Global Industrial Gasket Market Latest Trends
Posted by Rohit Mane on January 24th, 2020
Industrial Gasket Market: Summary
The Global Industrial Gasket Market is estimated to reach USD 11.6 Billion by 2024 at a CAGR of 5.4 %. Industrial gaskets are sealing materials placed between the connecting flanges which will help to maintain the leakage proof sealing in all the operations by creating a static seal. The primary function of gaskets is to retain the internal pressure and prevent the liquids, gases, and contaminants to escape from the assemblies in the industries. The Asia Pacific is one of the fastest growing regions in the industrial gasket market owing to factors such as stable economic growth, increased consumption of manufactured goods, continuous technology innovation, and expanding manufacturing base, amongst others.
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Industrial Gasket Market: Drivers & Restraints
Industrialization in emerging countries has resulted in a considerable rise in the number of manufacturing plants, machinery, and various other mechanical instruments that are expected to boost the demand for industrial gasket during the forecasted period. The need to improve the performance and efficiency of engineered products is boosted by industrial gaskets. In emerging markets such as China, India, Brazil, and Russia, various industries are growing at a steady pace which will boost the growth of the product market. For Instance, Brazil is one of the emerging economies in South America where chemical processing, petroleum production, and cement making are some of the industries which may boost the product market growth.
According to Organization of the Petroleum Exporting Countries (OPEC), the OPEC member countries have 1,189.8 million barrels curde oil resreves. Countries producing crude oil have been adopting best practices in the industry, realizing intensive explorations and enhanced recoveries. Industrial gaskets are been used in pipes used for oil & gas production and transportation which avoids leakages and any harm to human and environment. The gaskets helps to achive the reliable seal to prevent the leakages from the flange joints. Thus, the demand for industrial gasket form oil & gas production in GCC countries is expected to surge the product market growth.
Raw materials used for the manufacturing of gaskets are rubber, silicone, metal, fiberglass, plastic polymer, and neoprene among others. These raw materials are available in abundant in some regions while other countries are relay on imports from these countries. For instance, steel is one of the metals used for the manufacturing of gaskets which is majorly produced in China, Japan, and India. Thus, it may result in the surplus or shortage of the commodity in specific regions resulting in fluctuation in the raw material prices which in turn may hinder the growth of the product market.
Industrial Gasket Market: Key Segments
Industrial Gasket Market: Report Scope
The report on the Industrial Gasket market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Key Companies Covered
Industrial Gasket Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Industrial Gasket Market, by Material Type
Industrial Gasket Market, by Product Type
Industrial Gasket Market, by Application
Industrial Gasket Market, by Region
Key Questions answered by the report
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About the AuthorRohit Mane
Joined: December 23rd, 2019
Articles Posted: 24
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