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A gasket is used to form a mechanical seal that fills space between two or more mating surfaces. It helps in preventing leakage and wastage of gas or fluids from, or into joined objects under compression. In oil & gas, different types of gaskets are used such as a flat gasket, ring joint gasket, jacketed gasket, spiral wound gaskets, kammoprofile gasket, corrugated gaskets, and others.
Based on product, the global oil & gas gasket market is segmented into the flat gasket, spiral wound gasket, ring joint gasket, kammoprofile gasket, jacketed gasket, corrugated gasket, and others. The spiral wound gasket segment is estimated to dominate the market during the forecast period. This type of gasket is highly preferred in the oil & gas sector as it is more flexible and has high sealability tolerances. The kammoprofile gasket is also widely used in the oil & gas industry. The kammoprofile gasket is also called grooved metals gaskets are they are commonly used in heat exchangers in the oil & gas sector.
Based on material, the global oil & gas gasket market is segmented into metallic and non-metallic. The metallic segment is estimated to dominate the market during the forecast period. Metallic gaskets are made up of metals and are used in sealing higher-quality surfaces. Metallic gaskets are beneficial for medium and high-pressure applications. The adoption of metallic gaskets is increasing in the market thus, drives growth in the metallic gaskets segment during the forecast period. The non-metallic gaskets can be defined as gasket material that can be compressed under bolt load.
Based on application, the oil & gas gasket market is segmented into pressure vessels, valves, diesel generators, piping, manifold, wellhead and Christmas tree, heat exchangers, and others. The piping segment is estimated to lead the market during the forecast period. In piping, a gasket is positioned between flanges to create a static seal. Gasket in piping helps in maintaining leak-proof sealing in different operating conditions. The piping segment widely used gaskets. Thus, drives growth in the piping application during the forecast period.
Based on end-user, the global oil & gas gasket market is segmented into upstream, midstream, and downstream. The downstream segment is likely to grow at a significant rate during the forecast period. The oil & gas gaskets are widely adopted by the downstream segment. Thus, drives growth in the downstream segment during the forecast period.
The number of new refineries is increasing around the world and this increases demand for sealing solutions as seals are important in handling fluid and gas leakage. The number of brownfield and greenfield pipeline projects is also increasing rapidly around the world. The extraction of soaring oil and natural gas is growing and with the rise in oil and gas prices, the interregional trade is increasing which increases storage and transport volumes of oil and gas. The increase in oil and gas consumption leads to a rise in the use of gaskets in the oil and gas industry. Thus, drives growth in the oil & gas gaskets market during the forecast period. However, The volatility of the price of raw material restraints the growth of the gaskets market.
Key Market Driver -
Rising number of new refineries, greenfield and brownfield pipeline projects along with increasing transport volumes of oil and gas
Key Market Restraint -
Raw material cost
Some of the major companies in the global oil & gas gasket market are The Flexitallic Group, Garlock, James Walker, Freudenberg Oil & Gas Technologies, Klinger Italy, Grupo Industrial Kempchen Comdiflex S.A., Leader Gasket, Teadit Group, Phelps Industrial Product, Marco Rubber & Plastics, Centauro Gaskets Srl, Mercer Gasket, and Shim Inc.
The global oil & gas gasket market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is likely to foresee significant growth during the forecast period. China has insufficient domestic products which leads to a large number of natural gas imports in this country. The reliance of China on the import of natural gas is widely increasing and it is building long-distance gas pipelines to facilitate transportation of natural gas. In 2020, it has been planned to construct six pipeline networks in Guangdong. According to the National Energy Administration report, China consumed 306.4 Bcm natural gas in 2019. Along with China, Japan, and South Korea are also major consumers and importers of natural gas. The increase in pipeline networks and import of natural gas drives growth in the oil and gas gaskets market in the Asia Pacific region.
The Middle East & Africa region is likely to grow significantly during the forecast period. The investment in refineries is wisely increasing in this region and it planned to start many new refineries in this region. Along with refineries Middle East countries are also planning to increase their crude oil distillation. This raises the usage of oil & gas gaskets in this region. Thus, drives growth in the oil & gas gasket market during the forecast period.
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