Mar 27, 2020
Expansion of Refinery Capacity is foreseen to Strengthen Demand for Oil & Gas Gaskets, Concludes Fact.MR
by Team Fact.MR
From a dip in 2015, investments in oil refinery have remained high, reflecting a wave of positive investment decisions in the recent years. Around 70% of the investment in refineries in 2019 were done in Asia and Middle East. The refining capacity by 2023 is projected to be 17,882 million barrels of oil per day and 158 new refineries are planned to start operations between 2019 and 2029. China is the global leader in terms of refining capacity, fueled by the industrial growth and spiraling demand from the transportation sector.
The capacity expansion program is powering China crude imports and transforming the country to become a strong competitor for exports of petroleum products. Middle East countries are planning to increase their crude oil distillation and capacity of the refineries. The oil & gas gaskets are majorly utilized in refineries for piping and pressure vessel applications. Thus, with the rapid expansion in refineries, the global oil & gas gaskets market is anticipated to receive impetus.
Furthermore, the need to improve efficiency of engineering equipment is boosting the global market for oil & gas gaskets. Customization in product offerings is foreseen to provide lucrative opportunities in global oil & gas gaskets market, reveals Fact.MR.
Key Takeaways of Global Oil & Gas Gaskets Market
- Spiral wound gaskets are projected to expand 1.3X as compared to 2019, and account for around 64% of the overall value opportunity in the global market by 2029 end.
- The downstream segment is expected to create an absolute dollar opportunity around US$ 239 Mn during the forecast period
- East Asia will remain the prominent region across the projection period, accounting for more than 27% share of the global market, as the countries in this region are increasing their pipeline infrastructure
- Piping accounts for nearly three-fifth of the overall oil & gas gaskets market value by the end of the forecast duration
- Demand for metallic is projected to expand 2.9 times as compared semi-metallic by 2029 end
“Development of unique materials to produce gaskets with superior characteristics that can withstand high temperature and pressure will unlock lucrative prospects for the manufacturers” says the Fact.MR analyst
Manufacturers Focusing on Regional Expansion
The report reveals some of the prominent market players, including Flexitallic Group, Klinger Limited, LGC US Asset Holdings, Donit Tesnit, Garlock Sealing Technologies, Freudenberg Oil & Gas Technologies, Teadit Group, Leader Gaskets Technologies, Phelps Industrial Products, James Walker, Macro Rubber and Plastic and others. Prominent manufacturers are focusing on expansion to strengthen their global presence. For instance,
- In 2018, Garlock opened a new office named Garlock & Technetics Group in Suzhou, China. With this expansion, the company strives to build a better relationship with Chinese customers in the fields of energy, steel, chemical, and pulp & paper
- In 2018, Klinger established a new branch in Cape Town (South Africa). This new branch structure enhances the sales of particular products like Fluid Control, Fluid Sealing, and Furmanite.
Find More Valuable Insights on Oil & Gas Gaskets Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global oil & gas gaskets market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the oil & gas gaskets market based on product (spiral wound gaskets, soft gaskets, kammoprofile gaskets, ring joint gaskets, corrugated gaskets, jacketed gaskets and others), material (metallic, semi-metallic and non-metallic), application (piping, pressure vessels, diesel generators, heat exchangers, valves, manifold, wellhead,, & christmas tree, and others), end use (upstream, midstream and downstream) across six major regions.
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About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.