At 6.3% CAGR, Middle East & Africa Encapsulated Gaskets and Seals Market is Projected to be Worth US$ 92.65 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa encapsulated gaskets and seals market was valued at US$ 56.62 million in 2022 and is projected to reach US$ 92.65 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Soaring growth of the oil & gas industry and increasing demand from chemical industry are among the critical factors attributed to drive the Middle East & Africa encapsulated gaskets and seals market growth.

Encapsulated gaskets and seals are used to seal flanges in pipelines and equipment within the oil & gas industry infrastructure. Gaskets provide a secure and leak-resistant seal between connected flanges, preventing the escape of fluids and gases. In oil & gas wellheads, where pressure and temperature conditions can be extreme, encapsulated gaskets and seals are used to seal critical connections. During the construction and maintenance of pipelines, encapsulated gaskets and seals are used to seal the connections between pipeline segments, as well as in tanks and vessels used for storing and transporting oil and gas.

It is anticipated that natural gas will continue to be the most widely used energy source in the Middle East region, accounting for 53% of the regional energy mix in 2022. The demand is predicted to expand by 1.5% year from 560 billion barrels in 2022 to 855 billion barrels by 2050. This increase is a result of considerable economic development, population trends, rising living standards, and the potential to replace oil products, mostly in the electricity production sector. Countries' plans to take advantage of their substantial natural gas reserves are expected to increase the supply of natural gas and stimulate demand across all industries. These abilities are expected to ensure the long-term profitability of the oil and gas sector in the region while supporting a trend of sustained natural gas demand. Moreover, Africa's demand for natural gas is expected to increase from 165 billion cubic meters in 2022 to 410 billion cubic meters by 2050, or 3.3% annually. The key factors include rapid urban population growth, sustained industrialization, strong economic expansion, and an acceleration in the need for power. Therefore, the tremendous growth of the oil & gas industry propels the encapsulated gaskets and seals market growth.

On the contrary, availability of alternative sealing solutions hampers the growth of Middle East & Africa encapsulated gaskets and seals market.

Based on material, the Middle East & Africa encapsulated gaskets and seals market is segmented into silicon, neoprene, Viton, Teflon, and others. The Viton segment held 40.8% market share in 2022, amassing US$ 23.11 million. It is projected to garner US$ 38.55 million by 2030 to register 6.6% CAGR during 2022-2030.

Based on end use, the Middle East & Africa encapsulated gaskets and seals market is segmented into oil and gas, food, pharmaceutical, chemical, automotive, and others. The oil and gas segment held 35.3% market share in 2022, amassing US$ 19.97 million. It is projected to garner US$ 34.44 million by 2030 to register 7.0% CAGR during 2022-2030.

Based on country, the Middle East & Africa encapsulated gaskets and seals market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 46.0% share of Middle East & Africa encapsulated gaskets and seals market in 2022. It was assessed at US$ 26.07 million in 2022 and is likely to hit US$ 40.16 million by 2030, registering a CAGR of 5.5% during 2022-2030.

Key players operating in the Middle East & Africa encapsulated gaskets and seals market are AS Aston Seals SPA, Gasco Inc, Trelleborg AB, and VH Polymers, among others.

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