Press release
Global Industrial Seals Market Size to Grow at a CAGR of 5.5% in the Forecast Period of 2022-2027
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 5.5%
Industrial seals are vital in the cheese manufacturing process to increase the efficiency in order to meet the growing demand. Hence, the food and beverage industry is thriving due to the increasing population and increasing sale of premium packaged cheese products.
Meanwhile, the increasing application of the product in the aerospace industry to manufacture strong and efficient aircrafts and various other aerospace components, is propelling the demand for rubber sealants. The increasing inclination of aerospace component manufacturers towards using sealants with greater thermal insulation and proper protection, is also likely to accelerate the global industrial seals market in the forecast period.
Over the coming years, the growing expansion of construction sector, attributable to the rapid urbanisation, rising residential population, and increasing infrastructural standards across the emerging economies is likely to generate a significant demand for the product.
Moreover, industrial seals offer protection against leakage of harmful chemicals and water. In this regard, the changing preference of building contractors, towards using construction components which augment safety, are anticipated to accelerate the market growth in the forecast period.
In terms of region, the Asia Pacific region accounts for a significant share in the market. The rapid advancements in the semi-urban and rural areas across the emerging economies such as India and China are driving the industrial seals market in the region. In addition, the robust industrialisation and flourishing end-use industries are further bolstering the market growth.
Industrial Seals Industry Definition and Major Segments
Industrial seal is defined as an industrial component which prevents contamination between the surface of two materials. It is also used to block leakage and can be applied to both static and dynamic surfaces. This product is resistant to high and low temperature, which makes it a reliable component in various technical applications across numerous end-use industries.
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Based on type, the market can be segmented into:
• Axial Seals
• Radial Seals
• Mechanical Seals
The market can be broadly categorised based on material into:
• Fibre
• Fluorosilicone
• PTFE
• Rubber
• Others
The significant end-uses of the product include:
• Mining
• Food and Beverage
• Oil and Gas
• Energy and Power
• Aerospace
• Marine
• Construction
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Industrial Seals Market Trends
The key trends in the global industrial seals market include the steady growth attained by the e-retail industry, which is boosting the demand for industrial seals for effective packaging and efficient transportation to overcome the supply chain disruptions.
Meanwhile, the technological advancements in the automotive industry are the crucial trends in the market. Heavy duty seals and high-pressure seals have versatile uses in the automobiles. In this regard, the upgradation of features of electric vehicles are further fuelling the demand for industrial seals.
Moreover, industrial seals are also utilised in farms for the protection of tools against UV rays and unfavourable weather conditions. Therefore, the growing induction of high-end agricultural devices and equipment require greater protection which is fulfilled by industrial seals. This trend is likely to provide further impetus to the industrial seals market in the forecast period.
Mechanical seals are witnessing a heightened utilisation in the textile manufacturing industry which is an important trend in the market. The increasing inclination of the young population towards innovative clothing to keep up with the changing fashion trends are likely to generate a high demand for the seals in the textile manufacturing process.
The market is also anticipated to be aided by the growing research and development activities by the major aerospace manufacturers aimed towards innovating aircraft models which will in turn bolster the demand for industrial seals in the coming years.
Key Market Players
The major players in the industrial seals market report are:
• Flowserve Corporation
• Trelleborg Sealing Solutions Germany GmbH
• SSP Manufacturing Inc
• Specialized Engineering Against Leakage GmbH
• Ergoseal, Inc
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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