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“High pressure seals market to grow at a CAGR of 6.6% (2016-21) and 7.1% (2016-26)”
The high pressure seals market size is projected to reach USD 4.84 billion by 2021, at a CAGR of 6.6% between 2016 and 2021; and USD 6.99 billion by 2026, at a CAGR of 7.1% between 2016 and 2026. High pressure seals are designed to provide long service life and low friction for extreme pressure applications over a wide temperature range. Increased efficiency in offshore oil production and emergence of unconventional technologies to maximize crude oil production act as a driving force behind the growth of the global high pressure seals market. Growing focus towards renewable energy and increased usage of gland packing and sealless pumps may act as restraints for the market. Sealless pumps are used in industries such as chemical and medical, instead of conventional pumps. However, the use of these pumps is limited to few applications as they cannot withstand high pressure.
“Pharmaceutical to be the fastest-growing end-use industry segment”
The pharmaceutical segment is estimated to be the fastest-growing end-use industry segment of the high pressure seals market. In the pharmaceutical industry, high pressure seals are used in the manufacturing of drugs, vaccines, and in vivo diagnostics. Use of high pressure seals helps in the production process being carried out with strict environment and purity requirements, besides enhancing the efficiency and reliability factor of equipment.
“Asia-Pacific is the largest and the fastest-growing market for high pressure seals”
Asia-pacific is estimated to be the largest market as well as the fastest-growing market for high pressure seals. The region is expected to register the highest growth rate owing to high demand from countries such as Japan, China, and India. China is estimated to be the largest market for high pressure seals in Asia-Pacific, followed by India and Japan. India and Taiwan are projected to be the fastest-growing markets in Asia-pacific. Growth of prominent industries, such as chemical & petrochemical, aerospace & defense, power generation, and manufacturing has increased the demand for high pressure seals in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments gathered through secondary research.
The break-up of primary interviews is given below.
- By Company Type: Tier 1 – 37%, Tier 2 – 50%, and Others – 13%
- By Designation: C level – 50%, Director level – 31%, and Others – 19%
- By Region: North America – 31%, Europe – 38%, Asia-Pacific – 25%, and RoW – 6%
The companies profiled in this market research report are John Crane (U.S.), EagleBurgmann Germany GmbH & Co Kg (Germany), Flowserve Corp. (U.S.), AES Corporation (U.S.), Garlock Sealing Technologies LLC (U.S.), SKF AB (Sweden), James Walker & Co (U.K.), Parker Hannifin Corporation (U.S.), EKATO Corporation (U.S.), Saint-Gobain S.A. (France), and EI du Pont de Nemours & Co (U.S.)
This research report categorizes the global high pressure seals market on the basis of material, end-use industry, and region. The report includes detailed information regarding the major factors influencing growth of the high pressure seals market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market.
Reasons To Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global high pressure seals market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and mergers & acquisitions.