The new report by Expert Market Research titled, ‘India Industrial Gaskets Market Share, Size, Price, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the India Industrial Gaskets Market, assessing the market based on its segments like material type, product type and end-use.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028):
- Forecast CAGR (2023-2028): 6%
Increased demand across industrial sectors is driving the Indian industrial gaskets industry (refineries, automotive, power generation and other industries). Government regulations aimed at preventing leakage, degradation, and environmental harm as a result of unintentional emissions are propelling the India Industrial Gaskets Market forward.
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The physical properties of these gaskets, which allow them to withstand a wide range of temperatures, pressures, stresses, pH levels, rusting, and corrosion, among other things, are propelling the market forward.
India Industrial Gaskets Industry Definition and Major Segments
A gasket is a mechanical seal that is used to fill the gap between two or more mating surfaces. It is used to avoid leakage from the joined objects while they are under compression. Cutting is a popular method of producing it from sheet materials. Gaskets are usually made of flat materials such as rubber, silicone, metal, rubber, fiberglass, and others.
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On the basis of material type, the industry is divided into:
By product type, the industry is segmented into:
- Spiral Wound
- Ring Joint
Based on end-use, the industry is categorised into:
- Power Generation
- Chemical Processing
- Industrial Machinery
- Pulp and Paper
India Industrial Gaskets Market Trends
India’s industrial gasket industry is being driven by the country’s growing power generation to meet rising power demand. Furthermore, the Indian manufacturing sector’s positive business conditions are boosting the country’s market growth.
Furthermore, the Make in India initiative is assisting India in becoming a hi-tech manufacturing hub, as many global giants have either established or are in the process of establishing manufacturing plants in India, owing to the country’s growing population and rising buying power. This is expected to help industrial gaskets rise in popularity. In addition, the Indian government is taking several steps to foster a healthy atmosphere for the country’s manufacturing sector, which is expected to improve the industrial gasket industry.
Key Market Players
The major players in the market are IGP Group, Goodrich Gasket Private Limited, Starflex Co., LTD, Crown Gaskets Pvt. Ltd, Sealmax, Champion Seals India Pvt Ltd, Inseal International Pvt. Limited, Jay Gaskets Pvt. Ltd, Asian Sealing Products Private Limited, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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