Global Industrial Seals Market

Industrial Seals Market Size, Share, Growth Analysis, By Type(Axial Seals, Radial Seals, Mechanical Seals), By Industry(Mining, Food, Beverages, Oil), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2108 | Region: Global | Published Date: July, 2036
Pages: 242 | Tables: 68 | Figures: 75

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Industrial Seals Market size was valued at USD 12.74 billion in 2019 and is poised to grow from USD 13.33 billion in 2023 to USD 17.54 billion by 2031, growing at a CAGR of 4.68% in the forecast period (2024-2031).

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. 'SKF AB', 'Freudenberg SE', 'Parker Hannifin Corporation', 'Trelleborg AB', 'Kaman Corporation', 'Flowserve Corporation ', 'Garlock Sealing Technologies', 'James Walker Group', 'Chesterton Company', 'John Crane Inc.', 'Timken Company', 'EagleBurgmann Germany GmbH & Co. KG', 'AESSEAL plc', 'Flexitallic Group', 'Bal Seal Engineering Inc.', 'GEA Group AG', 'Hutchinson SA', 'Sulzer Ltd.', 'Technetics Group', 'Saint-Gobain S.A.'

The demand for thermal, long-lasting, and heat-resistant seals that enable the rapid development of forces between two rotating elements is one of the driving forces behind the industrial market's steady growth. Such operations, which will result in heat-resistant seals during the forecast, depend heavily on temperature. Optimal efficiency, increased productivity, and rising manufacturing demand will all contribute to the industrial market's expansion over the course of the forecast period. Additionally, during the forecast period, a growing trend of customizable industrial seals will create new revenue opportunities.

Due to the sealing technology's ability to prevent leaks under conditions of extreme pressure, temperature, and shaft speed, many industries have adopted it in recent years. Customized seals are increasingly being used in a variety of industries, which is boosting market expansion. Customized elastomeric seals are widely used in the oil and gas industry due to their extensive use in exploration activities. Additionally, manufacturing firms are continuously developing sustainable and scaled offerings for their clients. Many small and medium-sized manufacturing businesses have been successful in implementing the customization process for their customers. This procedure enables manufacturers to offer elastomeric seals that are dependable, customised, adaptable, and long-lasting on the market. Additionally, an elastomeric seal's characteristics are different from those of conventional seals because it offers consumers improved services.

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.

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Global Industrial Seals Market

Product ID: SQMIG20I2108