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Encapsulated O Rings Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 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 264-page report, from Stratview Research, is first of its kind and provides detailed analysis and competitive landscapes on the extremely niche subject on the “Encapsulated O-Rings Market”. The report studies the changing market dynamics, shifting customer preference towards encapsulated O-rings, and emerging trends to portray a panoramic view of the market. The report also studies the pre-COVID and post-COVID market environments in order to understand the possible loss that the market participants have to swallow over the next five years. 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 low-hanging fruits available in the market as well as formulate growth strategies.
Encapsulated O-rings Market: Highlights
Encapsulated O-rings have a wide range of applications in various end-use industries, including chemicals, food & beverage, pharmaceutical, petrochemical, semiconductor, automotive, aerospace, and oil & gas industry. Despite being a small component of these end-use industries, encapsulated O-rings play an essential role in the smooth functioning of various equipment or devices, such as pumps, valves, cartridge filters, heat exchangers, pipelines, gas compressors, chemical reactor vessels, and pressure vessels. Compared with the other O-rings, encapsulated O-rings offer several advantages, such as high resistance to numerous chemicals except for alkali metals and some fluorine compounds, FDA-compliant, suitability in a broad range of temperatures, low coefficient of friction, low permeation, non-contaminating, and exclusively suitable where hygiene is of paramount importance.
The rapid spread of the pandemic severely affected various end-use industries where encapsulated O-rings are preferred including the halt of production facilities, shortage of labor, and disruption of the supply chain across the globe. Chemical, petrochemical, oil & gas, semiconductor, and automotive, are among the worst-hit industries due to the pandemic. On the other side, food & beverage, and pharmaceutical are the industries that are registering the least impact of the pandemic. The severe impact of the pandemic on chemical, petrochemical, semiconductor, oil & gas, and automotive industries will be partially offset by the modest growth in the food & beverage, pharmaceutical, and medical industries.
Most of the end-use industries hit with the pandemic are anticipated to mark a gradual recovery from 2021 onwards and maintain its growth momentum till 2025, which will create favorable market conditions for encapsulated O-rings manufacturers in the long term. Also, the stringent regulations, such as FDA, EC 2023/2006, EU Reg. 1935/2004, and USP Class-VI; and failure of solid PTFE O-rings in harsh chemical and high-temperature environment provide good growth opportunity to encapsulated O-ring manufacturers. In the long run, the market for encapsulated O-rings is likely to mark a healthy 5.0% CAGR over the next five years to reach US$ 144.6 million in 2025.
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Stratview has firstly segmented the encapsulated O-rings market based on the jacket material type as FEP and PFA. FEP is expected to remain the most preferred jacket material type in the market in years to come. Lower cost along with several other advantages including high resistance to corrosion and chemicals, low compression set, and low coefficient of friction, making FEP the preferred choice for all standard applications up to 205°C. PFA encapsulated O-rings are used for higher temperature range. They have higher mechanical strength, improved crack resistance; hence, longer service life than FEP encapsulated O-rings.
Based on the core material type, the encapsulated O-rings market is segmented into FKM, silicone, and others (include EPDM, stainless-steel spring, etc.). Due to the excellent elasticity, good chemical resistance, and outstanding compression, FKM core material dominated the market in 2019 and is likely to maintain its dominance throughout the forecast period. The silicone core material is preferred in low-temperature applications as it remains flexible at a lower temperature because of its greater softness than FKM and has a higher standard of heat resistance.
Based on the core structure type, the encapsulated O-rings market is segmented into solid core and hollow core structure. Solid core is likely to remain the leading segment of the market in the coming years as well, driven by its excellent resistance to compression set and good recovery characteristics. FKM and silicone are dominantly used core materials for solid core encapsulated O-rings. FKM solid core provides excellent elasticity and high-level compression, whereas silicone solid core performs excellent for a wider range of temperatures.
Based on the end-use industry type, the encapsulated O-rings market is classified into chemical, petrochemical, pharmaceutical, food & beverage, and others (oil & gas, semiconductor, aerospace & defense, and automotive industry). The chemical industry is the biggest user of encapsulated O-rings, driven by the extensive use of aggressive chemicals, making encapsulated O-rings a preferred choice. These O-rings are also widely used in the food & beverages and pharmaceutical industries as they are compliant with the Food and Drug Administration (FDA), EC1935/2004 and EC2023/2006, USP Class VI, and 3A 18-03 Sanitary Standards.
In terms of regions, all regions are expected to mark a huge decline in 2020 in the wake of the rapid spread of the pandemic across regions. Despite the worst hit by COVID-19, Europe will maintain its lead in the years to come with the presence of leading encapsulated O-ring manufacturers, such as Vulcan Engineering Limited and Northern Engineering (Sheffield) Ltd. Asia-Pacific is expected to heal up with the fastest pace post-pandemic with China and India being the growth engines.
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The supply chain of this market comprises raw material suppliers, encapsulated O-ring manufacturers, distributors, component manufacturers, and end-users. The key encapsulated O-ring manufacturers are Daemar Inc., ERIKS NV, Freudenberg Group, James Walker Group Ltd., M-Cor Inc., Monroe Engineering Products, Northern Engineering (Sheffield) Ltd., ROW, INC., Trelleborg AB, and Vulcan Engineering Limited.
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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 15 detailed primary interviews with the market players across the value chain in all major regions and industry experts have been executed to obtain both qualitative and quantitative insights.
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. The following are the key features of the report:
The encapsulated O-rings market is segmented into the following categories.
Encapsulated O-rings Market, By Jacket Material Type
Encapsulated O-rings Market, By Core Material Type
Encapsulated O-rings Market, By Core Structure Type
Encapsulated O-rings Market, By Motion Type
Encapsulated O-rings Market, By End-Use Industry
Encapsulated O-rings Market, By Region
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