Albany, NY -- (SBWIRE) -- 03/02/2018 -- Global High Temperature Gaskets Market: Snapshot
Gasket is a compressible material or combination of materials used to provide a robust seal between two stationary parts and to compensate for the imperfection between the mating surfaces to be sealed. High temperature gaskets are used where the application temperature exceeds 700C. Material selection plays a crucial role in designing high temperature gaskets. Applications with intense heat, high temperatures, saturated steam or hot oil, and high pressures can lead to gasket failure if wrong material is used for the design of gasket. In the report, Transparency Market Research provides a thorough assessment of the present and potential future growth prospects of the market.
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According to the report, the global High Temperature Gaskets market was valued at US$ 20,399.9 Mn in 2016 and is projected to reach US$ 31,640.0 Mn by 2025 at a CAGR of 5.1% from 2017 to 2025.
Graphite to Continue to Witness High Demand
Based on material, the segment of graphite accounted for the dominant share in the global market in 2016 and the trend is likely to continue throughout the forecast. Graphite has good chemical resistance and is suitable for temperature ranges up to 525°C/977°F. The segment of UHT (ultra-high temperature) liquid gasket materials is anticipated to exhibit significant CAGR during the forecast period. Other materials, including cork, rubber, paper, thermiculite materials, which can be used in low to ultra-high temperature applications, are expected to witness a vast rise in their overall market share over the report's forecast period.
Based on product, the semi-metallic segment accounted for major share of the high temperature gaskets market in 2016. Easy availability and suitable properties for high temperature in various end-user industries are the prominent factors expected to boost the semi-metallic gasket segment during the forecast period. The metallic segment is expected to be the least attractive in the near future due to its low flexibility and availability of other substitutes at various operating high temperature. Higher price range compared to its substitutes is the key factor for lower adoption of UHT liquid gaskets. However, the segment is anticipated to exhibit higher growth rate compared to other segments in the near future due to the advancements in technology and increase in focus on less inventory.
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Asia Pacific to Remain Strong Regional Market
In terms of consumption, Asia Pacific dominated the market and accounted for major share of the global high temperature gasket market in 2016. It is anticipated to continue its dominance throughout the forecast period. Asia Pacific has become a global manufacturing hub for key end-use industries such as automotive, chemical processing, and metal refining, which in turn boost the high temperature gaskets market. Latin America and Middle East and Africa regions are projected to expand at a sluggish growth rate over the forecast period.