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High-Temperature Gasket Materials Market Overview
The major trend being witnessed in the high-temperature gasket materials market is the increased investments for boosting the production of the material. Witnessing rapid development and expansion in end-use domains, such as chemicals, oil and gas, and power generation, across different countries across the world, the companies engaged in the production of gasket materials are also looking into expanding their production capacity. Thus, the trend of increasing investments is likely to result in the greater availability of high-quality gasket materials across different regional markets.
Gaskets are mechanical seals that are placed between two or more metallic surfaces to avoid any leakage of liquid or gas. High-temperature gasket materials are the materials used for making gaskets used in sealing surfaces, so they can withstand extreme temperatures.
On the basis of material type, the high-temperature gasket materials market has been categorized into graphite, fluorosilicone, fiber glass, ceramic, mica, Teflon, silicon, stainless steel and alloy, and others, where “others” include liquid gaskets materials and Thermiculite.
Based on product type, the high-temperature gasket materials market has been categorized into metallic, semi-metallic, non-metallic, and liquid. During the forecast period, the market for semi-metallic gasket materials is expected to witness rapid growth owing to their high demand in chemical facilities and refineries.
Based on application, the high-temperature gasket materials market has been categorized into power generation, oil and gas, chemical processing, primary metals, transportation, and manufacturing. During the historical period, the oil and gas category held a significant share in the market owing to the expansion programs carried out in this industry in the form of new refineries and hydrocarbon projects.
Based on region, the high-temperature gasket materials market has been categorized into Europe, North America, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Among all the regions, APAC held a significant share in the market in 2017, owing to the extensively large production base for chemicals and petrochemicals in countries such as China, India, Indonesia, Malaysia, and the Philippines. China accounted for a significant share in the APAC high-temperature gasket materials market, as the country has a large as well as fast-growing industrial base, which continues to boost the market growth.
High-Temperature Gasket Materials Market Dynamics
The major factor driving the growth of the high-temperature gasket materials market is the recovery in oil prices, which is also aiding the establishment and expansion of refineries. After witnessing a sharp decline in the oil and gas prices over the past few years, the oil prices have started recovering, which is resulting in fresh investments for facility expansion in the oil and gas industry. Thus, expansion and development in refinery projects are expected to have a positive influence on the market in the coming years.
Political uncertainties having a negative impact on the global industrial manufacturing capacity can be viewed as a major factor restraining the growth of the high-temperature gasket materials market. Over the recent years, issues such as trade war and protectionism have dented industrial production globally, particularly in emerging economies. The prospect of the potential slowdown in industrial activities has halted the expansion plans of many product manufacturers. This has impacted the sales of gaskets used in different manufacturing facilities.
The demand for electricity is rising at an exponential pace globally, particularly in developing economies. In order to meet the growing demand for electricity, new power plants are being established in countries such as China, India, South Korea, Saudi Arabia, Nigeria, and Indonesia. Since gasket materials are widely used in regulating the pressure and temperature in chambers and piping of power projects, growth in power projects is expected to boost the high-temperature gasket materials market in the coming years.
High-Temperature Gasket Materials Market Competitive Landscape
Some of the major companies operating in the global high-temperature gasket materials market are Auburn Manufacturing Inc., TEADIT International Produktions GmbH, Flexitallic Group Inc., Atlantic Gasket Corporation, San Diego Seal Inc., Garlock Sealing Technologies, Spetech Sp. z o.o. Uszczelnienia Techniczne – Przemysłowe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited, and Permatex Inc.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.