Rockville, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global oil and gas gasket market is estimated at US$ 1,227.3 million in 2022. It is expected to expand at an impressive CAGR of 2.9% during 2022-2032. The market is poised to grow due to the remarkable safety provided by oil and gas gaskets in industrial operations.
East Asia holds the largest market share in the global oil & gas gasket market. Key manufacturers are focusing on generating more sales figures in emerging regions of both oil & gas production and consumption. Moreover, prominent market players emphasized expanding existing facilities and sales networks in Asia and Africa to benefit from emerging economies.
In the product type segment, key players focus on adopting new technologies in their upcoming products, like temperature sensing. Some manufacturers are more focused on developing semi-metallic gaskets, as demand for metallic gaskets is rapidly increasing.
Heat exchangers have been gaining momentum in the application segment in the past couple of years, and the trend has gone the same throughout the forecast period.
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The oil & gas gasket market is significantly fragmented in nature and contains many market players operating regionally. This will result in high competition in the oil and gas gasket market.
Key Takeaways from Market Study
- The global oil and gas gasket market is projected to expand at an impressive CAGR of 2.9% and be valued at US$ 1,640.2 million by 2032.
- The market witnessed 2.6% CAGR for the period of 2017-2021.
- Under product type, spiral wound gaskets dominate the market and are estimated to be valued at US$ 766.4 million in 2022.
- Metallic oil & gas gasket dominated the market with 67.3% share in 2021.
- Upstream end use is likely to represent 10% market share in 2022.
- Based on region, East Asia is expected to have a market value of US$ 333.3 Mn in 2022.
“Rapid Increase in the Demand of Oil and Gas Gasket in the Natural Gas Industry Set to Increase its Sales Numbers”, says a Fact.MR analyst.
Segmentation of Oil and Gas Gaskets Industry Research
- By Product Type:
- Spiral Wound Gaskets
- Soft Gaskets
- Kammoprofile Gaskets
- Ring Joint Gaskets
- Corrugated Gaskets
- Jacketed Gaskets
- Others
- By Material:
- Metallic
- Semi – Metallic
- Non – Metallic
- By Application:
- Piping
- Pressure Vessels
- Diesel Generators
- Heat Exchangers
- Valves
- Manifold, Wellhead & Christmas Tree
- Others
- By End Use:
- Upstream
- Midstream
- Downstream
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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| Attributes | Details | |
| CAGR (2023-2033) | 2.9% | |
| Market Value (2033) | US$ 1,640.2 million | |
| Growth Factor | Demand is high as the oil and gas industry uses more gaskets as a result of rising consumption. | |
| Opportunity | The market for oil and gas gaskets is seeing a lot of new projects, which is giving manufacturers new chances. | |
| Key Trends | Rapid Expansion of Pipelines Bolsters is expanding the market share. | |
Market Development
Manufacturers of oil & gas gaskets are continuously shifting to emerging markets to cut logistics and operating expenses. In emerging countries, the overall production cost is lower than in the established markets, enabling the players to reduce operating expenses and increase profit margins in the oil & gas gaskets.
In 2020, DONIT launched a brand-new gasket stock and web store to make its gasket business easy. Standard and semi-metal gaskets are easily available through this store. Similar market developments are provided in the oil & gas gasket market report.
Key Companies Profiled
- Flexitallic Group
- Klinger Limited
- LGC US Asset Holding,LLC
- DONIT TESNIT
- Garlock Sealing Technologies
- Freudenberg Oil & Gas Technologies
- James Walker
- Teadit Group
- Leader Gaskets Technologies.
- Phelps Industrial Products
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global oil and gas gasket market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (spiral wound gasket, soft gasket, kammprofile gasket, ring joint gasket, corrugated gasket, jacketed gasket, others), material (metallic, semi-metallic, non-metallic), application (piping, pressure vessels, diesel generators, heat exchangers, valves, manifold, wellhead & Christmas tree, others), end use (upstream, midstream, downstream), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, And The Middle East & Africa).
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