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The global mechanical seals market size is anticipated to reach USD 4.77 billion by 2026 owing to the rising demand for energy and power worldwide. Fortune Business Insights™ shares this information in its new report, titled “Mechanical Seals Market Size, Share & Industry Analysis, By Type (Cartridge Seals, Balanced and Unbalanced Seals, Pusher and Non-pusher, Conventional Seals and Others), By Industry (Metals & Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction & Manufacturing and Others) and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 3.20 billion in 2018 and is expected to register a CAGR of 5.2% from 2019 to 2026.
Innovative Shaft Seal Solution from Inpro/Seal to Support Equipment for Its Entire Operational Life
One of the prominent mechanical seals market trends is the increasing focus by key players in this market on developing novel products through heavily investing in R&D. In line with this trend, Dover Corporation’s Inpro/Seal® introduced its newest AM (Air Mizer®) Solutions™ design in April 2019. Named the AM CEMA (Conveyor Equipment Manufacturers Association) shaft seal, the offering is specifically engineered for CEMA Screw Conveyors, providing a non-wearing and non-contacting sealing solution. The product is unique in that it employs a positive air- or inert gas- purge to create an obstruction between the seal and the shaft, thereby eliminating process contamination and leakage. Thus, launch of environment-friendly solutions is playing a significant role in opening up new growth opportunities in the market.
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Development of Global Manufacturing Sector to Fuel the Market
Manufacturing activities across the globe are gathering steam as world economic development shows promising signs. Many countries are taking advantage of this rapidly changing scenario and transforming their economic policies accordingly. For instance, the United Nations Conference on Trade and Development (UNCTAD) stated that Foreign Direct Investment (FDI) flows around the world accelerated in 2018. The UNCTAD suggests that this vigorous movement of FDI is representative of the fact that the global manufacturing sector is expanding and progressing steadily. Similarly, in 2017, countries, especially developing ones, modified their fiscal policies to attract domestic and foreign investment, focusing on core sectors such as transportation and energy. In such a backdrop, the mechanical sealing market growth is poised for an upward trajectory as the demand for mechanical seals and equipment is set to rise in the forthcoming years.
Strong and Diversified Product Offerings to Heat up Competition
Competition in this market is expected to be characterized by the presence of well-established players who boast of wide product offerings, according to the mechanical seals market report. For instance, John Crane took over the Engineering Division of Advanced Diamond Technologies (ADT) with a view to strengthen its portfolio of mechanical seals and other industrial equipment.
Key Companies Covered in the Report Include:
Further Report Findings:
Table of Segmentation
Value (USD Billion)