Seals Market Analysis | 2022-2027

Market Highlights

"The global seals market was projected to grow from USD 62.1 billion in 2021 to USD 84.7 billion by 2027 at a CAGR of over 4.9% during 2022–27. However, the long-term interpretation still seems favorable and rewarding, owing to the strong industry fundamentals."

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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. 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 disruptions, lockdowns, and labor and material shortages all over the world. As a result, the seals market suffered a hefty -10% decline in 2020.

Key Players

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).

• 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.
• Trelleborg AB

Market Drivers

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.

One of the driving factors in the seals market is the increase in the use of seals to save energy and reduce pollution.

Several industries across the globe are adopting sealing technology. One of the key factors driving the growth of the Seals market is the rising adoption of customized seals in various industries.

For machines with long running hours, customers are opting for thermal-resistant Seals which offer high optimization and durability. Temperature plays a vital role in the operation of seals in every industrial equipment, owing to many reasons, the demand for thermal-resistant seals is growing across the world.

Temperature plays a crucial role in the operation of seals in all industrial equipment. Hence, the demand of thermal resistant Seals is increasing owing to the producing sector across the globe. Additionally, the demand for large-capability manufacturing units has increased in numerous industries for the past few years.

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Segments Analysis

End-use industry Insights

The 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 with a market share of around 34% during 2021 is projected to grow at a robust CAGR 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, global light vehicle production will grow at a healthy rate of 3.4% CAGR during 2021-2027.
• 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 2021 to 2025, and all other related industries to have growth outlooks for the future.

Product Insights

The market is segmented into 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 with a market share of around 20.5% during 2021 is projected to grow at a robust CAGR 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.

Material Insights

The market has been classified into Elastomeric Seals, Thermoplastic Seals, and Metallic Seals. Under these, the Elastomeric Seals segment held a market share of 62% in 2021 and is projected to grow at a robust CAGR in the coming years

Regional Trends

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.

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Report Features

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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

The seals market is segmented into the following categories:

By Application Type

• Transportation 
• Processing 
• Electrical & Electronics 
• Mobile Machinery 
• Manufacturing Tools 
• Energy & Power
• Others

By Product Type

• O-rings 
• Gaskets 
• Energized Seals
• Lip Seals 
• Mechanical Seals 
• Others 

By Material Type

• Elastomeric Seals 
• Thermoplastic Seals
• Metallic Seals 

By End-User Type

• OE 
• Aftermarket 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

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 2021 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.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com