New York, NY, Oct. 12, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Industrial Gaskets Market by Product Type (Spiral Wound Gasket, Soft Gasket, Kammprofile Gasket, Ring Joint Gasket, Corrugated Gasket, Jacketed Gasket, and Others [Compressed Fiber Asbestos and O-rings]), by Material Type (Semi-Metallic, Non-Metallic, and Metallic), and by End-user (Power Generation, Refineries, Chemical Processing, Pulp & Paper, Industrial Machinery, Food & Pharmaceuticals, and Others (Wastewater treatment and Textiles)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global industrial gaskets market was valued at approximately USD 8.85 billion in 2017 and is expected to generate revenue of around USD 12.79 billion by the end of 2024, growing at a CAGR of around 5.4% between 2018 and 2024.
Increasing demand for industrial gaskets in various applications is primarily driving the market growth. Gaskets in the oil and gas production avoid leakage and wastage of gas. Moreover, increase in the stringent regulations regarding spillage and contamination by Environmental Protection Agency (EPA) to prevent the damage to the environment is also a considerable factor in boosting the market growth in the forecast period.
Browse through 81 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Gaskets Market Size & Share 2017: Industry Trends, Growth Analysis and Forecast, 2024”.
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On the basis of product type, the industrial gaskets market is segmented into the soft gasket, ring joint gasket, jacketed gasket, spiral wound gasket, kammprofile gasket, corrugated gasket, and others (compressed fiber asbestos and O-rings). Soft gaskets within the product type are the most preferred and dominant product used in the various end-use industries. Moreover, such gaskets offer the low-cost advantage as compared to the other gaskets. Furthermore, these gaskets can be used under extreme pressure and temperature in various end-use industries.
Based on the material type, the market is fragmented into metallic, non-metallic, and semi-metallic. Semi-metallic within the material segment is estimated to dominate the market in the upcoming years. These gaskets are used by the various end-user industries and they provide enhanced tightness with the low load as compared to another type of gaskets. Moreover, non-metallic within the material type is projected to grow at the highest rate in terms of revenue during the forecast timeframe.
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On the basis of end-user, the market is fragmented into chemical processing, industrial machinery, power generation, pulp & paper, food & pharmaceuticals, refineries, and others (wastewater treatment and textiles). Refineries within the end-user segment are anticipated to account for the largest market share in the forthcoming years. Rising demand and requirement of the sealing products in order to avoid the leakages and spilling of the toxins and hazardous chemicals into the environment is the strong factor influencing the growth of the refineries segment within the end-user industry.
Based on the geography, North America accounted for a major market share in 2017. The trend is anticipated to continue during the upcoming years. Rising demand for the industrial gaskets from the chemical processing, power generation, and refineries sectors is estimated to propel the market growth from 2017 to 2024.
Browse the full “Industrial Gaskets Market by Product Type (Spiral Wound Gasket, Soft Gasket, Kammprofile Gasket, Ring Joint Gasket, Corrugated Gasket, Jacketed Gasket, and Others [Compressed Fiber Asbestos and O-rings]), by Material Type (Semi-Metallic, Non-Metallic, and Metallic), and by End-user (Power Generation, Refineries, Chemical Processing, Pulp & Paper, Industrial Machinery, Food & Pharmaceuticals, and Others (Wastewater treatment and Textiles)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/industrial-gaskets-market
The Asia Pacific is attributed to register the fastest growth in the market in terms of both value and volume. The growth in this region is accredited to the rising demand for power production in order to meet the increasing demand for the power. China is estimated to be the major contributor to the market growth of the region. The growth in this country is attributed to the presence of the chemical processing plants, several transportation companies, and power generation plants with a tremendous demand for the industrial gaskets. Europe and the Middle East is the most matured market and anticipated to grow at a sluggish rate.
Some of the key players operating in the industrial gaskets market are Hennig Gasket & Seals, Inc., Teadit, Klinger Limited, Denver Rubber Company, Garlock Sealing Technologies, W. L. Gore & Associates, Inc., Flexitallic, Lamons, Spira Power, James Walker, and Spitmaan, among others.
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This report segments the global industrial gaskets market as follows:
Global Industrial Gaskets Market: Product Type Segment Analysis
- Spiral Wound Gasket
- Soft Gasket
- Kammprofile Gasket
- Ring Joint Gasket
- Corrugated Gasket
- Jacketed Gasket
- Others (compressed fiber asbestos and O-rings)
Global Industrial Gaskets Market: Material Segment Analysis
Global Industrial Gaskets Market: End-user Segment Analysis
- Power Generation
- Chemical Processing
- Pulp & Paper
- Industrial Machinery
- Food & Pharmaceuticals
- Others (wastewater treatment and textiles)
Global Industrial Gaskets Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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