Oil and Gas Gasket Market
Oil and Gas Gasket Market Study by Spiral Wound, Soft, Kammoprofile, Ring Joint, Corrugated, and Jacketed in Piping, Diesel Generators, and Heat Exchangers From 2024 to 2034
Analysis of Oil and Gas Gasket Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Oil and Gas Gasket Market Outlook (2024 to 2034)
The global oil and gas gasket market is currently valued at US$ 1.3 billion in 2024 and is forecasted to expand at a CAGR of 2.8% to reach US$ 1.71 billion by 2034.
Sales of oil and gas gaskets are rising due to the growth in environment-friendly natural gas consumption. The number of new projects in the oil and gas gasket market provides manufacturers with new opportunities. As more refineries are built worldwide, sealing solutions demand also rise as seals are crucial for managing fluid and gas leakage.
The number of Brownfield and Greenfield pipeline projects is rising at a noteworthy pace globally. Oil and natural gas extraction is growing, and more oil and gas are being stored and transported because of rising prices and increased interregional trade. Moreover, the oil and gas industry uses more gaskets, subsequently driving oil and gas gaskets market growth during the forecasted period.
Innovative seals, such as Trelleborg's XploR S-Seal and XploR FS-Seal, are developed by top oil and gas gasket manufacturers with an emphasis on high pressure, high temperature, and quick gas decompression applications. Global crude oil output is evaluated to increase, with OPEC a projected average of 27.2 million barrels per day in 2021, up from 25.6 million barrels per day in 2020, according to the US Energy Information Administration.
OPEC and its allies declared on January 5th, 2021, that they continue to boost output by 500,000 barrels per day. The deal also stipulates that by February and March, Russia and Kazakhstan must enhance their production, leading to an increasing oil and gas gasket market size.
Report Attribute | Detail |
---|---|
Oil and Gas Gasket Market Size (2024E) | US$ 1.3 Billion |
Forecasted Market Value (2034F) | US$ 1.71 Billion |
Global Market Growth Rate (2024 to 2034) | 2.8% CAGR |
East Asia Market Value (2034F) | US$ 480.5 Million |
North America Market Share (2034F) | 22.9% |
Piping Segment Value (2034F) | US$ 729.3 Million |
Mexico Market Value (2034F) | US$ 26.7 Million |
Key Companies Profiled | ElringKlinger AG; Trelleborg Sealing Solutions; Cooper Standard.; Dana Limited; Flowserve Corporation; Smiths Group Plc; SKF; Freudenberg Sealing Technologies GmbH & Co. KG; Garlock Sealing Technologies; Bruss Sealing System GmbH.; Crown Gaskets Pvt. Ltd. |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
What is Improving the Sales Outlook for Oil and Gas Gasket Manufacturers?
“Expanding Global Automation Industry Stimulating Market Growth”
The need for gaskets has increased due to rising global car production and the expansion of the automotive aftermarket, which are the main drivers propelling the market's growth. The need for gaskets in several vital automotive components, including engines, gearboxes, and exhaust systems, is projected to increase, which will significantly propel the worldwide market. The automobile industry's ongoing technological improvements drive the need for innovative gasket materials. The worldwide gasket market offers manufacturers significant prospects to satisfy the changing needs of several sectors.
Equipment uptime needs to be maximized in the oil and gas industry due to its challenging operating environment and high operational efficiency. Controlling the leaking of potentially hazardous petrochemical compounds in valves is given top priority by the industry. Pipeline and heat exchanger gasket demand is forecasted to be driven by growing chemical processing and oil and gas exploration operations. Since they aid in preventing leaks of any liquid or gas processing, gaskets and seals are crucial to the industry's equipment's efficient operation and help fuel the industry's expanding income.
“Several Countries Around the World Working on Expanding Pipelines to Transport Oil and Gas”
The downstream pipeline is a network of high-pressure large steel pipes that carry petroleum products from refineries to states or countries. Pipeline construction activities have been increasing in regions including North America, with a growing focus on shale gas in the United States.
According to the International Energy Agency (EIA), the United States has 3 million miles of pipes. China also has plans to double its pipeline infrastructure in the next seven years. The expansion of pipeline infrastructure is due to growing energy demand and policies leading to a shift to cleaner energy sources. This will drive the demand for LNG and gas imports.
