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Oil & Gas Seals Market | Industry Analysis 2019-24 | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This report, from Stratview Research, is another flagship research report in the seals family. After publishing several reports on seals, such as aircraft seals market, pipe seals market, and medical/life science seals market, Stratview Research has come up with another exclusive market report on the oil & gas seals market. Oil & Gas Seals Market report provides the thoroughgoing market analysis by providing the 12-year analysis (trend period: 2014-2019 and forecast period: 2020-2025) at the global, regional, and country-level. Also, the report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Oil & Gas Seals Market: Highlights
Seals in the oil & gas industry are used in different applications including drilling, completion, production, and distribution & refinery. Oil & gas exploration and extraction exhibit challenging conditions for seals, such as extreme temperature, high pressure, and aggressive chemicals and gases. Seals need to withstand high pressure, high temperature, rapid gas decompression, explosive decompression, aggressive chemicals, and highly abrasive and corrosive environments. Hence, rapid gas decompression tests, explosive decompression tests, sour test, etc. are required for seals in order to their reliably functioning. Materials used for manufacturing seals for the oil & gas industry must be compliant with industry standards such as ISO, NORSOK, and API.
The global oil & gas seals market is projected to offer healthy growth opportunities in the entire ecosystem of the market. The market is estimated to grow at a healthy rate over the next five years to reach US$ 1,801.5 million in 2025. Increasing oil & gas demand, recovering crude oil prices, increasing well-drilling activities, careen recovery in worldwide rig counts, and advancements in sealing products to meet challenging environments are some key factors that drive the demand for seals in the oil & gas industry.
The market is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; on Feb 2019, Saint-Gobain S.A. strengthened its high-performance solution portfolio by acquiring American Seal and Engineering Co., Inc, latter supplies seals for various industries including oil & gas.
Seals used in the oil & gas industry are made of a wide range of materials including NBR/HNBR, FKM, FFKM, PTFE, PEEK, etc. This selection of sealing material depends on various parameters including sealing efficiency, temperature resistance, environmental conditions, reliability, longevity, durability, and cost. Elastomers, which majorly include NBR/HNBR, FKM, and FFKM, are likely to remain dominant materials for sealing applications in the oil & gas industry in the coming five years.
Based on the application type, the market is segmented as drilling, completion, production, and distribution & refinery. Production is expected to remain the largest segment of the oil & gas seals market during the forecast period, propelled by 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, U-cup seals, back-up rings, spring energized seals, and others. O-ring is expected to remain the largest segment of the market during the forecast period. O-rings are the most popular seal type and are preferred in many applications. These seals are simple to install and require less installation space.
In terms of regions, North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. The USA is likely to remain the largest market in North America as well as the global marketplace, whereas China is set to remain the fastest-growing market worldwide in years to come.
The supply chain of this market comprises raw material suppliers, oil & gas seals manufacturers, distributors, component manufacturers, and end users. The key oil & gas seals manufacturers are EnPro Industries, Inc., Fredenburg Group, Flowserve Corporation, John Crane, Inc., M.Barnwell Services Limited, Green Tweed & Co., CDI Energy Products, Parker Hannifin Corporation, Precision Polymer Engineering, Saint-Gobain S.A., and Trelleborg AB. Development of extrusion-resistant and high-pressure and high-temperature-resistant seals, building excellent distribution networks especially in 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 report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. About 10 detailed primary interviews with the market players across the value chain in all the major regions and industry experts have been executed 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 market is segmented into the following categories:
Oil & Gas Seals Market, By Shore Type
Oil & Gas Seals Market, By Material Type
Oil & Gas Seals Market, By Application Type
Oil & Gas Seals Market, By Motion Type
Oil & Gas Seals Market, By Product Type
Oil & Gas Seals Market, By Region
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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