The global high-performance seals market is growing rapidly, witnessing the augmenting demand from the various burgeoning industries such as power generation, automotive aerospace & defense, and pharmaceutical. However, the oil & gas sector is the largest end-user high-performance seals and therefore drives substantial market demand. The O&G industry consumes a huge amount of high-performance seals for its requirements in the drilling tools & bits, drilling mud systems, blow-out preventers, casing & pipe connections, compressors & pumps, and control valves.
As a result, these high-performance seals garner a colossal market prominence and market demand. According to Market Research Future (MRFR), the global high-performance seals market is poised to generate a value of USD 8,049.9 MN by 2024. In its recently published analysis, MRFR also asserts that the market would register approximately 6.81?GR during the review period (2018-2024). Other prominent end-user industries such as the power generation, food & beverage, and aerospace & defense, are also creating huge market demand.
Moreover, constant technological advancements and investments transpired in the development of advanced high-performance seals drive the market growth. Furthermore, improvement of resistance to temperature & chemicals and mechanical properties of high-performance seals are offering several growth opportunities to the market players. Simultaneously, the vast consumption of these high-performance seals in the medical devices and the construction, industry is aiding the growth of the market, globally.
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On the other hand, the introduction of seal-less pumps, which are gaining popularity in major end-use industries is a key factor obstructing market growth. Also, volatility in the prices and demand-supply gap in the raw materials required for the production of high-performance seals is major issue slowing the growth of the market.
Nevertheless, the rapidly improving economic conditions, worldwide, would support the market growth, increasing consumers’ purchasing power and making luxury items such as automotive & electronics affordable for them.
Global High-Performance Seals Market – Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Material Type: Rubber, Plastic/Polymer, Composites, Metal, and Rubber-Metal, among others.
By End-use Industry: Oil & Gas, Chemical, Power Generation, Aerospace & Defense, Pharmaceutical, Automotive, and Food & Beverage, among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
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High Performance Seals Market – Geographical Analysis
The Asia Pacific region dominates the global high-performance seals market with the largest market share. The presence of several noteworthy industry players and the constant technological advancements. The region is further projected to register a CAGR of over 7% throughout the forecast period. In the year 2017, the high-performance seals market in China accounted for more than 50%, becoming the largest market in the region. However, the Indian high-performance seals market is projected to register more than 8.5?GR during the forecast period (2018 to 2024).
Moreover, some of the rapidly growing sectors such as F&B and automotive in emerging countries such as Japan, China, South Korea, and India, are propelling the growth of the regional market. Additional factors such as the rapid urbanization & industrialization led by the improving economy are fostering the growth of the APAC high-performance seals market.
The high-performance seals market in North America and Europe are too growing lucratively, mainly due to the presence of many industry players and the technological advancements. Also, the burgeoning industries, such as automotive and consumer electronics, are boosting the high-performance seals market in these regions. Additionally, supportive government policies & regulations alongside, the augmenting demand for high-performance seals from various end-use industries provide impetus to the market growth in these regions, creating a wide scope of the market evolution.
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Players leading the global high-performance seals market, include Trelleborg Sealing Solutions (Sweden), ElringKlinger Kunststofftechnik GmbH (Germany), SKF (Sweden), IDG-Dichtungstechnik GmbH (Germany), James Walker (US), CARCO S.R.L (Italy), DowDuPont (US), PXL SEALS (France), Saint-Gobain Performance Plastics (US), EagleBurgmann (Germany), Freudenberg Sealing Technologies (Germany), John Crane (US), Race-Tec Sealing Limited (UK), Hallite Seals (UK), ATP S.p.a. (Italy), Techné (France), ERIKS NV (the Netherlands), Elastotech SA (France), Techoseal (France), Le joint français (France), Greene, Tweed (US), Dichtomatik (Germany), Utex Industries, Inc (US), Parker Hannifin Corp (US), and Repack-S (France), among others.
Global High-Performance Seals Market – Competitive Landscape
Fiercely competitive, the high-performance seals market appears to be fragmented with the presence of several large and small companies. These companies acquire small yet promising companies in the emerging markets to meet their expansion goals. Increasing innovations and production technologies are further intensifying the competition in the market. At the same time, strong investment opportunities demonstrated by the market are attracting new entrants to the market.
Industry/ Innovation/ Related News:
June 19, 2019 —- TRITEC Performance Solutions (the US), a leader in the engineering and manufacture of sealing solutions and critical components, announced the acquisition of Blue Diamond (the US), a sister company of Race-Tec and a quality supplier of metal and rubber components including cast and turned parts, plastic moldings, bearings, seals and subassemblies.
In addition to enhancing its portfolio further, the acquisition would also enhance TRITEC’s manufacturing & engineering experience and dedicated customer focus. This move also expands TRITEC’s global capabilities and footprint by leveraging the technology and engineering prowess. TRITEC had recently acquired Race-Tec, supplier of custom-made, high performance sealing solutions, and vibration isolation components.
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