Graphite Packing Market With Manufacturing Process and CAGR Forecast by 2033
According to the Market Statsville Group (MSG), the?global Graphite Packing Market ?size is predicted to grow from?USD 448.9 million?in 2022?to?USD 810.1 million by 2033, at a?CAGR of 5.6%?from 2023 to 2033.
The growing demand for valve and pump packing in various industries and the rise in demand for high-temperature packing drive the growth of the graphite packing market. However, the fluctuating price of raw materials may restrain the market growth over the forecast period.
Graphite packing is a highly resistant sealant used in systems with faucets, valves, stuffing boxes, and other machines with watertight mechanical parts. It can be used on both static valve stems and moving joints.?Graphite packing offers high chemical resistance, great lubricity, and excellent thermal conductivity. It is the choice of many industries because it is a reliable, cost-effective, and easy-to-install sealant. Most graphite packing strings are made from large numbers of graphite filaments that are combined by twisting them. The resulting graphite packing string is yarn, then braided to increase its tensile strength and durability. After braiding, manufacturers coat the yarns with agents such as PTFE to further increase their chemical resistance. Lastly, blocking agents are applied to the braided packing to effectively seal the filaments and enhance the packing`s overall seal ability. Graphite packing’s famed resistance to chemicals and extremely high temperatures is widely used in industries that process acids and oils. Its resilience makes it the perfect sealant for the fuel, chemical, and?gas?industries. Refineries can significantly cut down on machinery maintenance costs as graphite packing can last indefinitely and is known to provide excellent protection to valves. It is self-lubricating and almost completely non-abrasive; it is the preferred sealing option for anyone seeking the most effective sealing and protection for their valves.
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COVID-19 Impact on the Global Graphite Packing Market
The global pandemic has affected all businesses extensively at an extraordinary scale across the world since 2020. Due to lockdowns, travel bans, and business closures, the pandemic has impacted several countries' economies and industries. Travel restrictions and social distancing norms imposed by governments worldwide caused severe disruptions in supply chain networks for market sectors. The coronavirus pandemic has had a significant impact on economic activity as well as the loss of human lives. Almost all sectors have suffered as domestic demand and exports have plummeted, with some exceptions where high growth has been observed. The COVID-19 outbreak introduced a complex and difficult industry platform for the?market, as it hindered demand from key end-user industries such as power, refineries, and chemical manufacturing. Furthermore, the graphite packing production facilities were halted due to the global logistics slowdown and workforce shortage.
Global Graphite Packing Market Dynamics
Drivers: Growing Demand for Graphite Packing in Valve and Pump Packing
Valves and pumps are used in numerous industries, including wastewater treatment, oil & gas, and power industries. Reinforced graphite packing used in valves, expansion joints, and agitators in high pressure and temperature. It provides an economical solution for applications above the temperature limit of PTFE packings. It is suitable for static applications. Expanded graphite packings are excellent substitutes for asbestos packings. Graphite packings have the advantage of being easy to install and maintain. Graphite packings can be treated with PTFE to improve their properties by preventing color contamination and increasing stability. Graphite is cost-effective as it is durable and requires low maintenance, likely to propel market demand.
Restraints: Presence of PTFE Packings may Hinder the Graphite Packing Market
Graphite?has useful properties, but its performance is limited due to its "low aspect ratio" and large particle size. Due to their lower coefficient of friction, PTFE packings have a longer shelf life. Multi-yarn packings containing PTFE can be designed to meet FDA requirements for use in edible and pharmaceutical products. Graphite packing can be treated with PTFE to prevent color contamination and improve stability. PTFE packing is more economical because it is durable and requires less maintenance. Furthermore, the process produces many by-products that must be carefully controlled to avoid pollution. Environmental issues can arise from the mining and production of graphite. Although graphite mining dust contains harmful air pollutants, hazardous chemicals used in graphite processing can pollute the environment when released to nearby lands and waters. To prevent this waste, the government has established standards that is expected to hamper the Graphite Packing Market.
Opportunities: Surging Demand for Sustainable Solutions
Graphite packing is used in high-temperature and pressure environments such as paper and pulp mills, refineries, and wastewater treatment facilities. The lubricant is reinforced with Inconel wire or stainless steel to withstand extreme temperatures for static application.?Graphite is often used in industrial applications and is made viable by the expanded graphite material’s ongoing development, including improved quality, content regulation, and oxidation inhibitor quality. Presently, some specialized gaskets and joints contain graphite and can make up for aging and other mechanisms.
Scope of the Global Graphite Packing Market
The study categorizes the graphite packing market based on packing type and application at the regional and global levels.
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By?Packing Type Outlook?(Sales, USD Billion, 2017-2030)
By Application Outlook?(Sales, USD Billion, 2017-2030)
By Region Outlook?(Sales, USD Billion, 2017-2030)
Reinforced graphite packing segment accounts for the largest market share during the forecast period by packing type
Based on the packing type, the market is bifurcated into reinforced graphite packing, flexible graphite packing and others. The reinforced graphite packing is projected to hold the highest share in the market in 2022 as graphite could be reinforced in operating temperatures above 300°C and high-pressure classes above class 900. For instance, four packing rings, including two metallic braided rings at the top and the bottom and two non-braided packings in the middle, can be placed in the packing box instead of three non-braided graphite packing rings. Moreover, it is a flexible substitute for asbestos gaskets in energy-producing machinery and equipment, operating with superheated steam and requiring elevated sealant parameters. Flexible graphite packing is also expected to hold a significant market share as they have low friction and excellent thermal conductivity. It can be used with steam, water, oils, alkalis, acids, solvents, paints, and varnishes on pumps and valves under high temperature and high-pressure environments prevailing in power plants, boiler houses, refineries, steel mills, petrochemical industries, etc.
Asia Pacific?is projected to account for the highest market share by region
Based on the regions, the global Graphite Packing Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.?Asia Pacific is predicted to witness the highest market share due to the growing use of graphite packing in the power and chemical manufacturing industries.??India, Japan, South Korea, and China are the major drivers due to the rich properties of graphite, such as self-lubrication and friction resistance makes it an efficient lubricant. Hence such lubricant is mainly used for heavy?mining ?machinery such as conveyors.?The presence of key regional companies, such as Sealmax and?Shri Rangaa Asbestos Company, focuses?on developing new products and forming partnerships and collaborations to expand their presence. North America is also expected to capture a significant share in the market due to improving economic conditions and industrial developments.
Key Market Players in the Global Graphite Packing Market
The graphite packing market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global graphite packing market are: