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High-performance Seals Market Forecast, Size, Growth, Opportunities, And Trends 2024
The Global High-Performance Seals Market is estimated to be valued at USD 8,049.9 Million by 2024 and is Expected to register a CAGR of 6.81% during the forecast period.
The use of High-Performance Seals in upstream, midstream, and downstream operations is increasing in the mining industry as they ensure safe, reliable, and efficient operation of a wide range of onshore and offshore equipment. The growing adoption of electric vehicles in line with the stringent regulations for environment protection is expected to boost the demand for High-Performance Seals for battery sealing.
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Market Research Future (MRFR) recognizes ElringKlinger Kunststofftechnik GmbH (Germany), Trelleborg Sealing Solutions (Sweden), James Walker (US), IDG-Dichtungstechnik GmbH (Germany), CARCO S.R.L (Italy), Race-Tec Sealing Limited (UK), Greene, Tweed (US), PXL SEALS (France), DowDuPont (US), SKF (Sweden), Techoseal (France), Saint-Gobain Performance Plastics (US), Freudenberg Sealing Technologies (Germany), Utex Industries, Inc (US), EagleBurgmann (Germany), Elastotech SA (France), John Crane (US), Hallite Seals (UK), ATP S.p.a.
(Italy), ERIKS NV (the Netherlands), Techné (France), Le joint français (France), Dichtomatik (Germany), Repack-S (France) and Parker Hannifin Corp (US) as the key players in the Global High-Performance Seals Market.
Key Findings of the Study:
The Global High-Performance Seals Market is Projected to reach USD 8,049.9 million by 2024 at a CAGR of 6.81% during the review period of 2018 to 2024.
Asia-Pacific accounted for the largest market share with China being the major contributor to the growth of the regional market.
The key manufacturers are focusing on strategic growth initiatives such as new product launches, capacity expansion, acquisitions, and distribution agreements to meet the rising demand for High-Performance Seals across various end-use industries.
The Global High-Performance Seals Market has been segmented based on Material Type, End-Use Industries, and Region.
Based on Material Type, the global market has been segmented into rubber, plastic/polymer, composite, metal, and rubber-metal. The rubber segment is further sub-segmented into ethylene propylene diene monomer (EPDM), ethylene acrylate rubber (AEM), hydrogenated nitrile butadiene rubber (HNBR), thermoplastic polyurethane (TPU), nitrile butadiene rubber (NBR), polyacrylate (ACM), polychloroprene (CR), silicone, and fluoroelastomers (FKM). The plastic/polymer segment is further categorized into polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), polyether ether ketone (PEEK), ultra-high molecular weight polyethylene (UHMW-PE). The composites segment is sub-segmented into carbon fiber, glass, cellulose, and others.
The Rubber Segment accounted for a major market share in 2017 and is expected to reach a value of USD 2,891.0 million by 2024. The growth is attributed to the superior characteristics of rubber such as abrasion resistance, tear resistance, resilience, and elongation. Rubber seals are multi-purpose bit of kit that allows sealing of two different surfaces or two opposite surfaces (interior and exterior). This prevents water damage, water leakage, corrosion, weathering as well as provides an airtight barrier, which prevents loss of air/heat. These factors make rubber an excellent choice of material for rubber seals.
Based on the End-Use Industry, the global market has been segmented into oil & gas, power generation, aerospace & defense, chemicals, automotive, pharmaceutical, food & beverage, and others. The aerospace & defense segment is projected to register a healthy CAGR of 7.40% during the forecast period on account of increasing application of High-Performance Seals in aircraft braking systems, gearboxes, flap actuators, satellites, cryogenic refueling systems, and launch pad dampeners.
The Global High-Performance Seals Market, by Region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific was the leading market for high-performance seals in 2017 and is expected to continue the trend during the review period. The North American market accounted for more than 20% of the global market share in 2017 owing to the high demand for high-performance seals in major end-use industries such as chemical, aerospace & defense, automotive, pharmaceutical, and food & beverage.
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