"One of the primary growth drivers for this market is the growth in global oil and gas and petrochemical refineries," says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the advanced fiber-based gasket market size to grow by USD 227.63 million during the period 2021-2025.
Advanced Fiber-based Gasket Market Segment Highlights for 2020
- The advanced fiber-based gasket market is expected to post a year-over-year growth rate of 3.95%.
- Based on the application, the chemicals segment saw maximum growth in 2020. Factors such as growth in global oil and gas and petrochemical refineries drive the growth of the segment.
- The market growth of the segment will be significant during the forecast period.
- Regional Analysis
- 43% of the growth will originate from the APAC region.
- The growing industrialization in APAC is one of the key factors that is expected to drive the market during the forecast period.
- China, Japan, and South Korea (Republic of Korea) are the key markets for advanced fiber-based gaskets in APAC.
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Notes:
- The advanced fiber-based gasket market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The advanced fiber-based gasket market is segmented by application (Chemicals, Industrial machinery, Electrical and electronics, and Others) and geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Dana Inc., EIS Inc., ElringKlinger AG, EnPro Industries Inc., Flexitallic Group, Freudenberg SE, James Walker Group Ltd., Kaman Corp., Parker Hannifin Corp., and Phelps Industrial Products LLC
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