Oil And Gas Seals Market Report
Oil & Gas Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Oil & Gas Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Oil & Gas Seals Market is Segmented by Shore Type (Offshore and Onshore), by Application Type (Drilling, Completion, Production, and Distribution & Refinery), by Product Type (O-rings, Energized Seals, U-Cup Seals, Mechanical Seals, Back-up Rings, and Others), by Material Type (Elastomeric Seals, Thermoplastic Seals, and Metallic Seals), by Motion Type (Static Seals, Linear Seals, and Rotary Seals), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Oil & Gas Seals Market is Segmented by Shore Type (Offshore and Onshore), by Application Type (Drilling, Completion, Production, and Distribution & Refinery), by Product Type (O-rings, Energized Seals, U-Cup Seals, Mechanical Seals, Back-up Rings, and Others), by Material Type...
Seals are the crucial components used in the oil & gas industry for different processes such as drilling, completion, production, and distribution & refinery. They are critical for the safe, reliable, and efficient operation of the aforementioned processes. During oil & gas extraction, seals are required to withstand challenging conditions such as high pressure, high temperature, rapid gas decompression, explosive decompression, aggressive chemicals, and highly abrasive and corrosive environments. Hence, for reliability, these seals need to undergo various tests including a rapid gas decompression test, explosive decompression test, and sour test, among others. Materials used for manufacturing seals must be compliant with the industry standards such as ISO, NORSOK, and API.
The Covid-19 pandemic wreaked havoc on industries. The oil & gas seals market was no exception, suffering a severe setback as a result of supply chain disruption, lockdowns, and a global shrinking economy. Global lockdown and Covid-related restrictions severely reduced the demand for crude oil & gas, which forced several companies to reduce their production. Furthermore, various production sites have been shut down, which reduced the demand for seals by the oil & gas industry. As a result of these factors, the oil & gas seals market recorded a massive decline in 2020.
However, the years 2021 and 2022 proved to be extremely dynamic for the industry stakeholders with the price of crude oil soaring to new heights amid the Russia-Ukraine war. This is also impacting the overall market dynamics of the oil & gas seals market. Primary interviews with the market stakeholders suggest healthy long-term growth in the demand for seals for oil & gas applications.
As a result, Stratview Research anticipated that the market is estimated to grow at a healthy CAGR of 7.8% over the next five years to reach a value of US$ 4.4 Billion in 2027. This growth is likely to be driven by the increasing oil & gas demand, increasing well-drilling activities, speedy recovery in worldwide rig counts, and advancements in sealing products to meet the challenging environments.
Based on the shore type, the oil & gas seals market is segmented as offshore and onshore. Offshore is expected to remain the larger and faster-growing segment of the market during the forecast period, owing to the increasing offshore oil & gas production, surge in offshore rig counts, and large offshore oil production platforms, and FPSOs requiring a large number of seals.
Based on the application type, the market is segmented as drilling, completion, production, and distribution & refinery. Production is expected to remain the largest and fastest-growing segment of the oil & gas seals market during the forecast period. This growth can be attributed to the usage of seals in various application areas such as blow-out preventers (BOPs), connector seals, downhole and intervention tools, flow control equipment (ball valves and associated devices), FPSO swivels, gas lifts, and offshore topside hydraulics. All other application types are also estimated to generate sizeable growth opportunities in the coming five years.
Based on the product type, the market is segmented as O-rings, energized seals, U-cup seals, mechanical seals, backup rings, and others. Mechanical seals are expected to remain the most demanded product type in the market during the forecast period. Mechanical seals are widely used to prevent fluid leaks and contaminants out of the shaft in pumps, mixers, or agitators as they provide superior properties to other sealing products, making them suitable for critical sealing applications.
Based on the motion type, the market is segmented into static seals, linear seals, and rotary seals. Rotary seals are expected to remain the dominant category during the forecast period. The usage of rotary seals in equipment like pumps, mixers, rotary shafts, and various rotating equipment is to keep the lubricant within the system and prevent the ingress of external agents. These seals protect the bearing and other parts of the equipment.
In terms of regions, North America is expected to remain the largest region in the market for oil & gas seals during the forecast period, whereas Asia-Pacific is estimated to remain the fastest-growing market during the same period. The USA is expected to remain the largest market in North America as well as in the global marketplace as it is the largest producer of shell gas & oil and has a large number of onshore and offshore oil production projects, whereas China is likely to remain the fastest-growing market globally in the coming years due to an increase in the number of oil & gas rigs and the opening of new production platforms.
The market is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; in Feb 2019, Saint-Gobain S.A. strengthened its high-performance solution portfolio by acquiring American Seal and Engineering Co. Inc, the latter supplies seals for various industries including oil & gas.
The supply chain of this market comprises raw material suppliers, oil & gas seal manufacturers, distributors, component manufacturers, and end-users. The following are the key oil & gas seals manufacturers (arranged alphabetically).
Development of extrusion-resistant and high-pressure and high-temperature-resistant seals, building an excellent distribution network, especially in the untapped markets, and formation of strategic alliances are the key strategies adopted by the key players to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s oil & gas 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 oil & gas seals market is segmented into the following categories.
Oil & Gas Seals Market, by Shore Type
Oil & Gas Seals Market, by Application Type
Oil & Gas Seals Market, by Product Type
Oil & Gas Seals Market, by Material Type
Oil & Gas Seals Market, by Motion Type
Oil & Gas 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 oil & gas seals market is estimated to grow at a healthy CAGR of 7.8% over the next five years to reach a value of US$ 4.4 Billion in 2027.
EnPro Industries Inc., Freudenberg Sealing Technologies, Flowserve Corporation, John Crane Inc., Greene Tweed, CDI Energy Products, Parker-Hannifin Corporation, Precision Polymer Engineering, Saint-Gobain, and Trelleborg Sealing Solutions (arranged alphabetically) are the leading players in the oil & gas seals market.
North America is estimated to remain dominant in the oil & gas seals market in the foreseen future. The USA is likely to remain the biggest market in the region as well as in the world for sealing solutions for the oil & gas industry, driven by huge shale gas & oil production.