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Compression Packing Market Trends

Report ID: GMI6146
Published Date: Jul 2023
Report Format: PDF

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Compression packing Market Trends

Industries such as oil and gas, chemical processing, and power generation require compression packing that can withstand extreme temperatures and pressures. There is a rising demand for packing materials and solutions that offer enhanced performance under challenging operating conditions. Industries are placing greater emphasis on minimizing emissions and leakages to comply with environmental regulations and reduce operational costs. compression packing manufacturers are developing innovative solutions with low-emission materials and improved sealing technologies to address these concerns.

Rapid industrialization and infrastructure development in emerging economies are driving the demand for compression packing. Manufacturers are expanding their presence in these regions to cater to the increasing requirements of industries such as manufacturing, construction, and energy. There is a growing preference for compression packing that minimizes friction and wear, leading to reduced energy consumption and longer equipment life. Thus, the growing usage of compression packing is expected to expedite the compression packing market growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of compression packing was worth over USD 850 million in 2022 and is poised to reach USD 1.4 billion by 2032 driven by the high demand from industries, including oil and gas, chemical processing, power generation, pharmaceuticals, food and beverage, and pulp and paper.

The graphite material segment generated USD 240 million in 2022 and is set to expand at notable CAGR from 2023 to 2032 owing to widespread application in refineries, petrochemical plants, and power generation facilities.

U.S. compression packing market size reached USD 320 million in 2022 and is projected to witness substantial growth through 2032 attributed to the strong presence of oil and gas industry, including exploration, production, refining, and distribution activities.

Chesterton, Garlock, John Crane, Flexitallic, Lamons, Teadit, and KLINGER Group, are some of the top enterprises engaged in the compression packing market.