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Seals Market Report
Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
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.
The seals market was projected to grow at a CAGR of over 4.9% during the forecast period.
The market size was estimated USD 62.1 billion in 2021.
The market size is estimated to reach USD 84.7 billion by 2027.
Asia-Pacific is expected to remain the largest and fastest-growing market for Seals during the forecast period.
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.
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.
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 Sealsing technology. One of the key factors driving the growth of these Seals market is the rising adoption of customized Seals in various industries
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