Sarasota, FL -- (SBWIRE) -- 10/18/2018 -- Zion Market Research has published a new report titled "Industrial Gaskets Market by Product Type (Spiral Wound Gasket, Soft Gasket, Kammprofile Gasket, Ring Joint Gasket, Corrugated Gasket, Jacketed Gasket, and Others [Compressed Fiber Asbestos and O-rings]), by Material Type (Semi-Metallic, Non-Metallic, and Metallic), and by End-user (Power Generation, Refineries, Chemical Processing, Pulp & Paper, Industrial Machinery, Food & Pharmaceuticals, and Others (Wastewater treatment and Textiles)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, global industrial gaskets market was valued at approximately USD 8.85 billion in 2017 and is expected to generate revenue of around USD 12.79 billion by the end of 2024, growing at a CAGR of around 5.4% between 2018 and 2024.

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Increasing demand for industrial gaskets in various applications is primarily driving the market growth. Gaskets in the oil and gas production avoid leakage and wastage of gas. Moreover, increase in the stringent regulations regarding spillage and contamination by Environmental Protection Agency (EPA) to prevent the damage to the environment is also a considerable factor in boosting the market growth in the forecast period.

On the basis of product type, the industrial gaskets market is segmented into the soft gasket, ring joint gasket, jacketed gasket, spiral wound gasket, kammprofile gasket, corrugated gasket, and others (compressed fiber asbestos and O-rings). Soft gaskets within the product type are the most preferred and dominant product used in the various end-use industries. Moreover, such gaskets offer the low-cost advantage as compared to the other gaskets. Furthermore, these gaskets can be used under extreme pressure and temperature in various end-use industries.

Based on the material type, the market is fragmented into metallic, non-metallic, and semi-metallic. Semi-metallic within the material segment is estimated to dominate the market in the upcoming years. These gaskets are used by the various end-user industries and they provide enhanced tightness with the low load as compared to another type of gaskets. Moreover, non-metallic within the material type is projected to grow at the highest rate in terms of revenue during the forecast timeframe

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On the basis of end-user, the market is fragmented into chemical processing, industrial machinery, power generation, pulp & paper, food & pharmaceuticals, refineries, and others (wastewater treatment and textiles). Refineries within the end-user segment are anticipated to account for the largest market share in the forthcoming years. Rising demand and requirement of the sealing products in order to avoid the leakages and spilling of the toxins and hazardous chemicals into the environment is the strong factor influencing the growth of the refineries segment within the end-user industry.

Based on the geography, North America accounted for a major market share in 2017. The trend is anticipated to continue during the upcoming years. Rising demand for industrial gaskets from the chemical processing, power generation, and refineries sectors is estimated to propel the market growth. Moreover, Asia Pacific is attributed to register the fastest growth in the market. The growth in this region is accredited to the rising demand for power production in order to meet the increasing demand for power.

Some of the key players operating in the industrial gaskets market are Hennig Gasket & Seals, Inc., Teadit, Klinger Limited, Denver Rubber Company, Garlock Sealing Technologies, W. L. Gore & Associates, Inc., Flexitallic, Lamons, Spira Power, James Walker, and Spitmaan, among others.

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This report segments the global industrial gaskets market as follows:

Global Industrial Gaskets Market: Product Type Segment Analysis

Spiral Wound Gasket
Soft Gasket
Kammprofile Gasket
Ring Joint Gasket
Corrugated Gasket
Jacketed Gasket
Others (compressed fiber asbestos and O-rings)
Global Industrial Gaskets Market: Material Segment Analysis

Semi-Metallic
Non-Metallic
Metallic
Global Industrial Gaskets Market: End-user Segment Analysis

Power Generation
Refineries
Chemical Processing
Pulp & Paper
Industrial Machinery
Food & Pharmaceuticals
Others (wastewater treatment and textiles)

Global Industrial Gaskets Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa