Lip Seals Market Analysis | 2022-2027

"The Lip Seals Market is expected to grow at a healthy CAGR of 5.0% during the forecast period to reach a value of US$ 16.9 billion in 2027".

Market Dynamics

Introduction

Lip seals are used to protect rotating shafts from contamination and decompression. They play an important role in protecting the internal components of sealing systems, which are susceptible to wear and tear. Lip seals on shafts also serve to preserve important fluids, lubricants, and gases. They prevent dirt, dust, and other unwanted particles from entering the application. Lip seals come in a wide range of shapes and sizes to fit the equipment in which they are needed to be installed. They have a range of applications, from slow-moving devices to high-speed rotation and they work across a wide temperature range.

Lip seals enhance machine strength and performance. Lip seals must maintain proper contact with other system parts to perform well; otherwise, they will leak. Because lip seals are exposed to corrosive chemicals and materials, corrosion resistance should be excellent. Lip seals are among the vital machine components. They seem to be on almost every piece of plant machine. Owing to the properties mentioned earlier of lip seals, the market's long-term outlook seems positive. 

Covid-19 Impact

The growing lip seals market was severely impacted by the COVID-19 pandemic in 2020, resulting in a -7.8% decline, causing major disruption and significant losses for the shareholders. The lip seals market was plagued by the fallouts of the pandemic, such as a halt in production, supply chain disruption, lack of manpower, and shortage of raw materials.

Segments Analysis

By End-Use Industry Type

"Transportation is expected to remain the largest segment of the market during the forecast period".

The lip seals market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the largest segment of the market during the forecast period. Lip seals are used in pumps, turbines, ships, planes, engines, boats, and aircraft, contributing to the dominance of the transportation industry.

Regional Analysis

"Asia-Pacific is expected to remain the largest region in the market for lip seals during the forecast period". 

In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to remain the largest region in the market for lip seals during the forecast period. The presence of a large number of manufacturers for automobile, aircraft, electrical & electronics, and processing industries in the region, mainly in China, Japan, and India, creates a huge demand for seals.

Seal suppliers also have a presence in the region to meet the requirements of manufacturers. The region is a manufacturing hub due to a variety of factors, including low-cost manufacturing, raw material availability, a well-developed supply chain, and high indigenous demand.

Key Players

The lip seals market is highly populated with the presence of several players. A handful of players occupy a reasonable share of the market. The following are the key players in the Lip Seals Market (arranged alphabetically)

• AB SKF
• Bal Seal Engineering
• Dana Incorporation
• Flowserve Corporation
• Freudenberg Group
• Greene Tweed & Co. Inc.
• James Walker & Co.
• Parker-Hannifin Corporation
• Tenneco (Federal-Mogul)
• Trelleborg AB

Report Features

This report provides market intelligence most comprehensively. 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.

What Deliverables Will You Get in this Report?

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s lip 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.

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