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Gaskets Market Size

Report ID: GMI5681
Published Date: May 2023
Report Format: PDF

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Gaskets Market Size

Gaskets Market size surpassed USD 8.7 billion in 2022 and is anticipated to expand 4.8% CAGR from 2023 to 2032. Increasing oil refinery industry is expected to augment the industry growth by 2032. Increase in use of high-performance materials such as graphite, ceramic, or metallic materials such as stainless steel or Inconel in the refineries due to the harsh operating conditions will boost the product demand.

Gaskets Market

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There has been a significant focus on developing gasket materials that can withstand extreme temperatures and pressures, as well as harsh chemicals and corrosive environments. Manufacturers are exploring new materials such as advanced polymers, composites, and ceramics to improve performance and durability. Furthermore, with a growing focus on sustainability, manufacturers are developing eco-friendly gaskets that are made from renewable materials or can be recycled after use. Increasing focus on reducing energy consumption during manufacturing and transportation will boost gaskets market growth.

Gaskets Market Report Attributes
Report Attribute	Details
Base Year:	2022
Gaskets Market Size in 2022:	USD 8.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.8%
2032 Value Projection:	USD 14.2 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	244
Segments covered:	Material Type, Product Type, End-Use and Region
Growth Drivers:	Increasing demand from refining industry Surging chemical production to boost the demand
Pitfalls & Challenges:	Volatility in raw material prices

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of gaskets exceeded USD 8.7 billion in 2022 and is projected to register 4.8% CAGR during 2023 to 2032, driven by the expanding oil refinery industry.

The semi-metallic material segment registered significant growth in 2022 and is poised to grow at a robust pace through 2032, fueled by the escalating demand from the pulp & paper and food & pharmaceutical sectors.

APAC gaskets industry held the largest revenue share globally in 2022 and is expected to be the fastest-growing market by 2032 attributed to the rapid expansion of end-use industries in the region.

Klinger, Freudenberg Sealing Technologies, SKF AB, ElringKlinger AG, Dana Incorporated, Trelleborg AB, Flexitallic Group, Garlock Sealing Technologies LLC, James Walker Group Ltd., and Smiths Group plc are some the top manufacturers of gaskets.