February 25, 2022 04:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The Spring Energized Seals Market size was USD 2.96 billion in 2020. The market is projected to grow from USD 3.12 billion 2021 to USD 4.58 billion in 2028 at a CAGR of 5.6% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, “Spring Energized Seals Market, 2021-2028.”
As per the research team, factors such as rising adoption of customized seals across various sectors such as completion, drilling, distribution, production, and refining will bolster the growth of the market globally. The cantilever spring segment will hold the largest market share during the forecast duration owing to increasing demand across compressors and pump applications.
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List of Key Players Covered in the Report
• SKF (AB SKF) (Gothenburg, Sweden)
• Flowserve Corporation (Texas, U.S.))
• John Crane (Smiths Group plc.) (Illinois, U.S.)
• EnPro Industries, Inc. (Garlock GmbH) (North Carolina, U.S.)
• Dover Corporation (Waukesha Bearings) (Illinois, U.S.)
• SHV (ERIKS Group) (Utrecht , the Netherlands)
• The Timken Company (Ohio, U.S.)
• Tenneco Inc. (Federal-Mogul LLC) (Illinois, U.S.)
• Fenner Group Holdings Limited (Hallite Seals) (Hessle, U.K.)
• Hi-Tech Seals (Texas, U.S.)
• Spareage Sealing Solutions (Mumbai, India)
• Globseals Africa Limited (Johannesburg, South Africa)
• BELL D.O.O. (Slovenia, Europe)
• Carl Werthenbach Konstruktionsteile GmbH & Co. KG (Niedersachsen, Germany)
• Dickson Bearings & Transmissions Ltd (Dublin, Ireland)
• Rea Hellas S.A. (Athina, Greece)
COVID-19 to Limit Growth due to Constant Lockdowns and Imposed Restrictions on Movement
The COVID-19 pandemic has brought on several changes to the way global trade operates and the industry of spring energized seals was no different. Volatility towards the raw material pricing is expected to further decrease the market value towards a forecast period. Constant lockdowns imposed by various government bodies is expected to displace a majority of the workforce. These will lead to accumulation of projects during the production and manufacturing stage.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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The report presents a comprehensive analysis of the market by presenting the dominant markets and highlighting their performances over the previous years. An overall evaluation of growth drivers and restraints coupled with upcoming trends and opportunities are noted in the study. Segments and subsegments that are expected to draw the highest demand are presented. Also, upcoming products, threats to the coherent market and the recent market developments are also mentioned in the report.
On the basis of type, the market can be divided into continuous contact spring, cantilever spring, helical wound spring, elliptical coil spring, and others.
By application, the market can be broken down into oil & gas, aerospace, medical, semiconductor, and others.
Geographically, the global market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Rising Demand from Oil & Gas to Foster Growth
Factors such as rising demand, decreasing crude oil prices, and rising well-drilling operations will augment the market during the forecast period. Rising technological advancements towards sealing materials and integration of advanced materials such as FKM, NBR/HNBR, PTFE, PEEK, and FFKM will increase the footprint of the market. Also, rising attributable properties such as temperature resistance, sealing efficiency, dependability, environmental conditions, and increased durability will bolster the growth of the market.
However, the rising adoption of seal-less shafts is expected to limit the growth of the market during the forecast duration. Also, the requirement of additional motors and shafts for transferring power will decrease the market value.
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Asia Pacific to Dominate Market due to Increased Industrialization
Asia Pacific will witness the largest market share during the forecast duration due to the increasing presence of registered and unregistered market players. Also, rapid industrialization and rising demand of spring energized seals from oil & gas refineries, medical, and aerospace will boost the market value during the forecast period.
North America will project a steady growth due to the presence of leading manufacturers in the region coupled with rising demand for seals in several sectors such as manufacturing, medical, aerospace & other oil & gas industries. Europe will witness substantial growth due to the increasing presence of the chemical industry along with the rising use of sealing products in the aerospace sector.
Mergers & Acquisitions to Help Dominate Leading Players to Expand Business Practices
The dominant players residing in the market are often trying to come up with reliable and proven tactics that include a wide range of strategies such as collaborations, mergers & acquisitions, and upcoming product launches. Some tactics are aimed at lodging their final positions during the forecast period by presenting the most developed products towards capturing a larger consumer base. For example, in January 2021, Trellerborg Sealing Solutions introduced an improved hydraulic seal i.e Turcon ® VL Seal® II. These will be introduced for landing gear actuators & flight control for sealing purposes towards the landing gear shock absorbers.
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•January 2021: Flowserve Corporation announced the launch of RedRaven - An innovative IoT package for assisting manufacturing companies remotely regulate assets, forecast equipment problems, and intake preventative actions for preventing business losses.
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