HIGH TEMPERATURE GASKET MATERIALS MARKET ANALYSIS

Gaskets manufactured from high temperature materials are designed for applications involving, exhaust, combustible fluids, flame, and elevated temperatures. High temperature materials such as graphite, fluorosilicone, polytetrafluoroethylene, and fiberglass provide high reliability seals at high temperatures where traditional gasket materials are ineffective. These materials are used in gaskets for handling temperatures from 350°F to 2,300°F.

High temperature gasket materials are utilized in chemical & petrochemical refineries, industrial fluid sealing, steam service, thermal, electronic & electrochemical applications, medical & food production, industrial processes, foundries, heat exchangers, and others. Such wide variety of applications of high temperature gasket materials is driving growth of the global of high temperature gasket materials market.

Global high temperature gasket materials market was valued at US$ 23.52 Bn in 2021 in terms of revenue, exhibiting a CAGR of 6.38 % during the forecast period (2022 to 2030).

Drivers

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.

As the effect of COVID-19 spreads, the overall market has been impacted by COVID-19 and the growth rate has also been impacted in 2019-2020. Market latest research, perspectives, and insights on the management issues that matter most to the companies and organization about the market, which is leading through the COVID-19 crisis to managing risk and digitizing operations to deliver trusted information and experiences to the decision makers.

Figure 1. Global High Temperature Gasket Materials Market Value Share (%), By Region, 2021

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Market Restraints

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

Market Trends

Increasing demand for high temperature gasket materials in industrial fluid sealing, chemical and oil refineries, power generation, medical & food production, and electronic & electrochemical is driving growth of the global high temperature gasket materials market.

Figure 2. Global High Temperature Gasket Materials Market value Share (%), By Material Type, 2021

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Recent Developments

According to the India Brand Equity Foundation (IBEF), Government of India, electronics market in India is expected to grow at a compound annual growth rate of 24.4% between 2021 and 2030.

Competitive Section

Major players operating in the global high temperature gasket materials market include 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 – Przemysowe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited and Permatex, Inc.