Oil & Gas Gaskets Market to Surpass Billion-dollar Mark by 2029, Notes Fact.MR

DUBLIN 2, Ireland - Sept. 4, 2020 - PRLog -- Market valuation of the oil and gas gaskets market will surpass US$ 1.5 Bn from 2019 to 2029. Uptake in shale gas exploration on the back of new found reserves in the US and Canada will continue to provide gainful opportunities for market players.

Oil gaskets are used in oil refineries for various applications such as channeling frameworks, joint associations, and ribs of pipelines. Hence, as countries across the globe invest in enhancing refinery efficiency, mitigate pressure loss, and prevent leakage, oil & gas gaskets manufacturers will witness an increase in sales.

"Research and development of high-performance products that cater to energy efficiency concerns of oil & gas refineries will present lucrative revenue generation opportunities for market players," says a Fact.MR analyst.

Oil & Gas Gaskets Market- Key Findings

• Spiral wound gaskets hold a majority share of 64% from the overall market value, the segment will grow 1.3X through 2029.
• Downstream gaskets will generate an absolute dollar opportunity of over US$ 239 Mn by the end of 2029.
• East Asia will maintain its hegemony over other regional markets. The region currently accounts for 27% share of the total market value.
• Piping accounts for over 3/5th of the total value of the oil & gas gaskets market.
• As compared to semi-metallic gaskets, the demand for metallic gaskets will multiply 2.9X during the forecast period.

Read Report- https://www.factmr.com/report/3720/oil-and-gas-gaskets-ma...

Oil & Gas Gaskets Market- Key Driving Factors

• Shale exploration in developed countries is a major driver of growth for oil & gas gaskets.
• Consumer adoption of gas fuel contributes significantly to the demand for gas which further results in increased adoption of gas gaskets.
• Surging oil demand from the Asian continent presents financially rewarding opportunities for market players.
• Construction of long distance natural gas pipelines by import dependent countries such as China drives demand for oil & gas gaskets.

Oil & Gas Gaskets Market- Key Restraints

• Prevalence of new energy fuel such as electricity restraints the growth potential for oil & gas gaskets.
• Stringent environment pollution norms that favor the adoption of new energy alternatives also restraints the demand for oil & gas gaskets.

COVID-19 Impact

The pandemic has put a dent in the growth trajectory. Being a major importer of gas, the impact of COVID-19 on China has left manufacturers with a considerable gap in the demand consistency of oil & gas gaskets.

PR Source- https://www.factmr.com/media-release/1424/global-oil-and-...