Surging adoption of alternative energy sources such as shale gas further the demand for oil & gas gaskets that prevent leakage and unnecessary surface reactions.
ROCKVILLE, MD / ACCESSWIRE / May 5, 2020 / Market valuation of the oil and gas gaskets market will surpass US$ 1.5 Bn from 2019 to 2029. Uptake in shale gas exploration on the back of new found reserves in the US and Canada will continue to provide gainful opportunities for market players.
Oil gaskets are used in oil refineries for various applications such as channeling frameworks, joint associations, and ribs of pipelines. Hence, as countries across the globe invest in enhancing refinery efficiency, mitigate pressure loss, and prevent leakage, oil & gas gaskets manufacturers will witness an increase in sales.
“Research and development of high-performance products that cater to energy efficiency concerns of oil & gas refineries will present lucrative revenue generation opportunities for market players,” says a Fact.MR analyst.
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Oil & Gas Gaskets Market- Key Findings
- Spiral wound gaskets hold a majority share of 64% from the overall market value, the segment will grow 1.3X through 2029.
- Downstream gaskets will generate an absolute dollar opportunity of over US$ 239 Mn by the end of 2029.
- East Asia will maintain its hegemony over other regional markets. The region currently accounts for 27% share of the total market value.
- Piping accounts for over 3/5th of the total value of the oil & gas gaskets market.
- As compared to semi-metallic gaskets, the demand for metallic gaskets will multiply 2.9X during the forecast period.
Oil & Gas Gaskets Market- Key Driving Factors
- Shale exploration in developed countries is a major driver of growth for oil & gas gaskets.
- Consumer adoption of gas fuel contributes significantly to the demand for gas which further results in increased adoption of gas gaskets.
- Surging oil demand from the Asian continent presents financially rewarding opportunities for market players.
- Construction of long distance natural gas pipelines by import dependent countries such as China drives demand for oil & gas gaskets.
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Oil & Gas Gaskets Market- Key Restraints
- Prevalence of new energy fuel such as electricity restraints the growth potential for oil & gas gaskets.
- Stringent environment pollution norms that favor the adoption of new energy alternatives also restraints the demand for oil & gas gaskets.
COVID-19 Impact on Oil & Gas Gaskets
The pandemic has put a dent in the growth trajectory. Being a major importer of gas, the impact of COVID-19 on China has left manufacturers with a considerable gap in the demand consistency of oil & gas gaskets. Further, expulsion of non-essential import and export between countries presents supply chain challenges for manufacturers. The lack of workforce due to mandatory social distancing create operational challenges for market players.
Major players are working on minimal human resources which reduces the revenues potential for financial year 2020. Countries have postponed exploration projects indefinitely to focus on the health crisis in hand. Rate of normalcy in the market will depend on recovery rates of major countries such as the US, China and their success in limiting the spread of novel coronavirus.
Competition in the oil & gas gaskets market is currently driven by capacity expansion and increasing global footprint. Major players are targeting regional markets with a high growth potential. These can be identified on the basis of oil & gas consumption rates, and exploration projects in the pipeline. Key players in the market that shape the competitive landscape are, but not limited to, Flexitallic Group, Klinger Limited, LGC US Asset Holdings, Donit Tesnit, Garlock Sealing Technologies, Freudenberg Oil & Gas Technologies, Teadit Group, Leader Gaskets Technologies, Phelps Industrial Products, James Walker, Macro Rubber and Plastic, and others.
About the Report
This 170-page study offers in-depth commentary on the oil & gas gaskets market. The study provides compelling insights on the oil & gas gaskets market on the basis of kammaprofile (ring joint, corrugated, jacketed, and others), non-metallic, diesel generators (heat exchange, valves, manifold/wellhead/christmas tree, and others), downstream, across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).
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