Industrial gasket market is projected to grow at a CAGR of 2.26% to reach US$1,842.491 million by 2026, from US$1,575.668 million in 2019.
Gaskets are mechanical seal that is used to fill the space between two or more mating surfaces. It is used to prevent leakage from the joined objects when they are under compression. The stringent environmental regulation against leakage to prevent any damage to human health and the environment is one of the major drivers of the industrial gasket market.
Gaskets are extensively used in several industries such as automotive, aerospace, electrical, food, petrochemical, marine, pharmaceutical, pumping, rail, oil and gas, and water industries, the steady growth of these industries will subsequently surge the demand for gaskets during the forecast period. In addition, the rising E&P activities worldwide and the increasing demand for standardized sealing applications in the oil and gas industries will also boost the demand for industrial gaskets.
Moreover, the increasing number of refineries in the Asia Pacific region will further continue to bolster the growth of the industrial gasket market during the forecast period. Since gaskets are majorly required in plumbing systems, rising construction activities will also drive the growth of the industrial gasket market in the coming years.
Market Share Segmentation.
By material type, the semi-metallic segment is expected to hold a dominant market share owing to the growing demand from various industries such as chemical processing, industrial machinery, food & pharmaceutical, and pulp & paper industries during the forecast period. By product type, the soft gaskets segment is projected to hold a significant market share as it is preferred over the other gaskets in many end-use industries due to its flexible graphite, and high-temperature sheet product characteristics. By end-use industries, the chemicals, pulp, and paper, textile all are anticipated to grow at a high CAGR owing to the increasing use of gaskets in their processes. Geographically, North America holds a significant market share owing to stringent EPA regulations along with rising crude oil production in the U.S. and Mexico. Also, Asia Pacific will be the fastest-growing market region owing to the increasing industrialization in countries such as India and China.
The major key driver of the industrial gasket market is the increasing industrialization in several countries, especially in emerging economies, across the globe. The growing industrialization has led to a surge in the number of manufacturing plants, machinery, and other mechanical instruments which in turn will accelerate the demand for industrial gaskets during the forecast period. In countries such as China, India, Brazil, and Russia, there has been a constant surge in the number of industries which will further propel the market demand in the coming years.
The consumption of low-priced asbestos-based gaskets, especially by developing countries may restrain the market growth of the industrial gasket market. Asbestos is banned in many developed countries, however, many developing countries like China and India are still consuming it which may decline the demand for an industrial gasket in the countries as the developing countries are a strong target prospect for the industry.
The Covid-19 pandemic negatively impacted the industrial gasket market, due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the business operations of many industries such as chemical processing, food & beverage processing industries, textile, and water & wastewater treatment industries were put to a halt which in turn declined the demand for an industrial gasket in 2020 as the industries suffered huge losses. However, with the ease of restrictions, the market is expected to rebound during the forecast period.
The market leaders for the industrial gasket market consist of Spira Power, Denver Rubber Company, Flexitallic L.P, Klinger Limited, Flosil Group, Hennig Gasket & Seals Inc., Lamons Gasket Company, Centauro Srl, James Walker, and Pidemco. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors.
|Market size value in 2019||US$1,575.668 million|
|Market size value in 2026||US$1,842.491 million|
|Growth Rate||CAGR of 2.26% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Material Type, Product Type, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Spira Power, Denver Rubber Company, Flexitallic L.P, Klinger Limited, Flosil Group, Hennig Gasket & Seals Inc., Lamons Gasket Company, Centauro Srl, James Walker, Pidemco|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the industrial gasket market?
A1. The global industrial gasket market is projected to grow at a CAGR of 2.26% over the forecast period.
Q2. What will be the industrial gasket market size by 2026?
A2. The industrial gasket market is projected to reach a total market size of US$1,842.491 million in 2026.
Q3. What is the size of the global industrial gasket market?
A3. Industrial Gasket Market was valued at US$1,575.668 million in 2019.
Q4. Which region holds the largest market share in the industrial gasket market?
A4. Geographically, North America holds a significant share in the industrial gasket market owing to stringent EPA regulations along with rising crude oil production in the U.S. and Mexico.
Q5. What factors are anticipated to drive the industrial gasket market growth?
A5. The major key driver of the industrial gasket market is the increasing industrialization in several countries, especially in emerging economies, across the globe.
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