Lip Seals Market Report
Lip Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Lip Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Lip Seals Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others), 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]).
Lip Seals Market is Segmented by End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others), and by Region (North America [The USA, Canada, and Mexico], ...
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.
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.
Lip seals enhance machine strength and performance. Lip seals must maintain proper contact with other parts of the system 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 aforementioned properties of lip seals, the long-term outlook of the market seems positive. The market for lip seals 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.
Based on the end-use industry type, 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.
In terms of regions, the market is segmented as 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. Seals 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.
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.
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.
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 lip seals market is segmented into the following categories.
Lip Seals Market, by End-Use Industry Type
Lip Seals Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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 firstname.lastname@example.org
The lip seals market is estimated to grow at a healthy CAGR of 5.0% over the next five years to reach a value of US$ 16.9 Billion in 2027, owing to a range of factors such as wide-scale applications in various industries and excellent properties of lip seals.
AB SKF, Bal Seal Engineering, Dana Incorporation, Flowserve Corporation, Freudenberg Group, Greene Tweed & Co. Inc., James Walker & Co., Parker-Hannifin Corporation, Tenneco (Federal-Mogul), and Trelleborg AB (arranged alphabetically) are some of the key players in the market. All of the major players have a global presence, with sales offices and distribution centers in almost every region.
North America is estimated to remain dominant in the lip seals market in the foreseen future, due to the presence of a large number of OEMs for automobile, aircraft, electrical & electronics, and processing industries in the region.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years, owing to the region's excellent economic growth and rapid industrialization, creating a huge demand for lip seals in the region.
Why are We Class Apart?
Advanced Materials Offer Next Growth Wave
We Specialize in Composites & other Materials Market Research
>60% of the First Buyers Come Back to Us
>95% Client Satisfaction Ratio, the Industry's Highest
Clients Across the Value Chain
Track the Latest Trends in Advanced Materials
Know High Growth Opportunities