high performance seals market Report 2021, Featuring Key Players - SKF (Sweden), IDG-Dichtungstechnik GmbH (Germany), James Walker (US), CARCO S.R.L (Italy)
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%
CAGR 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.
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.
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Major Players:
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.
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).
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% CAGR 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.
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