Market Insights
The Spanish Seals Market is likely to grow at a promising CAGR of 2.9%, in the long run, to reach US$ 376 million in 2028.
What are Seals?
Seals are substances that are used in various industries to prevent leakages between two or more mating surfaces. It also helps maintain pressure and temperature within the confined space and reduces friction between the mating surfaces. Seals used in the processing industry, mobile machinery industry, manufacturing industry, energy & power industry, sanitary industry, and medical industry need to be unaffected by climatic conditions, corrosive materials, electric and magnetic forces, and varying temperatures. Therefore, selecting the proper material for seals is critical. All major players for sealing solutions are putting efforts into developing seals that are durable, high-temperature resistant, chemical resistant, corrosion resistant, and hygienic.
Market Dynamics
The Spanish seals market, a fair-sized market, saw a decline (-12.5%) in 2020, due to a temporary halt in manufacturing in several industries, including construction equipment, agricultural equipment, material handling equipment, chemical processing, sanitary, etc. However, the market has started gradually recovering from the year 2021 onwards, owing to the commencement of recovery in all six segments. Furthermore, continuous organic growth of all six industries, along with increasing infrastructure developments and construction activities, increasing adoption of Industrial Revolution 4.0, growing medical device industry, and advancements in food processing technology, are likely to drive the market in the coming years.
Extrusion resistance, resistance to corrosive media, and the development of hygienic seals are the key areas of concentration for the major players while developing new products. Extrusion resistance is required for demanding high-pressure sealing environments, such as oil & gas downhole tool applications.
Recent Product Developments:
- Trelleborg, introduced two new products XploR™ S-Seal and XploR™ FS-Seals, to meet the need for maximum extrusion resistance in demanding high-pressure, high-temperature (HPHT) sealing environments.
- Freudenberg introduced SIMMERRING radial shaft seals for the food & beverage, pharmaceutical, and chemical industries.
Over the years, a fair number of strategic alliances have been formed in the seals market to strengthen the portfolio, geographical reach, and market positions, leading the overall market towards gradual consolidation.
Some of the most Recent Market JVs and Acquisitions are:
- In 2022, Trelleborg acquired MG Silikon, a subsidiary of Saint-Gobain that provides sealing solutions for aerospace and industrial applications.
- In 2022, SKF acquired Tenute Srl, one of the leading producers of gaskets and O-rings for several industrial fields: iron and steel, windmills, aluminum, mechanical, oil & gas, hydroelectric, etc.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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End-use-Industry-Type Analysis
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Processing Industry, Mobile Machinery Industry, Manufacturing Industry, Energy & Power Industry, Sanitary Industry, and Medical Industry
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The manufacturing industry is likely to remain the dominant industry in the market until 2028, driven by increased investments in industrial robotics owing to the rising demand for automation.
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Product-Type Analysis
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O-rings, Gaskets, Profile Seals, Energized Seals, Lip Seals, Mechanical Seals, and Others
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Energized seals are likely to maintain their dominance, whereas O-rings are expected to grow at the pace in the market until 2028.
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Material-Type Analysis
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Elastomeric Seals, Thermoplastic Seals, and Metallic Seals
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Elastomeric seals are likely to remain dominant, whereas thermoplastic seals are projected to witness the fastest growth in the market during the forecast period.
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By End-Use Industry Type:
The market is segmented into the processing industry, the mobile machinery industry, the manufacturing industry, the energy and power industry, the sanitary industry, and the medical industry. Among them, the manufacturing industry is expected to remain the dominant end-use industry in the market during the forecast period, owing to the increasing adoption of technological advances such as IoT and robotics in the country.
Furthermore, increasing investment in the Industrial Revolution 4.0 is anticipated to advance significantly with the deployment of 5G services and is expected to boost the demand for innovative and high-performance seals in the manufacturing industry in the foreseeable future.
By Product Type:
The market is segmented into O-rings, gaskets, profile seals, energized seals, lip seals, mechanical seals, and others. Energized seals are expected to remain the largest product in the market during the forecast period, owing to a large number of applications of energized seals in various end-use industries, especially industrial machinery and construction equipment.
Energized seals must offer high-pressure resistance, high-temperature resistance, wear resistance, chemical resistance, and high friction reduction. Rod seals, piston seals, and spring-energized seals are some of the most commonly used energized seals on the market.
By Material Type:
The market is segmented into elastomeric seals, thermoplastic seals, and metallic seals. Elastomeric is expected to remain the largest material type in the market during the forecast period, mainly due to O-rings and gaskets. O-rings and gaskets are largely made up of elastomers. Silicone, NBR, FFKM, FKM, and EPDM rubber are some of the key elastomers from which seals are being manufactured.
The rising trend for the development of customizable seals and the increasing demand for lightweight seals are propelling the growth of elastomeric seals. Thermoplastic seals are projected to witness the fastest growth in the market during the forecast period. Thermoplastic seals with an elastomeric energizing element are widely used where ordinary elastomeric seals fail to perform.
Key Players
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the Spanish seals market. Most of the major players are providing seals in all six industries.
- Freudenberg Group
- Trelleborg AB
- Parker-Hannifin Corporation
- Hutchinson S.A.
- James Walker Group
- AB SKF
- Saint-Gobain S.A.
- Calvo Sealing S.L.
- Lidering S.A.U.
- Montero FyE
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Spanish seals market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner 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.
What Deliverables Will You Get in this Report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth Analysis of the Spanish Seals Market
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How lucrative is the future?
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Market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market segment analysis and forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirement?
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10% free customization
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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
