Oil And Gas Gaskets Market Estimated To Expand At A Robust CAGR Over 2031

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.

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

“Development of unique materials to produce gaskets with superior characteristics that can withstand high temperature and pressure will unlock lucrative prospects for the manufacturers” says the Fact.MR analyst

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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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Report Benefits & Key Questions Answered

• Oil and Gas Gaskets Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• Oil and Gas Gaskets Market Historical volume analysis: The report provides a comparison of Canned Cocktails Market historical sales and projected sales performance for 2021-2031.
• Oil and Gas Gaskets Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Solid State Battery Market It carefully gauges the impact of changing healthcare needs of key demographics globally
• Oil and Gas Gaskets Market Consumption by demographics: The report investigates consumer behavior affecting Solid State Battery Market demand outlook for the assessment period. Effect of their keenness for digital trends onOil and Gas Gaskets Market is  carefully analyzed
• Post COVID consumer spending onOil and Gas Gaskets Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Oil and Gas Gaskets Market growth.

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