Graphite Packing Market Packing Type

The refineries segment accounted for nearly one-thirds of the global graphite packing market share in 2021, & is anticipated to retain the lion's share by 2031

PORTLAND, OREGON, UNITED STATES, July 4, 2023/EINPresswire.com/ -- 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.

The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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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.

This makes it important to understand the practical implications of the graphite packing market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.

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 MARKET PLAYERS:

The report provides the SWOT analysis of the key market players Garlock Sealing Technologies, Sunwell Seals, Phelps Industrial Products, Klinger Limited, Sealmax, Mineral Seal Corporation, W. L. Gore and Associates, Cixi Xinsheng Seal Factory. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.

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.

NEED FOR THE REPORT:

The current situation of pandemic makes it very important for the stakeholders in the graphite packing market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.

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.

KEY OFFERINGS OF THE REPORT:

Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.

Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.

Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.

Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.

Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/graphite-packing-market/purchase-options

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