Increase in power generation infrastructure activities and transformation in automotive sector in several developing and developed economies is likely to open lucrative opportunities among the key vendors. The growth in several end using industries for instance oil and gas, generation of electricity, chemical processing and transportation. In addition, Developing economies in various regions for instance Latin America and Asia Pacific have registered increase in power generation activities and this further support growth if the high temperature gaskets in the coming years.
Growing Demand for Maintenance of Oil Field Equipment to Drive Demand for High Temperature Gaskets
Rise in demand for maintenance of oil field equipment’s and recovery of oil expense to drive growth of the global high temperature gaskets in near future. High temperature gaskets are majorly used where the application temperature go above 700C. Selection of materials play significant role in designing high temperature gaskets. Applications with intense heat, high pressures, high temperatures, and saturated steam , and may lead to gasket failure if mistaken material is applied for the gasket design and this further supports growth in the coming years.
Easily availability and suitable temperature for high temperature in several end-user industries are some of the key factor propelling growth of semi material gasket and this further supports growth in near future. On the other hand, high expense associated with the gasket to limit overall growth in the coming years.
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Asia Pacific to Stimulate Rate of Adoption
Based on consumption, Asia Pacific has become major hub for key end user industries for instance metal refining, automotive and chemical processing and this in turn bolster growth in the coming years. Additionally, Asia Pacific account for major share in high temperature gasket on the basis of consumption of high temperature gaskets in the coming years.