Gaskets manufactured from high temperature materials are designed for applications involving, exhaust, combustible fluids, flame, and elevated temperatures. High temperature materials such as graphite, fluorosilicone, polytetrafluoroethylene, and fiberglass provide high reliability seals at high temperatures where traditional gasket materials are ineffective. These materials are used in gaskets for handling temperatures from 350°F to 2,300°F.
High temperature gasket materials are utilized in chemical & petrochemical refineries, industrial fluid sealing, steam service, thermal, electronic & electrochemical applications, medical & food production, industrial processes, foundries, heat exchangers, and others. Such wide variety of applications of high temperature gasket materials is driving growth of the global of high temperature gasket materials market.
Global high temperature gasket materials market was valued at US$ 23.52 Bn in 2021 in terms of revenue, exhibiting a CAGR of 6.38 % during the forecast period (2022 to 2030).
Drivers
The major factor driving the growth of the high-temperature gasket materials market is the recovery in oil prices, which is also aiding the establishment and expansion of refineries. After witnessing a sharp decline in the oil and gas prices over the past few years, the oil prices have started recovering, which is resulting in fresh investments for facility expansion in the oil and gas industry. Thus, expansion and development in refinery projects are expected to have a positive influence on the market in the coming years.
As the effect of COVID-19 spreads, the overall market has been impacted by COVID-19 and the growth rate has also been impacted in 2019-2020. Market latest research, perspectives, and insights on the management issues that matter most to the companies and organization about the market, which is leading through the COVID-19 crisis to managing risk and digitizing operations to deliver trusted information and experiences to the decision makers.
Figure 1. Global High Temperature Gasket Materials Market Value Share (%), By Region, 2021
Market Restraints
Political uncertainties having a negative impact on the global industrial manufacturing capacity can be viewed as a major factor restraining the growth of the high-temperature gasket materials market. Over the recent years, issues such as trade war and protectionism have dented industrial production globally, particularly in emerging economies. The prospect of the potential slowdown in industrial activities has halted the expansion plans of many product manufacturers. This has impacted the sales of gaskets used in different manufacturing facilities
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 23.52 Bn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 6.38 % | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Companies covered: |
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 – Przemysowe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited and Permatex, Inc. |
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Market Trends
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.
Figure 2. Global High Temperature Gasket Materials Market value Share (%), By Material Type, 2021
Recent Developments
According to the India Brand Equity Foundation (IBEF), Government of India, electronics market in India is expected to grow at a compound annual growth rate of 24.4% between 2021 and 2030.
Competitive Section
Major 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 – Przemysowe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited and Permatex, Inc.
A gasket is utilized for sealing junction between two surfaces in an engine or other devices to prevent leakage. High temperature gaskets are designed using materials such as graphite laminate, ceramic fiber blankets, fluorosilicone, silicone, compressed non-asbestos, PTFE, fiberglass tape & rope, and others to perform in conditions involving elevated temperatures and combustible fluids.
Demand for high temperature gasket materials is growing steadily due to increasing applications of high temperature and pressure resistant gaskets in various industries such as automotive, oil & gas, power generation, and others. According to International Organization of Motor Vehicles Manufacturers, production of motor vehicles in 2021, which increased by 4.5% from 2020. Such increasing production of motor vehicles is expected to fuel growth of the market.
Market Dynamics
Among material type, graphite material segment held dominant position in the high temperature gasket materials market in 2021. This is owing to extensive use of graphite in petrochemical refineries, industrial fluid sealing, electronic & electrochemical, and steam service.
Among region, Asia Pacific accounted for the largest market share in 2021 due to significant demand for high temperature gasket materials from countries such as China, India, South Korea, and Japan. Moreover, growth in various industries such as automotive, electrical, and chemical is also major factor contributing to high demand for these materials in Asia Pacific.
Key features of the study:
Detailed Segmentation:
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