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.
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.
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Key findings of the Oil and Gas Gaskets market study:
- Regional breakdown of the Oil and Gas Gaskets market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Oil and Gas Gaskets vendors in detail.
- Region-wise and country-wise fragmentation of the Oil and Gas Gaskets market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Oil and Gas Gaskets market.
On the basis of material type, the Oil and Gas Gaskets market study consists of:
- Non-metallic
- Metallic
- Composite
On the basis of application, the Oil and Gas Gaskets market study incorporates:
- Flange Joints and Connections
- Piping
- Pressure Vessels
- Diesel Generators
- Heat Exchangers
- Valves
- Manifold, Wellhead & Christmas Tree
- Others
On the basis of region, the Oil and Gas Gaskets market study contains:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordics)
- Eastern Europe (Russia, Poland, CIS)
- Asia-Pacific (China, India, ASEAN, South Korea)
- Japan
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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Key players analyzed in the Oil and Gas Gaskets market study:
- GARLOCK FAMILY OF COMPANIES
- Grupo Industrial Kempchen Comdiflex S.A.
- Henry Gallacher Ltd.
- Karmsund Maritime Offshore Supply AS
Queries addressed in the Oil and Gas Gaskets market report:
- How has the global Oil and Gas Gaskets market grown over the historic period of 2014-2018?
- Why are the Oil and Gas Gaskets market players targeting region for increased product sales?
- What patented technologies are the players utilizing in the global Oil and Gas Gaskets market?
- Which regions are displaying the fastest growth in the Oil and Gas Gaskets market?
- What are the underlying micro- macroeconomic factors affecting the global Oil and Gas Gaskets market?
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