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Oil & Gas Processing Seals Market Size & Competitive Outlook 2024-2033
Oil & Gas Processing Seals Market Size
According to The Business Research Company's, The oil & gas processing seals market size has grown steadily in recent years. It will grow from $6.36 billion in 2023 to $6.56 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to industry safety regulations, industry focus on asset integrity, environmental concerns in oil & gas operations, expansion of offshore drilling, market shifts in exploration methods..
The oil & gas processing seals market size is expected to see steady growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to oil and gas exploration trends, regulatory changes and compliance requirements, market shift towards efficiency and reliability, global energy demand projections, investments in infrastructure and upstream activities.. Major trends in the forecast period include market shift towards sustainable solutions, rise in offshore drilling activities, growing investments in exploration, focus on asset integrity, demand for enhanced efficiency..
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Market Drivers and Trends:
The increasing crude oil production is expected to boost the growth of the oil and gas processing seals market going forward. Crude oil is a naturally occurring liquid petroleum product made of hydrocarbon deposits and other organic components generated from the remains of animals and plants that were alive millions of years ago. Seals are necessary to safeguard the oil after production and oil tank terminals, securing them against tampering and theft, hence, increasing crude oil production is expected to boost the demand for oil and gas processing seals. For instance, according to a report published by OPEC (Organization of the Petroleum Exporting Countries), a Switzerland-based intergovernmental organization of 13 oil-exporting developing nations, global crude oil output grew by 0.8%, or 0.52 million barrels per day (mb/d), in 2021. Additionally, the production of crude oil by OPEC increased by 0.70 mb/d, or 2.7%, yearly. Therefore increasing crude oil production is driving the growth of the oil and gas processing seals market.
Technological advancements have emerged as the key trend gaining popularity in the oil and gas processing seals market. Major companies operating in the oil and gas processing seals market are developing innovative technologies to strengthen their position in the market. For instance, in December 2021, John Crane, a US-based engineered products and services provider, launched John Crane Sense Turbo. The unique feature of John Crane Sense Turbo is the use of a special set of sensors that are integrated into the dry gas seal of a compressor to provide continuous, real-time insight to identify potential problems and ensure that corrective actions are taken to prolong the seal's useful life. Customers can evaluate the condition of dry gas seals placed in turbomachinery using John Crane Sense Turbo, which uses machine learning, and discover how to improve the dependability and performance of their rotating equipment.
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Major Key Players of the Market:
Freudenberg & Co. KG; Flowserve Corporation; Solenis LLC; Trelleborg AB; Precision Polymer Engineering Limited; M. Barnwell Services Limited; John Crane Group Limited; Parker Hannifin Corporation; Saint-Gobain S.A.; E.I. du Pont de Nemours and Company; Techno Ad Limited; System Seals Inc.; EagleBurgmann Group GmbH & Co. KG; Gamech Seals & Pumps Limited; Leak Proof Engineering Inc.; AMG Sealing Limited; BRUSS Sealing Systems GmbH; Cooper Standard Holdings Inc.; Daetwyler Holding AG; ElringKlinger AG; Dana Holding Corporation; Garlock Family Of Companies; KLINGER Holding GmbH; James Walker Group; Flexitallic Group; Lamons Inc.; Chesterton LLC; KSB SE & Co. KGaA; AESSEAL Plc; SKF Group
Oil & Gas Processing Seals Market 2024 Key Insights:
• The oil & gas processing seals market will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Surging Crude Oil Production Fuels Growth In The Oil And Gas Processing Seals Market
• Technological Advancements In Oil And Gas Processing Seals Market
• Asia-Pacific was the largest region in the oil & gas processing seals market in 2023
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Increase in production of shale gas in developing and developed countries is a major factor driving the growth of the market. New oil and gas exploration activities, coupled with extensive investments in refineries and pipelines is escalating the growth of the global mechanical seals market. Moreover, introduction of new technologies is also a major element boosting the overall growth of the global mechanical seals market.
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