Market Highlights
The primary function of seals in material handling equipment is to optimize the performance of the equipment, as the equipment user's sole objective is to minimize maintenance costs and maximize uptime. Thus, it is important that the seals delivered to material handling manufacturers be long-lasting and highly efficient, in terms of performance. Forklifts are mainly used in overall material handling to move goods from one location to another. Abrasion resistance, wear resistance, durability, strength, and other properties are essential for material handling seals.
The pandemic plagued the growing material handling seals market in 2020, causing major disruptions and significant losses in all the regions except Asia-Pacific. The overall material handling seals market marginally declined by -0.7% in 2020. The market decline was majorly offset by humongous growth in China during the year.
However, the long-term interpretations still seem favorable and fruitful. Rising industrial production, increasing demand for forklifts in the pharmaceutical and retail industries, and the growing e-commerce sector all contribute to the huge movement of goods. All of the aforementioned factors are likely to support market growth in the coming years. The material handling seals market is expected to grow at a healthy CAGR of 5.2% during the forecast period, to reach a value of US$ 1.4 Billion in 2027.
Market Segments' Analysis
Based on the application type, the material handling seals market is segmented as forklifts and others. Forklift is expected to remain the larger and the faster-growing segment of the market during the forecast period. Large-scale manufacturing, huge sales, and wide use of forklifts in various industries create numerous opportunities for seals suppliers to increase their penetration in the material handling industry.
Based on the product type, the market is segmented as O-rings, gaskets, energized seals, lip seals, and others. Energized seals are expected to be the fastest-growing segment of the market during the forecast period. They provide a versatile sealing system for pressure applications in both static and dynamic conditions. The use of energized seals in hydraulic systems and forklift pistons is propelling the growth of the market.
Based on the material type, the market is segmented into elastomeric seals, thermoplastic seals, and metallic seals. Elastomeric seals are expected to remain the largest, whereas thermoplastic seals are likely to be the fastest-growing segment of the market during the forecast period. Elastomers and thermoplastics are the preferred materials for high-performance seals on account of their strength and toughness. Owing to their wide array of advantages, thermoplastics are gaining traction in the material handling seals market.
In terms of regions, Asia-Pacific is expected to be the largest and fastest-growing material handling seals market during the forecast period, with China being the manufacturing hub for many industries. In addition, India, Japan, and South Korea are likely to propel the market at a healthy pace. Furthermore, the initiative of automated warehouses to reduce labor costs contributes to the growth of the market. Most of the seals suppliers have their presence in the region to address the emergent needs of the market.
Key Players
The presence of a large number of players serving the industry, owing to a well-established supply chain and moderate technological requirements. The following are the key players in the material handling seals market (arranged alphabetically).
- AB SKF
- EnPro Industries
- Freudenberg Group
- Greene Tweed & Co., Inc.
- Hallite Seals
- Kastas Sealing Technologies
- Saint-Gobain S.A.
- SSP Manufacturing Inc.
- Trelleborg AB
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s material handling 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 1,000 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.
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 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:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The material handling seals market is segmented into the following categories.
Material Handling Seals Market, by Application Type
- Forklift (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Material Handling Seals Market, by Product Type
- O-rings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gaskets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Energized Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Lip Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Material Handling Seals Market, by Material Type
- Elastomeric Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Thermoplastic Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Metallic Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Material Handling Seals Market, by Motion Type
- Static Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Linear Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Rotary Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Material Handling Seals Market, 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)
Report 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 the 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
