The global industrial gaskets market size was US$ 9.6 billion in 2021. The global industrial gaskets market is forecast to grow to US$ 16.71 billion by 2030, registering a compound annual growth rate (CAGR) of 6.9%during the forecast period from 2022 to 2030.
Industrial gaskets are mechanical sealing devices that are used to fill gaps between the surfaces. Spiral wound gaskets, soft gaskets, ring joint gaskets, corrugated gaskets, and jacketed gaskets are some examples of industrial gaskets. They're used to keep things from leaking out.
Factors Influencing the Market
The growing demand for standardized sealing applications in the oil and gas sectors is the primary factor driving the growth of the global industrial gaskets market. The oil and gas industries have made rapid progress in developing economies in recent years. Thus, they will contribute to the growth of the industrial gaskets market.
The widespread use of industrial gaskets in a variety of applications in end-use industries is a major driver of the industrial gaskets industry. In addition, the growing urban population and rising disposable income are forecast to contribute to the growth of the global industrial gaskets market during the study period.
Growing advancements in the industry are forecast to benefit the market. Klinger Limited inaugurated a new branch in Mossel Bay in 2020. Moreover, Lamons unveiled a DEFENDER HF gasket in July 2020 for highly corrosive applications such as hydrofluoric acid. Thus, it will contribute to the growth of the market.
COVID-19 Impact Analysis
The sudden outbreak of the COVID-19 pandemic hampered industrial growth. Due to the epidemic, the demand for industrial gaskets declined significantly. In addition, prominent players witnessed significant losses in terms of trade. Activities related to urbanization and industrialization halted during the pandemic, which limited the growth of the global industrial gaskets market.
Regional Analysis
Of all the regions. Asia-Pacific holds the highest share in the global industrial gaskets market. Rapid population growth, urbanization, and industrialization are contributing to the growth of the regional market. Furthermore, rising energy demand is driving up demand for industrial gaskets from end-use industries.
Market Segmentation
The global industrial gaskets market segmentation focuses on Material, Product, End-Use, and Region.
Based on Material Type:
Based on the Product Type:
Based on the end-use industry:
Based on region
Competitors in the Market
