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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.
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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
A Noteworthy Industry Development-
Further Report Findings
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
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By End-Use Industry
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By Region
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