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.
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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.
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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
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Key Segments of the Oil & Gas Gaskets Market
Fact.MR’s study on the oil & gas gaskets market offers information divided into four key segments— product type, material, application, end use and region.
This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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