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Axial and Radial Seals are the two major types of industrial seals. These seals have basic function of separating outer and internal media thus, they have major applications in various mechanical and industrial equipment by enhancing their performance. Axial and radial seals are used for static functions, aiding in optimising the movement machines. Axial seals are typically used as secondary seals although having a significant use as primary seals. The axial seals are used in face type applications and are comparatively easier to manufacture. Axial seals are classified into 4 types that are track pin seals, metal face seals, v-ring seals and axial clamp seals. All these types of seals have their own applications and benefits.
On the other hand, radial seals are installed in pistons, bores, caps and plug type applications. The radial seals are further classified into two major types such as, dynamic and static. The dynamic radial seals are installed where there is relative oscillating or rotating or reciprocating movement. Whereas, the static seals are deployed at places where there no relative motions. The radial seals have various functions such as, it helps in retaining the lubricant, separates two different substances, and are used under pressure. Besides, both the seals i.e. axial and radial have various applications in numerous end-use industries such as, the type market is segmented based on the substance from which the sinks are made such as mining, food & beverage, oil & gas, energy and power, aerospace, marine, construction and various others.
Key Market Driver -
• Increasing Demand from Oil & Gas industry to Fuel the Market Growth • Application in Machines Used for Renewable Energy Production to Propel the Market Growth
Key Market Restraint -
• Degrading Quality of Elastomeric and Polymer Based Seals
Additionally, with new applications in the machines that are used for production of renewable energy are opening up new opportunities for the market. Also, to fulfil the increased demand of goods and products of various industries such as automobile, consumer electronics, medical equipment, etc. new machines are being installed. This is expected to boost the growth of the axial and radial seals market.
Key players in the market have leading presence in the industrial seals market, resulting in their dominant share in the axial and radials seals market. Moreover, these players are expected to have significant expansion in their business owing to the robust business strategies such as targeting developing countries and economies for increased market share. Also, these companies are targeting to acquire local players in order to enhance their regional presence in various markets.
Some of the key competitors in the Axial and Radial Seals market include SKF (AB SKF), Flowserve Corporation, John Crane (Smiths Group plc), Trelleborg AB, EnPro Industries, Inc. (Garlock GmbH), Dover Corporation (Waukesha Bearings), SHV (ERIKS Group), Freudenberg SE, Tenneco Inc. (Federal-Mogul LLC), KLINGER Holding GmbH and Fenner Group Holdings Limited (Hallite Seals).
Asia Pacific is expected hold the largest market share along with the highest growth rate in the coming years. This is owed to the continuous increase in the investments done by the companies in the region to increase the production capacity. This increased production is supplemented by numerous manufacturers in the region producing these seals at relatively lower cost. Also, this region is the hotspots for the majority of the key players to gather enhanced market share. This is owed to the increased manufacturing activities in the countries such as China, India, Japan, & Korea. Moreover, Asia Pacific has the largest market of automobiles and electronics industry, which also stimulates the growth of the market.
Similarly, Middle East & Africa and Latin America is expected to be a prominent region for the growth of the Axial and Radial Seals market. This is owed to the presence of capital intensive companies, along with comparatively low cost of labour in the region with respect to Europe and North America. Having said that, Europe and North America has showed a steady growth with minimal changes in the market structure. Also, the companies in the market are shifting their manufacturing facilities at developing economies, thus this region is expected to exhibit minor volatility in the coming years.
The ongoing COVID-19 pandemic is expected to impact the market slightly for the year 2020 owing to the halt in the manufacturing activities across the globe. Other than this, the market will further broaden with increased manufacturing process with new technologies such as, automation, robotics, etc.
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