Graphite Packing Market to Garner $661.0 Million, Globally, By 2031 at 5.3% CAGR, Says Allied Market Research
PORTLAND, Ore., Dec. 8, 2022
Increased demand for graphite packing from high temperature applications and valve & pump packing drive the growth of the global graphite packing market.
PORTLAND, Ore., Dec. 8, 2022 /PRNewswire/ --Allied Market Research published a report, titled, "Graphite Packing Market by Packing Type (Flexible Graphite Packing, Reinforced Graphite Packing, Others), by Application (Refineries, Power Plants, Chemical Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global graphite packing industry was estimated at $396.2 million in 2021, and is anticipated to hit $661.0 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
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Determinants of growth-
Increased demand for graphite packing from high temperature applications and valve & pump packing drive the growth of the global graphite packing market. On the other hand, increased export duty on graphite in certain countries impede the growth to some extent. However, several lucrative prospects in the emerging economies have been beneficial for the industry.
- Even if the graphite packing market was impacted negatively during the pandemic, as soon as the global situation settled down, many government environmental agencies also started planning to bring down emissions of VOCs.
- This way, graphite packing has come out as an excellent choice for sealing material for valves and flanges in the chemical process industries, limiting such fugitive emissions.
The reinforced graphite packing segment to rule the roost-
By packing type, the reinforced graphite packing segment held the major share in 2021, accounting for more than half of the global graphite packing market revenue. The same segment would also cite the fastest CAGR of 5.5% during the forecast period. This is attributed to the fact that reinforced graphite packing can be used in valves, pumps, expansion joints, mixers, and agitators in high pressure and temperature. It offers an economic solution for applications above the temperature limit of PTFE packing.
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The refineries segment dominated the market-
By application, the refineries segment accounted for nearly one-thirds of the global graphite packing market share in 2021, and is anticipated to retain the lion's share by 2031. Increased demand for petroleum-based products has led government bodies to set up new oil refining plants, which in turn has fueled the segment growth. Also, rise in demand for gasoline has resulted in the setting up of new oil refineries across the majority of countries to cater to the growing demand. The power plants segment, on the other hand, would showcase the fastest CAGR of 5.6% from 2022 to 2031. This is because power plants require packing that can withstand high temperature and high pressure and graphite packing is one of the best packing materials available to withstand high temperature and pressure.
Asia-Pacific grabbed the lion's share-
By region, Asia-Pacific garnered the highest share in 2021, holding nearly three-fifths of the global graphite packing market revenue. The same region is also expected to showcase the fastest CAGR of 5.6% during the forecast period. Rapid industrialization and urbanization across the region drive the market growth.
Key players in the industry-
- W. L. Gore and Associates
- Sunwell Seals
- Klinger Limited
- Garlock Sealing Technologies
- Mineral Seal Corporation
- Cixi Xinsheng Seal Factory
- Marshall packing
- Phelps Industrial Products
The report analyzes these key players in the global graphite packing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
Want to Access the Statistical Data and Graphs, Key Players' Strategies:
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research