Seals Market Report
Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Seals Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others), by Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others), by Material Type (Elastomeric Seals, Thermoplastic Seals, and Metallic Seals), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [Japan, China, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Seals Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others), by Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others), by Material Type ...
Seals are devices or substances that are used to join two things together so that they do not separate or allow anything to pass between them. They are also used to prevent any liquid or gas handled by an application from leaking into the environment. Seals not only play an important role in leakage protection, but they also improve the application's operating efficiency, protect moving parts of the equipment, and are used to increase the application's lifespan and productivity.
Material selection is very important because better material provides better functionality, which leads to energy and capital savings. One of the driving factors in the seals market is the increase in the use of seals to save energy and reduce pollution. Seals must be resistant to high pressure and temperature fluctuations, corrosive materials such as alkaline acids, gases, electric and magnetic forces, and chemicals, among others. As a result, selecting the proper seal material is critical. Seals are the essential components of any machine/equipment/application and are used in almost every industry such as automotive, aerospace, chemicals, marine, healthcare, and energy & power, making them a perfect choice for investment.
In 2020, the seals market was gravely affected by the pandemic. The wrath of the pandemic caused supply chain disruption, lockdowns, and labor and material shortages all over the world. As a result, the seals market suffered a hefty -10% decline in 2020.
However, the long-term interpretation still seems favorable and rewarding, owing to the strong industry fundamentals. The market for seals is expected to recover at a healthy CAGR of 4.6%, during the forecast period to reach a value of US$ 81.5 Billion in 2027. Factors such as increasing automobile and aircraft production; rising construction, mining, and agriculture activities; the growing processing industry; rising demand for oil & gas; and increasing demand for consumer electronics are likely to drive the market for seals in the foreseen future.
Based on the end-use industry type, the seals market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the biggest demand generator for seals during the forecast period. Seals are used in aircraft, passenger cars, LCVs, M&HCVs, railways, ships, and boats making transportation the dominant segment. According to IHS, the global light vehicle production will grow at a healthy rate of 3.4% CAGR during 2022-2027; IATA predicts that the number of air travelers will reach 4.0 billion in 2024, creating a huge demand for aircraft; UNIFE estimates that the global rail OEM market is likely to grow at a CAGR of 2.8% from 2022 to 2025, and all other related industries to have growth outlooks for the future.
Based on the product type, the market is segmented as O-rings, gaskets, energized seals, lip seals, mechanical seals, and others. Lip seals are expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. Lip seals are majorly used in rotary applications such as pumps, turbines, aircraft engines, and automobile engines, giving the segment a dominant position. Lips seals are also widely used in manufacturing industries such as food processing, pharmaceuticals, and chemicals.
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for seals during the forecast period. Because of the region's large population, manufacturing industries have a high demand for transportation and finished goods. Furthermore, governments of many countries in the region are promoting their country's manufacturing sector through various initiatives such as the Indian government's Make in India. These factors are increasing the demand for seals in the region from various OEMs and aftermarkets.
The seals market is highly populated in terms of seals suppliers. Stratview Research estimates the presence of over 1,000 players active in the sealing solutions business. Out of several players, a handful of players hold vast product portfolios covering all the end-use markets. The following are the key players in the seals market (arranged alphabetically).
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s seals market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 5,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The seals market is segmented into the following categories.
Seals Market, by Application Type
Seals Market, by Product Type
Seals Market, by Material Type
Seals Market, by End-User Type
Seals Market, by Region
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The seals market is estimated to grow at a healthy CAGR of 4.6% over the next five years to reach a value of US$ 81.5 Billion in 2027. The market is likely to grow at a healthy pace propelled by the organic growth of various end-use industries.
AB SKF, Dana Incorporation, EnPro Industries, Flowserve Corporation, Freudenberg Group, Greene Tweed & Co., Inc., Hutchinson SA, James Walker & Co., John Crane (Smiths Group), Parker-Hannifin Corporation, Saint-Gobain S.A., Tenneco Inc., and Trelleborg AB are some of the key players (arranged alphabetically) in the market. Their vast product portfolio, global reach, and presence of sales offices and manufacturing facilities in the majority of regions are the factors behind their dominance.
Asia-Pacific is estimated to remain dominant in the seals market in the foreseeable future due to the high demand for transportation and finished products by manufacturing industries.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years, owing to the increasing demand for seals in the region as a result of various stimulus packages provided by governments of many countries to boost industrial production.
Transportation is likely to maintain its dominance in the market over the next five years, owing to the widespread use of seals in aircraft, passenger cars, LCVs, M&HCVs, railways, ships, and boats, among other applications.
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