"Catapult Your Business to Fore, Gain Competitive Advantage "
The global industrial seals market size was USD 12.37 billion in 2019 and is projected to reach USD 17.09 billion by 2027, exhibiting a CAGR of 4.5% between 2020 and 2027.
The primary function of an industrial seal is to optimize the performance of a machine with its process reliability. Seals are also used in the applications that involve rotary and reciprocating motions. Over the past few decades, industrial seals are playing an important role in providing optimum efficiency and productivity. It can retain lubrication and block contamination in bearing systems. The manufacturers develop seals in various sizes, depending on the shaft diameter of machines. Also, such seals are made up of several different materials, such as industrial rubber, Fluorosilicone (FVMQ), Polytetrafluoroethylene (PTFE), Polyurethane (AU, EU), and others.
The global market has shown significant growth in the past decades and is expected to grow moderately in the coming future. However, the immediate shutdown of manufacturing plants in several countries and growing industrialization in developing countries is expected to aggravate market growth during the forecast period.
Seals manufacturing companies produce seals for static, dynamic, and special (Customized) applications. Wherein, in static applications, the manufacturer produces seals for stationary surfaces, and in dynamic applications, the manufacturer produces seals for reciprocating and rotating components. Whereas, in special applications, manufacturers produce seals for customized shafts, which is used in different machines.
Immediate Shutdown of Industries and Lack of Labors to Impact Market During COVID-19
In the first quarter of 2020, industries in several countries stopped their manufacturing processes owing to the impact of the Covid-19 pandemic. The manufacturing sector around the world has witnessed a slow growth rate in the second quarter of 2020. Important factors that have affected the sector are lack of raw material because of dwindled import and export activities, unavailability of workers, low demand from end-users, and many more.
The unprecedented impact of Covid-19 has slowed down the economies around the world. This is due to the disruption caused in some industries that majorly contribute to the country’s GDP. In 2020, the overall impact on the manufacturing sector has severely affected the growth of the global market. However, the impact would be short term as the manufacturing companies have started working with full supply to serve the demand of the end-users.
Additional challenges such as lack of cash-flow liquidity, logistics, government norms during the pandemic, and many more have affected the market during the pandemic. Furthermore, seals manufacturers are facing challenges to export their end product to the end-users, owing to the temporary obligations in the import-export of goods and products by the governments of many countries.
Nevertheless, these challenges have not been converted into restraints for the manufacturing sector. Having said that, the growth of the market would be flattened till 2022 and later the growth in the manufacturing sector would go towards positive inclination, which will depend on the continuous supply and demand of the end product in different industries.
Request a Free sample to learn more about this report.
Rising Adoption of Customized Elastomeric Seals to Bode Well for the Market
The sealing technology has been adopted by several industries over the past few years, owing to its leakage prevention applications under extreme pressure, temperature, and shaft speed. A trend of adopting customized seals in various industries is propelling the growth of the market. The major application of customized elastomeric seals in the oil and gas industry is because of its high use in exploration activities.
Furthermore, the manufacturing companies are working continuously in creating a sustainable and scaled offering for their customers. Several small and mid-sized manufacturing companies have successfully adopted the process of customization for their clients. This process is allowing the manufacturing companies to provide reliable, fitted, flexible, and durable elastomeric seals in the market. Additionally, the properties of an elastomeric seal differ from the traditional seals, as it provides enhanced services to the consumers.
High Demand for Thermal, Durable and Resistant Seals to Enable Swift Development
The large capacity manufacturing unit requires equipment that can work for long hours in continuous production processes. For the better optimization of a machine, consumers are installing thermal resistant seals, which allows machines to work properly and for long hours. Furthermore, the temperature plays an important role in the operation of seals in every machine. Therefore, the demand for thermal resistant seals is increasing with the development of the manufacturing sector across the globe. Also, from the past few years, the demand for large capacity manufacturing units has observed an escalation in various industries.
Also, the industrial seal manufacturing companies are now more focused on developing thermal resistant industrial seals. These thermal resistant seals are manufactured by using elastomeric materials. Also, the consumers are looking forward to adopting such seals that can work in high temperatures and can provide a better performance, as compared with traditional seals.
Increasing Adoption of Seal-Less Driving Shafts to Hamper Market Growth
Over the past few decades, consumers have adopted industrial seals, owing to its high durability and reliability. However, consumers are shifting towards seal-less driving shafts owing to the high maintenance and complicated installation processes of seals.
Furthermore, seals require extra motors and shafts to transfer power. Whereas, the sealless magnetic drive pump is surrounded by a set of the magnet, which helps in transferring the magnetic field to the shaft. Thus, this system provides a completely sealed enclosure to any fluid.
