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Oil and Gas Industry Sees Major Increase in Demand for Gaskets as Prices Soar

The market for oil and gaskets is anticipated to reach US$ 1,227.3 million in 2022 and then grow at a CAGR of 2.9% to reach US$ 1,640.2 million by the end of 2032. Oil and gasket sales are expected to increase as demand for environmentally friendly natural gas rises. By 2032, the market is anticipated to increase by 1.3 times.

The global oil and gas gaskets market is segmented by type, application, and geography. The type segment includes metallic, film and composite. Metallic gaskets are the most widely used gasket type owing to the simplicity in their design. However, the growing demand for composite-type gaskets with better flexibility and lower weight is anticipated to boost the growth of this segment during the forecast period.

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Key Takeaways from Market Study

  • The global oil and gas gasket market is projected to expand at an impressive CAGR of 2.9% and be valued at US$ 1,640.2 million by 2032.
  • The market witnessed 2.6% CAGR for the period of 2017-2021.
  • Under product type, spiral wound gaskets dominate the market and are estimated to be valued at US$ 766.4 million in 2022.
  • Metallic oil & gas gasket dominated the market with 67.3% share in 2021.
  • Upstream end use is likely to represent 10% market share in 2022.
  • Based on region, East Asia is expected to have a market value of US$ 333.3 Mn in 2022.

Competitive Landscape

The Flexitallic Group acquired Novus Sealing Pty Ltd, an Australian business, in 2022 to broaden its global reach. With the aid of this acquisition, the business might be able to use Novus Sealing Pty Ltd’s skills to enhance its gasket products.

Key Companies Profiled

  • Flexitallic Group
  • Klinger Limited
  • LGC US Asset Holding,LLC
  • Garlock Sealing Technologies
  • Freudenberg Oil & Gas Technologies
  • James Walker
  • Teadit Group
  • Leader Gaskets Technologies.
  • Phelps Industrial Products

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Queries addressed in the Oil and Gas Gaskets market report:

  • How has the global Oil and Gas Gaskets market grown over the historic period of 2014-2018?
  • Why are the Oil and Gas Gaskets market players targeting region for increased product sales?
  • What patented technologies are the players utilizing in the global Oil and Gas Gaskets market?
  • Which regions are displaying the fastest growth in the Oil and Gas Gaskets market?
  • What are the underlying micro- macroeconomic factors affecting the global Oil and Gas Gaskets market?

Regional Analysis For Oil and Gas Gaskets Market

  • APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
  • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
  • North America (USA, Canada and Mexico)
  • South America (Brazil, Chile, Argentina, Rest of South America)
  • MEA (Saudi Arabia, United Arab Emirates, South Africa)

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