Seattle, Sept. 10, 2018 (GLOBE NEWSWIRE) -- The global high temperature gasket materials market was valued at US$ 18.9 billion in 2017 and is projected to exhibit a CAGR of 6.3% over the forecast period (2018–2026).
Key Trends and Analysis of the High Temperature Gasket Materials Market:
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. According to the European Commission, number of electrical and electronic equipment for sale was 9.3 million tons in 2014, which increased to 9.8 million tons in 2015 in Europe.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 6.3% during the forecast period (2018–2025), and this is attributed to increasing demand for high temperature gasket materials from power generation and transportation sector worldwide.
- Asia Pacific accounted for the largest market share of 48.2% in 2017 and is projected to remain largest throughout the forecast period.
- This is attributed to increasing demand for high temperature gasket materials from petrochemical and oil & gas sector. According to India Brand Equity Foundation (IBEF), consumption of petroleum products in India was 194.59 Million Metric Tons in FY-2017, which increased by 5.31% to 204.99 Million Metric Tons in FY-2017-2018.
- Increasing demand form automobiles sector is major driver to the high temperature gasket materials market in Asia Pacific. According to the International Trade Association, China was the world’s largest automobiles market with sales of 28 million units in 2016 and year-on-year growth of 9% from 2015. Moreover, according to the Chinese Central Government, automobile output in China is expected to reach 30 million units and 35 million by 2020 and 2025 respectively.
- Key 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 – Przemysłowe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited, and Permatex, Inc.
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