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Industrial Seals Market to Exhibit a CAGR of 5.7% during the Forecast Period; Rapid Industrialization to Foster Market Development

March 11, 2022 | Machinery & Equipment

The global industrial seals market size is anticipated to exhibit strong growth by reaching USD 17.86 billion by 2029 from 12.11 billion in 2022. Fortune Business Insights™ in its report titled “Industrial Seals Market Size, Share & COVID-19 Impact Analysis, By Type (Axial Seals, Radial Seals, and Mechanical Seals), By End-Use Industry (Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction, and Others (Chemicals and Others)), and Regional Forecast, 2022-2029” observes that the market size in 2021 was USD 11.78 billion and is expected to exhibit a CAGR of 5.7% from 2022-2029. Rapid industrialization and increase in customized elastomeric seals adoption are expected to propel market growth.


Frime Announced the Koldfin Retail Brand to Satisfy Consumers’ Demand


Frime, a Spain seafood supplier, announced a novel retail brand named Koldfin in July 2021. The product range includes several tuna products with cuts to satisfy consumers’ demand. The launch will enable the company to attract several consumers and enhance its sales. In addition, this strategy will boost the company’s brand image.


Lack of Labor and Shutdown of Industries to Impede Marker Development due to COVID-19


This market is expected to be negatively affected during the COVID-19 pandemic due to lack of labor and shutdown of industries. The sudden spike in COVID-19 patients is expected to restrict manufacturing activities, thereby hindering industrial seals industry development. The halt on manufacturing and lack of raw materials due to transport restrictions may hinder the supply chain. However, the adoption of advanced sanitization, production machinery, and reduced capacities may lead to market development. This factor may propel the industrial seals industry progress during the pandemic.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/industrial-seals-market-101546


Strong Demand for Resistant, Durable, and Thermal Seals to Bolster Market Growth


Rising awareness regarding industrial seals’ benefits is expected to boost its demand. The rising demand for thermal, durable, and resistant seals may attract demand. The seal enables machines to operate efficiently for long hours. Further, rapid development of the manufacturing sector and increase in adoption of advanced products are expected to foster industry progress. Moreover, the rising demand for elastomeric seals is expected to bolster the demand for the product. These factors may drive the industrial seals market growth.


Companies Announce Novel Material and Products to Enhance their Brand Image


Prominent companies operating in the market announce novel products to attract consumers and boost brand image. For example, Hallite Seals International Ltd. launched its material test house and product in September 2021. The facility is equipped with best-in-class technology to boost the company’s research and development facility. This development may enable the company to boost its brand image. Further, adopting partnerships, mergers, acquisitions, and expansions may enable companies to boost their global market position.


List of Key Players Profiled in the Report



  • SKF (AB SKF) (Gothenburg, Sweden)

  • Flowserve Corporation (Texas, U.S.)

  • John Crane (Smiths Group plc) (Illinois, U.S.)

  • Trelleborg AB (Trelleborg Sweden)

  • EnPro Industries, Inc. (Garlock GmbH) (North Carolina, U.S.)

  • Dover Corporation (Waukesha Bearings) (Illinois, U.S.)

  • SHV (ERIKS Group) (Utrecht, the Netherlands)

  • Freudenberg SE (Weinheim, Germany)

  • Tenneco Inc. (Federal-Mogul LLC) (Illinois, U.S.)

  • Fenner Group Holdings Limited (Hallite Seals) (Hessle, U.K.)


A Noteworthy Industry Development-



  • December 2021: Ducommun Incorporated acquired Magnetic Seal Corporation. This acquisition may enable the company to strengthen its position in proprietary magnetic seals and reinforce its market position.


Further Report Findings



  • The market in Asia Pacific stood at USD 4.43 billion in 2021 and is expected to achieve a significant portion of the global market share in the coming years. The emergence of several unregistered and registered manufacturing companies’ fosters market development.

  • Further, the rising demand for better-quality seals at lower prices is expected to foster market development.


Report Scope & Segmentation








































  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




Industrial Seals Market
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  • 2021
  • 2018-2020
  • 120

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