Therefore, these are the primary reasons that are hampering the growth of the market. Also, increasing demand for the seal-less driving shafts owing to its multiple advantages is another factor that is restricting the growth of the market.
To know how our report can help streamline your business, Speak to Analyst
Radial Seals Segment to Generate the Highest Revenue in the Forecast Period
Continuous adoption of contacting seals in several industries is anticipating the growth of the radial seals segment during the forecast period. The radial shaft segment is estimated to have significant growth opportunities followed by the mechanical seals segment, owing to the increasing usage of small diameter radial shaft (SDS) and large diameter shaft (LDS) in the end-use applications.
The axial and mechanical segments are expected to grow moderately, owing to the rapid increase in the growth of the industry sector in several regions.
In the mechanical segment, compared to other sub-segments, the cartridge sub-segment is expected to grow at a higher CAGR in the forecast period, owing to the trend of adoption of cartridge seals in multiple applications.
By type, the global market is segmented into axial seals, radial seals, and mechanical seals. Whereas, the mechanical segment is further segmented into pusher and non-pusher, conventional seals, balanced and unbalanced seals, and cartridge seals.
Oil and Gas is Expected to Dominate the Market During the Forecast Period
By industry, the market is classified into mining, food & beverages, oil & gas, energy and power generation, aerospace, marine, construction, and other (chemical, etc.). Therefore, the food & beverage industry is estimated to hold the highest industrial seals market share in the near future.
Usage of energy is playing an important role in influencing the market growth. Renewables are expected to have the fastest growth in the electricity sector by providing almost 30% of power demand in 2023, according to the International Energy Agency. Also, 70% of electricity will be generated from the renewables, which is further led by solar PV, wind, and other sources. Therefore, the oil and gas segment is expected to grow significantly at a higher rate, followed by food & beverages, aerospace, and other segments.
The usage of seals in the mining industry is expected to decrease in the coming future, owing to the continuous decrease in the growth of the mining industry. Therefore, the mining industry segment is anticipated to grow slowly over the forecast period.
Asia Pacific Industrial Seals Market Size, 2019 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The Asia Pacific market size for industrial seals stood at USD 4.42 billion in 2019 and is expected to rise as a dominating region in the global seals market during the forecast period. The increase in the number of registered and unregistered manufacturing companies in the region is primarily driving the market in the region. Moreover, companies are offering better quality seals at low prices to its customers, which is also a major reason for customers across the world to purchase seals from countries, such as India and China.
North America is anticipated to grow at a higher rate, owing to the presence of prominent key players in the USA. Furthermore, owing to the increasing number of small and mid-sized seals manufacturing companies and government initiatives of establishing manufacturing plants of different products is another factor that is influencing the market growth
Moreover, In Europe, the market for industrial seals in Italy is expected to grow significantly in the forecast period, owing to the increasing manufacturing plants in the country. Overall, Europe is anticipated to grow gradually in the coming future
The market value in the Middle East and Africa and Latin America would have moderate growth owing to the lack of raw material, several technological advancements, and the moderate growth of industrialization in both the regions.
SKF and John Crane (Smiths Group Plc.) are focused on increasing their regional presence
Among several companies, SKF holds the largest market share in the global market. This is owed to the company offering a large number of varieties to its clients. Also, the company operates in almost every region and has a large number of customer engagement for the market. Furthermore, companies such as Flowserve Corporation, Eagleburgman, Tenneco Inc. (Federal-Mogul LLC), John Crane (Smiths Group Plc.), and others have established their manufacturing plants in developing countries, where the production cost is less as compared with others.
Furthermore, most of the companies are focused on partnering with small and mid-sized companies to make their regional presence stronger. Also, by adopting such strategies, companies can offer an enhanced product portfolio to their clients with minimum timelines.
The market research report provides a detailed analysis of the global market and focuses on key aspects such as leading companies, product/service types, and leading end-use industries of the product. Besides this, the report offers insights into the industry trends and highlights the key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth in recent years.
An Infographic Representation of Industrial Seals Market
To get information on various segments, share your queries with us
Value (USD Billion)
Fortune Business Insights says that the Industrial Seals market stood at USD 12.37 billion in 2019
In 2027, the global market is expected to be valued at USD 17.09 billion.
The market is set to exhibit a CAGR of 4.5% during the forecast period (2020-2027).
Asia Pacific is anticipated to be the dominant region and it stood at USD 4.42 billion in 2019.
In the end-use industry criterion, the oil and gas, energy, and power sub-segments are expected to witness the highest CAGR during the forecast period.
Turnkey solution and overall equipment effectiveness (OEE) enhancements are the key trends in the global market.
Rising demand for thermal, durable and resistant seals in several industries is driving the market
SKF, Eagleburgman, Trelleborg AB, Flowserve Corporation, and John Crane are the top key players in the market
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry