USD 12.74 billion
Report ID: SQMIG20I2108 | Region: Global | Published Date: September, 2022 | Pages: 242 | Tables: 68 | Figures: 75
Industrial Seals Market size was valued at USD 12.74 billion in 2021 and is poised to grow from USD 13.33 billion in 2022 to USD 17.54 billion by 2030, growing at a CAGR of 4.68% in the forecast period (2023-2030).
Industrial seals are mechanical stoppage devices that are used to contain fluid from spilling between various intersecting points, maintain restricted pressure, and stop the leak. Static and dynamic interfaces are combined to create industrial seals. The entrances for bolts and screws are static types of seals, whereas hydraulically sealed examples are dynamic examples of seals. Where rotational and reciprocating technologies are used, seals are always used. Based on the use and the diameter of the shaft where the seal can be placed, seals come in a wide range of shapes and sizes.
The primary function of an industrial seal is to optimize the performance of a machine with its process reliability. Seals are also used in applications that involve rotary and reciprocating motions. Over the past few decades, industrial seals have played 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 industrial seals are made up of several different materials such as industrial rubber, fluorosilicone (FVMQ), polytetrafluoroethylene (PTFE), polyurethane (AU, EU), and others.
Due to expanding populations, emerging nations, improving end-use industries, and government investments in the manufacturing sector, the global market for industrial seals is anticipated to rise during the projected timeline. Many sectors all over the world are embracing sealing technology. One of the major reasons propelling the expansion of the industrial seals market globally is the increasing use of customized seals in a variety of sectors.
US Industrial Seals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.74 billion
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The global industrial seals market segmentation is based on type, industry, and region. Based on type the Industrial Seals Market is segmented into axial seals, radial seals, and mechanical seals. Based on industry the Industrial Seals Market is segmented into mining, food and beverages, oil and gas, energy and power generation, and others. Based on region the global industrial seals market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Industrial Seals Market Analysis by Type
In terms of revenue, the radial seals segment is expected to control the majority of the market. The growing preference of manufacturers for contacting seals in many sectors is what propels the radial shaft segment. During the forecast period, the mechanical seal segment is anticipated to have higher growth rates than the other segments. The need for mechanical seals is anticipated to increase as small diameter shaft and large diameter shaft usage increases across a range of end-use sectors. It is anticipated that the expanding industrial sector in developing countries will favorably affect the development of the mechanical seals market.
Industrial Seals Market Analysis by Industry
During the projected period, the oil & gas category is anticipated to have the largest market share. The market's expansion is anticipated to benefit from rising energy consumption across a range of industries. The industry segment expected to grow the fastest is oil and gas. The need for seals in the oil and gas sector is growing as a result of the ability of seals to maintain lubrication and improve the dependability of equipment. Long operating hours and brief maintenance intervals are required in this business, which will help this category grow throughout the forecast period.
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The industrial seals market is anticipated to be dominated by North America. Due to its prominence in the chemical, pharmaceutical, and oil & gas industries, the US is predicted to be the largest market in the world. During the forecast period, these segments' expansion will lead to a demand for a variety of seals. Several significant players are anticipated to increase the production of industrial seals in North America. Additionally, the expansion of mid-sized and small seal manufacturing businesses as well as growing government initiatives may promote industry development.
During the projection period, the market in the Asia Pacific is anticipated to expand at the fastest rate. The industrial seals market will have the potential to expand as a result of developments in the Asian industrial sector. A growing number of registered and unregistered manufacturing firms are predicted to make the Asia Pacific the industrial sealing market's dominant region. Additionally, it is anticipated that a growing consumer desire for lower-priced, higher-quality seals will promote market growth.
Industrial seal usage in Europe is anticipated to be aided by growing manufacturing facilities, technical developments, and a lack of raw materials. These elements might encourage industry expansion.
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Industrial Seals Market Driver
Industrial Seals Market Restraint
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Many businesses are putting an emphasis on organic growth strategies, including product launches, product approvals, and others like patents and events. Acquisitions and partnerships & collaborations were examples of inorganic growth strategies that were observed in the market. These actions have made it possible for market participants to grow their customer bases and business. With the growing demand for the industrial seals market, market players are anticipated to benefit from lucrative growth opportunities in the future. For instance, Trelleborg Sealing Solutions announced the opening and start of operations at its manufacturing facility in Ontario, California, in August 2021. The production facility will serve as a west coast warehouse for industrial and aerospace clients in the United States.
Industrial Seals Market Top Players Company Profiles
Industrial Seals Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the radial seals segment is anticipated to dominate the market in terms of revenue. The oil & gas category is anticipated to have the largest market share during the projected period. North America is anticipated to rule the industrial seals market.
|Market size value in 2021||USD 12.74 billion|
|Market size value in 2030||USD 13.33 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Industrial Seals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Seals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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