According to the report, the global high temperature gaskets market was valued at approximately USD 24.88 billion in 2018 and is expected to generate revenue of around USD 30.45 billion by end of 2025, growing at a CAGR of around 5.1% between 2019 and 2025.
New York, NY, July 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “High Temperature Gaskets Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2025”. According to the report, the global high temperature gaskets market was valued at approximately USD 24.88 billion in 2018 and is expected to generate revenue of around USD 30.45 billion by end of 2025, growing at a CAGR of around 5.1% between 2019 and 2025.
The report covers forecast and analysis for the high temperature gaskets market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the high temperature gaskets market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the high temperature gaskets market on a global level.
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The political position of the U.S. and OPEC nations is anticipated to have a major impact on the elevated temperature gasket industry during the forecast period. Both the onshore and offshore investment results in higher highway oil expenses. The growth of high-temperature gaskets is also pushing growth in the chemical, petrochemical, and marine industries. The high-temperature joints are primarily used in various settings with prevailing temperature and high pressure. This factor is likely to support the development of high temperature gaskets and the advancement in leakage monitoring, temperature fluctuations, and pressure. Political disruption in oil & gas chemicals and oil-rich countries may, however, affect market conditions.
Of the main types of products used to manufacture high temperature gaskets, the graphite section accounted for nearly 16 times total distribution of the worldwide heavy temperature gasket industry in 2018. This development is attributable to its flexibility and stability at high temperatures. Currently, the ultra-high temperature fluid gasket sealant holds a minimum market share. However, during the forecast period, the segment is expected to grow considerably.
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Developments in tailored high temperature gaskets such as die-cut and water-jet cutting elevated temperature gaskets will increase the demand among the end users. In multiple end-user sectors such as petroleum and coal, chemical and petrochemical, mining, sea, and atomic sectors, high-temperature gaskets are produced and intended for multiple uses. These high-temperature gaskets are used globally in steam, petrochemical, heat exchangers, and hydraulic plants for pipelines and pressure vessels.
The industry is anticipated to profit from constant development possibilities in some of the main end-use sectors, such as energy production, petroleum and gas, transportation and chemical handling. Emerging countries in the Asia Pacific and Latin America have witnessed a tremendous increase in power generation infrastructure activities. Demand is motivated by enhancing infrastructure repair operations in the sector of power generation in developed markets such as North America and Europe. It is also probable that reviving the automotive industry across developing and settled economies will give possibilities for development to competitors. The Asia Pacific dominated the market in terms of consumption and formed a big portion of the world's elevated temperature gasket sector in 2018. It is anticipated that its incidence will remain throughout the forecast period over the forecast period. The Asia Pacific has become a worldwide production center for main end-use sectors such as automotive, chemical processing, and metal refining, boosting the demand for elevated temperature gaskets.
Oil prices recovery and demand for oil field machinery are expected in areas with an existing petroleum and gas industry, such as the Middle East and Africa, to boost the high-temperature gasket industry. Ultra-high temperature liquid joints are gaining market acceptance in the region because of their compactness in use for boiling equipment that is critical in designing flanges.
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Although manufacturing methods have shifted with elevated temperature gaskets over the years, companies have retained their roles through the adoption of the most modern methods. In the years to follow, the industry will stay stable with an emphasis on global cooperation that will grow as a business strength. Some of the key companies operating in the market are Flexitallic Group, Teadit Group, Spetech, Garlock, Hennig Gasket & Seals Inc., Advanced Sealing, IGS Industries, Kommerling UK Ltd., Henkel Adhesives, 3M, National Engineering Products Inc., Threebond, A.I. Schulze Chemotechnische Fabrik e.K., and Jet-Lube LLC among others.
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Global High Temperature Gaskets Market: Material Type Segment Analysis
Global High Temperature Gaskets Market: Product Type Segment Analysis
Global High Temperature Gaskets Market: Design Type Segment Analysis
Global High Temperature Gaskets Market: Application Type Segment Analysis
Global High Temperature Gaskets Market: Regional Segment Analysis
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