Russia is also expanding its pipeline infrastructure, as the country is currently exporting 200 bcm. Gazprom has 35% of the gas market in Europe and expects to increase its share due to declining European oil & gas production and the competitive cost of piped gas. Thereby, gaskets are used in pipelines as mechanical seals, which fill the space between two mating surfaces and prevent leakage from joined objects under compression.
“Requirement for Oil and Gas is Evident for Satisfying Energy Consumption”
According to the BP Statistical Review of World Energy, the 13 Middle East countries had 12,150 mbd of total refining capacity in 2021. These countries are planning to increase their crude oil distillation and upgrade the capacity of their refineries.
Increasing gasoline production is of utmost importance for some countries while exporting gasoline needs new capacity units. Countries including Oman are planning to export 230,000 BPD from Duqum. Abu Dhabi National Oil Company (ADNOC) is planning to increase the refining capacity of two large refining units from 837,000 BPD to 1.4 million BPD.
Saudi Arabia and Kuwait have built up extensive overseas refining assets. Most of the existing and proposed refineries are in Asia, where the demand for refined products and petrochemicals is growing. Companies such as Saudi Aramco have access through outright ownership or a joint venture to 0.2 mn BPD of distillation capacity in Japan, South Korea, China, and the United States. They intend to acquire 0.6mn Bpd in planned refineries in Malaysia, Indonesia, and India. 75% of new capacity addition is more than 300,000 BPD, which national oil companies finance.
These refineries severely affect the competitiveness of several regions. Thus, with the increase in refinery capacity and newly planned refinery, the demand for oil and gas gaskets is increasing, as petrochemical enterprises, such as refineries, for applications such as channeling frameworks, joint associations, and others extensively utilize gaskets.
What is a Big Challenge in Front of Oil and Gas Gasket Manufacturers?
"High Dependence on Middle East Hindering Potential Growth Hike"
The world's top oil producers are looking for new customers now that the United States is no longer their core market. The country has finished almost 20,000 new shale wells in the last four years. As a result, American oil production has increased.
However, supply and demand fundamentals will not be altering just in the United States. For instance, even if the Middle East satisfies its present demands, there is increasing demand for gas and oil.
Several new and re-emerging significant suppliers alter the dynamics of the oil and gas markets, which parallelly affect the gasket markets. The power struggle between established and up-and-coming oil suppliers is fueled by these shifting market dynamics, which significantly influence the oil and gas gasket market growth.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Country-wise Analysis
Oil and Gas are something whose usage is around the world, and as a result, the market is growing worldwide. Some of the prominent countries include the United States, China, Canada, Mexico, and South Korea. The United States market is forecasted to hold a strong oil and gas gasket market share in the North American region.
What is Becoming a Major Trend of Growth in the United States?
“Close Connections of the United States With Middle Eastern Countries Opening Doors for More Manufacturers”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 251.6 Million |
Growth Rate (2024 to 2034) | 1.9% CAGR |
Projected Value (2034F) | US$ 302.6 Million |
The growing need for energy and infrastructure development is propelling the oil and gas gasket market in the US to considerable expansion. The improvement of ties between the United States and Middle Eastern countries is a significant development that makes it simpler to obtain resources and technology.
Because of this partnership, manufacturers effectively get high-quality gaskets and components, thereby increasing their manufacturing capacity. Furthermore, the need for sustainable energy solutions is driving material advances in gaskets, which is driving market expansion. These elements work together to support the market growth in the United States.
Why is China Becoming a Leader in the East Asia Region?
“Expanding Export Sector and Escalating Consumption to Satisfy Large Population”
Attribute | China |
---|---|
Market Value (2024E) | US$ 204.7 Million |
Growth Rate (2024 to 2034) | 3.5% CAGR |
Projected Value (2034F) | US$ 287.8 Million |
China's strong export industry and rising domestic demand are making it a leader in the East Asia area for oil and gas gaskets. Due to the large population and rising energy and infrastructural demands, there is a growing need for premium gaskets across a range of applications.
China is becoming a more competitive competitor in the regional market because of its investments in cutting-edge manufacturing technology, which increases production efficiency and product quality. Growth is further stimulated by government assistance for the oil and gas sector. As a result, China is positioned as a major leader in this industry because of its strategic focus on increasing exports and satisfying domestic demand.
