Seals Market is Forecasted to Reach US$ 84.7 billion in 2027, Says Stratview Research

The global seals market is projected to witness a growth rate of 4.9% annually from 2022 to 2027, with an anticipated size of US$ 84.7 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global seals market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2936/seals-market.html#form

Report Highlights:
Market Size in 2027: US$ 84.7 billion
Growth (CAGR): 4.9% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Seals Market:

The global seals market is segmented based on end-use industry type, product type, material type, end-user type, and region.

Based on end-use industry type - The market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the biggest demand generator for Seals with a market share of around 34% during 2021 is projected to grow at a robust CAGR during the forecast period.
• Seals are used in aircraft, passenger cars, LCVs, M&HCVs, railways, ships, and boats making transportation the dominant segment.
• According to IHS, global light vehicle production will grow at a healthy rate of 3.4% CAGR during 2021-2027.
• IATA predicts that the number of air travelers will reach 4.0 billion in 2024, creating a huge demand for aircraft.
• UNIFE estimates that the global rail OEM market is likely to grow at a CAGR of 2.8% from 2021 to 2025, and all other related industries to have growth outlooks for the future.

Based on product type - The market is segmented into O-rings, gaskets, energized Seals, lip Seals, mechanical Seals, and others. Lip Seals are expected to remain the largest as well as the fastest-growing segment with a market share of around 20.5% during 2021 is projected to grow at a robust CAGR during the forecast period Lip Seals are majorly used in rotary applications such as pumps, turbines, aircraft engines, and automobile engines, giving the segment a dominant position. Lips Seals are also widely used in manufacturing industries such as food processing, pharmaceuticals, and chemicals.

Based on material type - The market has been classified into Elastomeric Seals, Thermoplastic Seals, and Metallic Seals. Under these, the Elastomeric Seals segment held a market share of 62% in 2021 and is projected to grow at a robust CAGR in the coming years.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2936/seals-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest and fastest-growing market for Seals during the forecast period. This growth outlook is majorly attributed to the following-

• Because of the region's large population, manufacturing industries have a high demand for transportation and finished goods.
• Furthermore, governments of many countries in the region are promoting their country's manufacturing sector through various initiatives such as the Indian government's Make in India. These factors are increasing the demand for Seals in the region from various OEMs and aftermarkets.

Seals Market Drivers:

Some of the key drivers listed in the report are given below.
Factors such as increasing automobile and aircraft production; rising construction, mining, and agriculture activities; the growing processing industry; rising demand for oil & gas; and increasing demand for consumer electronics are likely to drive the market for seals in the foreseen future.
One of the driving factors in the seals market is the increase in the use of seals to save energy and reduce pollution.
Several industries across the globe are adopting sealing technology. One of the key factors driving the growth of the Seals market is the rising adoption of customized seals in various industries.
For machines with long running hours, customers are opting for thermal-resistant Seals which offer high optimization and durability. Temperature plays a vital role in the operation of seals in every industrial equipment, owing to many reasons, the demand for thermal-resistant seals is growing across the world.
Temperature plays a crucial role in the operation of seals in all industrial equipment. Hence, the demand of thermal resistant Seals is increasing owing to the producing sector across the globe. Additionally, the demand for large-capability manufacturing units has increased in numerous industries for the past few years.

Top Companies in the Seals Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• AB SKF
• Dana Incorporation
• EnPro Industries
• Flowserve Corporation
• Freudenberg Group
• Greene Tweed & Co., Inc.
• Hutchinson SA
• James Walker & Co.
• John Crane (Smiths Group)
• Parker-Hannifin Corporation
• Saint-Gobain S.A.
• Tenneco Inc.
• Trelleborg AB

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Seals Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Mechanical Seals Market: https://www.stratviewresearch.com/1833/mechanical-seals-market.html
• Energized Seals Market: https://www.stratviewresearch.com/2975/energized-seals-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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This release was published on openPR.