Advanced Fiber-based Gasket Market

Advanced Fiber-based Gasket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Advanced Fiber-based Gasket Market - Introduction

The advanced fiber-based gasket market has been expanding significantly owing to the increase in demand to improve the performance of engineering equipment and rise in demand for fiber-based gasket from petrochemical refineries and the oil & gas industry. Additionally, advances in material sciences in the fiber-based gasket and seals industry is expected to drive the market during the forecast period. Vendors are investing significantly in R&D of high-performance materials and coatings for gasket and seals in order to obtain a competitive edge in the market. Manufacturers are using advanced materials such as tungsten carbide and silicon carbide. Tungsten carbide is ideal for high-pressure applications, as it can prevent face distortion. It also possesses high modulus of elasticity. Silicon carbide offers hardness and high abrasion resistance.

Advanced Fiber-based Gasket Market – Competitive Landscape

ElringKlinger AG

Founded in 1879, ElringKlinger AG is headquartered in Dettingen an der Erms, Germany. It operates as an independent development partner and equipment manufacturer. The company is engaged in production and distribution of parts and assemblies used in engines, transmissions, exhaust systems, and vehicle bodies, alongside components for lithium-ion batteries and fuel cells. It is an independent automotive supplier of cylinder-head and specialty gaskets, plastic housing modules, shielding parts for engine, transmission and exhaust tract applications, and exhaust gas purification technology. ElringKlinger AG operates through the following segments: original equipment, aftermarket, engineered plastics, services, and industrial parks.

Freudenberg Group

Incorporated in 1849, Freudenberg Group is based in Weinheim, Germany. It is a global technology group. The company develops leading-edge technologies; and products, solutions, and services for 40 market segments. It offers products and services for various applications including seals, nonwovens, filters, medical products, IT services, vibration control components, specialty chemicals, and the modern cleaning products. The company operates in more than 60 countries across the world.

Parker Hannifin Corp.

Established in 1918, Parker Hannifin Corp. is headquartered in Cleveland, Ohio, the U.S. The company engages in the manufacture of motion and control technologies and systems. It also provides engineered solutions for mobile, industrial, and aerospace markets. It operates through diversified industrial and aerospace systems business segments. Parker Hannifin Corp. operates across the globe. It has major operations in North America, Europe, Asia Pacific, and Latin America.

Tenneco Inc.

Incorporated in 1940, Tenneco Inc. is based in Lake Forest, Illinois, the U.S. The company engages in design, manufacture, and distribution of engineered products for original equipment vehicle manufacturers and repair and replacement markets. It operates through the following segments: North America Ride Performance; North America Clean Air; Europe, South America, and India Ride Performance; Europe, South America, and India Clean Air; Asia Pacific Clean Air; and Asia Pacific Ride Performance. Its brands include Clevite Elastomers, Monroe, Rancho, Axios, Kinetic, Marzocchi, and Fric-Rot for ride control products; and Walker, Fonos, DynoMax, Thrush, and Lukey for emission control products.

Trelleborg AB

Established in 1905, Trelleborg AB is located in Trelleborg, Sweden. It engages in the development of polymer technology system. The company operates through the following segments: Trelleborg Industrial Solutions, Trelleborg Coated Systems, Trelleborg Offshore & Construction, Trelleborg Wheel Systems and Trelleborg Sealing Solutions. It owns and operates production units in countries such as Brazil, Australia, Denmark, Bulgaria, India, France, China, Italy, Malta, the U.S., the U.K., Poland, Switzerland, Sweden, and Mexico.

Other prominent players operating in the advanced fiber-based gasket market include Bal Seal Engineering, Federal-Mogul, Flexitallic Group, Garlock Sealing Technology, Lamons, SKF Group, James Walker, and Dana Holding Corporation.

Advanced Fiber-based Gasket Market – Dynamics

Rise in Demand from Petrochemical Refineries and Oil & Gas Industry

Growth in number of global petrochemical refineries and the oil & gas industry is positively impacting the adoption of advanced fiber-based gaskets. These gaskets are increasingly being used in petrochemical refineries and the oil & gas industry, as they can withstand a wide range of temperatures and have high chemical resistivity. Addition of new refineries and increase in global refinery capacity are further anticipated to boost the global advanced fiber-based gasket market.

Increase in Application of Advanced Fiber-based Gasket in Engineering Equipment

Advanced fiber-based gaskets are used in engineering equipment to improve their performance, as these gaskets reduce the damage to equipment. This increases the service life of the equipment and reduce the overall cost of production. Engineered components and equipment are extensively used in different industries such as food processing, machine tools, chemicals, agricultural, oil and gas and mining.

Day-to-day use of these equipment causes leakage of lubricants, fluids, oils, and other chemicals. This can result in high operational expenses in terms of loss of productivity, material cost, and labor cost. Thus, various industries and business have started adopting advanced fiber-based gaskets in their production processes in order to improve productivity and lower the equipment downtime. As a result, the advanced fiber-based gasket market is likely to expand at a rapid pace in the next few years.