NEW YORK, April 16, 2019 /PRNewswire/ --
About this market
The growth in the global oil and gas and petrochemical refineries is one of the critical reasons that will drive the advanced fiber-based gasket market. The increase in investments in oil and gas and petrochemical refining facilities have a positive impact on the adoption of advanced fiber-based gaskets. This is because these gaskets have high chemical resistivity and can withstand a wide range of temperatures. The increase in global refinery capacity resulting from the expansion in existing refinery complexes and the addition of new refineries will further drive the advanced fiber-based gasket market during the forecast period. Analysts have predicted that the advanced fiber-based gasket market will register a CAGR of almost 4% by 2023.
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Market Overview
Adoption of advanced fiber-based gaskets to improve the performance of engineering equipment
One of the growth drivers of the global advanced fiber-based gasket market is the adoption of advanced fiber-based gaskets to improve the performance of engineering. The demand for advanced fiber-based gaskets is expected to increase owing to new equipment and aftermarket sales, which is driven by the need for replacement components for existing metallic gaskets.
The increasing use of adhesives and sealants
One of the challenges in the growth of the global advanced fiber-based gasket market is the increasing use of adhesives and sealants. The growing market for adhesives and sealants, coupled with improvements in sealant technology, is expected to hinder the growth of the global advanced fiber-based gasket market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the advanced fiber-based gasket market during 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented with the presence of several market players. Vendors in the market are investing in R&D of high-performance materials and coatings for gasket and seals, which can help them gain a competitive edge in the market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p05764051/?utm_source=PRN
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