Gaskets manufactured from high temperature materials are designed for applications involving, exhaust, combustible fluids, flame, and elevated temperatures. High temperature materials such as graphite, fluorosilicone, polytetrafluoroethylene, and fiberglass provide high reliability seals at high temperatures where traditional gasket materials are ineffective. These materials are used in gaskets for handling temperatures from 350°F to 2300°F.
High temperature gasket materials are utilized in chemical & petrochemical refineries, industrial fluid sealing, steam service, thermal, electronic & electrochemical applications, medical & food production, industrial processes, foundries, heat exchangers, and others. Such wide variety of applications of high temperature gasket materials is driving growth of the global of high temperature gasket materials market.
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Furthermore, significant growth in industries such as oil & gas, transportation, electrical, and electronics, which requires gasket materials that are resistant to high temperatures and pressures is driving growth of this market. For instance, according to the India Brand Equity Foundation (IBEF), Government of India, electronics market in India is expected to grow at a compound annual growth rate of 24.4% between 2012 and 2020.
The global high temperature gasket materials market was valued at US$ 18.9 billion in 2017 and is anticipated to register a CAGR of 6.3% in terms of revenue, over the forecast period (2017 – 2025), to reach US$ 30.2 billion by 2025.
Asia Pacific held highest market share of 48.2% in 2017, owing to significant growth in industrial sectors such as chemical & petrochemical industry and power generation. According to International Energy Association, total electricity production in China in 2012 was 4,937 TWh which increased to 5,920 TWh in 2016.
Asia Pacific has easy availability of materials such as graphite and silicon among others, which are required for the production of high temperature gasket materials. According to the U.S. Geological Survey, China accounted for 65% of graphite mining and 35% of consumption worldwide, in 2017. Furthermore, India was the world’s second-largest producer of graphite in 2017, according to the U.S. Geological Survey.
High temperature gasket materials market in North America is growing at significant pace during the forecast period. Moreover, the U.S. held dominant position in the high temperature gasket materials market in North America in 2017. This is owing to significant demand for these materials from the transportation industry. According to the U.S. census Bureau, sales of car and car parts reached US$ 1 trillion in 2014 and increased by 6.5% as compared to 2013.
Europe accounted for a significant market share in the global high temperature gasket materials market. Germany, France, and the U.K. were the major contributors to the demand for high temperature gasket materials in chemical processing industries. According to the European Chemical Industry Council (Cefic), total chemical sales in Europe in 2016 was US$ 694 billion in 2016 and was the second largest market in 2016. The report further stated that the total value of chemical sales in Europe is witnessing a significant growth. Such growth in the chemical sector is fuelling demand for high temperature gasket materials in Europe.
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Key players operating in the global high temperature gasket materials market are adopting various growth strategies such as mergers and acquisitions to expand its business. For instance, in August 2018, Lydall, Inc. announced its plans to acquire Interface Performance Materials, a manufacturer of gaskets and specialty chemicals for $265 million to expand its product portfolio.
Major players operating in the global high temperature gasket materials market include, Auburn Manufacturing, Inc., TEADIT International Produktions GmbH, Flexitallic Group, Inc., Atlantic Gasket Corporation, San Diego Seal, Inc., Garlock Sealing Technologies, Spetech Sp. z o.o. Uszczelnienia Techniczne – Przemys?owe, 3M Company, Advanced Sealing Inc., Hoosier Gasket Corporation, British Gasket Limited, Klinger Limited and Permatex, Inc.
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