The report "Industrial Gaskets Market by Material Type (Semi-metallic, Non-metallic, and Metallic) , Product Type (Soft, Spiral Wound, Ring Joint, Kammprofile, Jacketed, Corrugated, and Others), End-Use Industry, and Region - Global Forecast to 2025", The global industrial gaskets market size is estimated at USD 9.0 billion in 2020 and is projected to reach USD 11.6 billion by 2025, at a CAGR of 5.2%. The demand for industrial gaskets is rising, owing to the stringent leakage regulations implemented by Environmental Protection Agency (EPA) and also because of increasing oil production in GCC countries. Also, rise in number of refineries in APAC is providing opportunity for this market. However, the volatility of raw material prices for the manufacturing of industrial gaskets is challenging the market. Furthermore, the increasing demand for treated water in emerging provide growth opportunities to the market. On the other hand, the consumption of low cost asbestos based gaskets in emerging countries is restraining the growth of the industrial gaskets market.
The recent COVID-19 pandemic is expected to impact the various industries globally. Due to lockdown, many refineries, chemical processing, and food & pharamceuticals industries were halted. Governments of different countries are keeping a close watch on the disruption and taking every necessary step to mitigate the impact of COVID-19 by promoting various industries. Between 2019 and 2020, the industrial gaskets market witnessed a low growth rate due to COVID-19 and the consequent complete lockdown worldwide. This has led to a decrease in the demand for fuels globally, leading to reduced production in oil refineries. Therefore, in 2020, the industrial gaskets market is expected to witness a dip.
The key players in the industrial gaskets market include Klinger (Austria), Teadit (US), Flexitallic (US), Garlock (US), W.L.Gore (US), Spira Power (UAE), Lamons (US), Donit (Slovenia), Goodrich Gasket (India), and James Walker (UK). These players have established a strong foothold in the market by adopting strategies, such as investments & expansions, and mergers & acquisitions.
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