Industrial Seals Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Industrial Seals Market
The industrial seals market size was valued at USD 11.78 billion in 2021, and the market is now projected to grow from USD 12.11 billion in 2022 to USD 17.86 billion by 2029, exhibiting a CAGR of 5.7% during the forecast period of 2022-2029.
More industries in several countries stopped production when the coronavirus outbreak began in January 2020, thus significantly limiting the sector’s increases. Some of the reasons influencing the industry was scarcity of raw materials from limited import/export, scarcity of labor and reduced number of orders from the end users. These disruptions had a large bearing on manufacturing around the world.
Thermal resistant seal demand is increasing because large capacity manufacturing unit equipment tends to run for longer hours uninterrupted. These seals minimize machine downtimes arising from wear and tear and they are resistant to high temperatures that are prevalent in industries. As the number of manufacturing industries in the world economy rises, so does the demand for such seals especially regarding large scale industries.
The demand of thermal-resistant seals is increasing as the larger capacity manufacturing units need seal which can withstand for longer hours of operation in assembly line. The above seals also promote on enhancing optimum working of machines within different temperatures. In the expansion of the manufacturing industry, the demand for such seals has also grown significantly due to the rising growth of greater-capacity manufacturing plants across industries.
Comprehensive Analysis of Industrial Seals Market
The industrial seals market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by type analysis, and by end use industry analysis. By type analysis include axial seals, radial seals, and mechanical seals. By end use industry analysis include mining, food & beverage, oil & gas, energy and power, aerospace, marine, construction, and others (chemical and others).
The Asia Pacific region lead the industrial seals market share by benefitting a market size of USD 4.43 billion in 2021 due to increasing numbers of registered and unregistered manufacturing companies.
The top players in the markets have a central responsibility in the machinery and equipment industry to be sure of industrial prospectus development and to establish the market norms. These players include, SKF, Flowserve Corporation, John Crane, Trelleborg AB, EnPro Industries Inc., Dover Corporation, SHV, Freudenberg SE, Tenneco Inc., Fenner Group Holdings Limited these market players provide a level-playing competitive landscape.
In September 2021, Hallite Seals International Ltd. inaugurated its advanced product and material test house to enhance its research and development capabilities.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD Billion)
Segmentation By Type
Axial Seals
Radial Seals
Mechanical Seals
Pusher and Non-pusher
Conventional Seals
Balanced and Unbalanced Seals
Cartridge
By End-Use Industry
Mining
Food & Beverage
Oil & Gas
Energy and Power
Aerospace
Marine
Construction
Others (Chemicals and Others)
By Region
North America
U.S. (By End-Use Industry)
Canada (By End-Use Industry)
Europe
Germany (By End-Use Industry)
U.K. (By End-Use Industry)
France (By End-Use Industry)
Italy (By End-Use Industry)
Spain (By End-Use Industry)
Rest of Europe
Asia Pacific
China (By End-Use Industry)
Japan (By End-Use Industry)
India (By End-Use Industry)
Southeast Asia (By End-Use Industry)
Rest of Asia Pacific
Middle East & Africa
South Africa (By End-Use Industry)
GCC (By End-Use Industry)
Rest of Middle East & Africa
Latin America
Brazil (By End-Use Industry)
Mexico (By End-Use Industry)
Rest of Latin America