a rainbow of materials, from stretchy elastomers to slippery polytetrafluoroethylene. They're perfect for sealing up all kinds of things like pipe flanges, compressors, heat exchangers, and bonnet valves. And here's the best partyou can get these gaskets in handy sheets or rolls, or you can order them specially cut to fit your needs.
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Based on end-use the market is segmented as refineries, power generation, chemical processing, industrial machinery, pulp & paper, food & pharmaceutical, and others. To stop the leakage of dangerous media in high temperature and high pressure settings, gaskets are utilised in essential sealing applications in the refining sector. Industrial gaskets are widely utilised in the refining sector to offer dependable sealing and comply with regulatory leakage standards. Their usage also improves operational effectiveness by decreasing costs for upkeep, supervision, and repairs.
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In 2022, Asia Pacific was the biggest market for gaskets, and it's expected to grow the fastest from 2023 to 2032. The main reason for this growth is the expansion of industries that use gaskets in the region. The future of the gaskets market in Asia Pacific will be shaped by laws, how easy it is to get raw materials, and investments in industries that use gaskets. The region's growing population, urbanization, and need for energy are all driving up demand for industrial gaskets, which is helping the industry grow. In China, the demand for industrial gaskets is particularly strong in the chemical and refining industries, so the market for gaskets there is growing rapidly.
Gaskets Market Share
Some of the major market players operating in the gaskets industry are
- Klinger
- Freudenberg Sealing Technologies
- SKF AB
- ElringKlinger AG
- Dana Incorporated
- Trelleborg AB
- Flexitallic Group
- Garlock Sealing Technologies LLC
- James Walker Group Ltd
- Smiths Group plc
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Gaskets Industry News
- In April 2023, Klinger opened new subsidiary in India. The new subsidiary will shorten order lead times and improve customer service.
- In March 2023, Klinger acquired Philippe Jans which is present in Belgium and provide rubber products and gaskets for various applications. This acquisition will strengthen the company position in Belgium.
This market research report on gaskets includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments
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Market, By Material Type
- Semi Metallic
- Non-Metallic
- Metallic
Market, By Product Type
- Soft
- Spiral Wound
- Ring Joint
- Jacketed
- Corrugated
- Others
Market, By End-use
- Refineries
- Power Generation
- Chemical Processing
- Industrial Machinery
- Pulp & Paper
- Others
The above information is provided for the following regions and countries
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
