DUBLIN--(BUSINESS WIRE)--The "Industrial Gasket Market-Forecast from 2021 to 2026" report has been added to ResearchAndMarkets.com's products.
The industrial gasket market is expected to grow at a compound annual growth rate of 2.26%. By 2026, it will increase from US$1,575.668 million in 2019 to US$1,842.491 million.
To prevent any damage to human health and the environment, strict environmental regulations against leakage are one of the main drivers of the industrial gasket market.
Gaskets are widely used in automotive, aerospace, electrical, food, petrochemical, shipbuilding, pharmaceuticals, pumps, railways, oil and gas, water conservancy and other industries. The steady growth of these industries will follow the demand for gaskets in the next few years. Surge. Forecast period. In addition, the increase in global exploration and production activities and the increasing demand for standardized sealing applications in the oil and gas industry will also drive the demand for industrial gaskets.
In addition, during the forecast period, the increase in the number of refineries in the Asia-Pacific region will further promote the growth of the industrial gasket market. Since piping systems mainly require gaskets, the increase in construction activities will also promote the growth of the industrial gasket market in the next few years.
Divided by material type, due to the growing demand in various industries such as chemical processing, industrial machinery, food and pharmaceuticals, and pulp and paper industries during the forecast period, it is expected that semi-metallic parts will occupy a dominant market share.
Divided by product type, the soft gasket segment is expected to occupy an important market share because it has the characteristics of flexible graphite and high-temperature sheet products, so it is more popular than other gaskets in many end-use industries.
For end-use industries, chemicals, pulp and paper, and textiles are all expected to grow at a high compound annual growth rate due to the increasing use of gaskets in their processes. Geographically, North America occupies an important market share due to strict EPA regulations and increased crude oil production in the United States and Mexico.
In addition, the Asia-Pacific region will become the fastest-growing market area due to the continuous increase in the degree of industrialization in countries such as India and China.
The main driving force of the industrial gasket market is the increasing degree of industrialization in many countries around the world, especially emerging economies.
The increasing 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, the number of industries continues to surge, which will further promote market demand in the next few years.
Consumption of low-cost asbestos-based gaskets
The consumption of low-priced asbestos-based gaskets, especially in developing countries, may inhibit the market growth of the industrial gasket market.
Many developed countries ban the use of asbestos, but many developing countries such as China and India are still consuming asbestos, which may reduce the demand for industrial gaskets in these countries, because developing countries are strong target prospects for the industry.
The impact of COVID-19 on the industrial gasket market
Due to government lockdowns and travel and trade restrictions, the COVID-19 pandemic has had a negative impact on the industrial gasket market. On a global scale, business in many industries such as chemical processing, food and beverage processing, textiles, water and wastewater treatment have been suspended, which in turn will lead to a decline in the demand for industrial gaskets in 2020, and the industry will suffer huge losses.
However, with the relaxation of restrictions, the market is expected to rebound during the forecast period.
Major players in the market implement growth strategies, such as product launches, mergers and acquisitions, to gain a competitive advantage over competitors.
Market leaders in the industrial gasket market include
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900