Category-wise Analysis
The market for oil and gas gaskets is segmented based on several applications and employment of products. Some of the key applications include piping, diesel generators, heat exchanges, and several others.
Which Application of Oil and Gas Gaskets is More Popular?
“Surging Use of Oil and Gas Gaskets in Piping Equipment Bringing Prospects for Manufacturers”
Attribute | Piping |
---|---|
Segment Value (2024E) | US$ 571.5 Million |
Growth Rate (2024 to 2034) | 2.5% CAGR |
Projected Value (2034F) | US$ 729.3 Million |
The application of oil and gas gaskets in piping equipment is widely popular and is significantly creating prospects for manufacturers. With the increasing number of Brownfield and Greenfield pipeline projects worldwide, the demand for gaskets in piping systems has witnessed a substantial surge.
The downstream pipeline infrastructure, which is crucial for transporting petroleum products from refineries to several regions, relies heavily on gaskets for effective sealing solutions. As a result, the robust expansion of pipeline infrastructure, particularly in North America and China, has created a substantial market for oil and gas gaskets in the piping segment, which is becoming a new oil and gas gasket market trend.
Which End Use of Oil and Gas Gasket is More Rewarding for Companies?
“Downstream Oil and Gas Gaskets are More Frequently Used Compared to Upstream Components”
Attribute | Downstream |
---|---|
Segment Value (2024E) | US$ 878.8 Million |
Growth Rate (2024 to 2034) | 2.2% CAGR |
Projected Value (2034F) | US$ 1.09 Billion |
In the oil and gas industry, downstream operations, including refining and distribution, prominently utilize oil and gas gaskets compared to upstream components such as extraction and production facilities. Downstream operations involve the processing and transportation of refined petroleum products, which require a wide range of sealing solutions for several equipment and machinery, including valves, heat exchangers, and pipelines.
The demand for gaskets is particularly high in downstream pipeline infrastructure, where they are essential for maintaining the integrity of the high-pressure systems and ensuring leak-free transportation of petroleum products.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Market Condition
Key players in the oil and gas gasket market are focusing on expanding their customer base by including products such as oil and gas pumps.
- The Flexitallic Group expanded its worldwide footprint in 2022 when it acquired Novus Sealing Pty Ltd, an Australian firm. Through this purchase, the business could be able to leverage Novus Sealing Pty Ltd's skills to enhance its gasket offerings.
- The American corporation Exxon Mobil purchased Denbury Inc. in 2023. Denbury Inc. was a well-known provider of improved oil recovery and carbon capture, utilization, and storage technologies.
- Aiming to save operational expenses and methane emissions by up to 95%, American manufacturer John Crane announced gas seal technology for centrifugal compressors in 2023.
Fact.MR provides detailed information about the price points of key manufacturers of oil and gas gaskets positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.
Segmentation of Oil and Gas Gasket Market Research
-
By Product Type :
- Spiral Wound
- Soft
- Kammoprofile
- Ring Joint
- Jacketed
- Others
-
By Material :
- Metallic
- Semi-Metallic
- Non-Metallic
-
By Application :
- Piping
- Diesel Generators
- Heat Exchangers
- Others
-
By End Use :
- Upstream
- Downstream
- Midstream
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
How big is the size of the oil and gas gasket market in 2024?
The global market for oil and gas gaskets is evaluated at US$ 1.3 billion in 2024.
What is the demand forecast for oil and gas gaskets for 2034?
Worldwide demand for oil and gas gaskets is forecasted to reach a market value of US$ 1.71 billion by 2034.
At what CAGR is the demand for oil and gas gaskets projected to accelerate?
The global market for oil and gas gaskets is evaluated to expand at a CAGR of 2.8% from 2024 to 2034.
What is the contribution of North America to global market revenue?
North America is projected to account for a 22.9% share of the global market by 2034-end.
What is the approximate growth rate of oil and gas gaskets in Japan?
Demand for oil and gas gaskets in Japan is projected to increase at a CAGR of 2.1% from 2024 to 2034.
How much share of the global market is evaluated to be held by the piping segment?
The piping segment is analyzed to account for a 42.5% share of global market revenue by 2034-end.
Who are the prominent manufacturers of oil and gas gaskets?
Key players in this market are ElringKlinger AG, Trelleborg Sealing Solutions, and Cooper Standard.