March 22, 2022 00:35 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, March 22, 2022 (GLOBE NEWSWIRE) -- The global industrial seals market size was USD 11.78 billion in 2021. The market is expected to touch USD 17.86 billion by 2029 from 12.11 billion in 2022, exhibiting a CAGR of 5.7% during the forecast period. Rapid industrialization and customized elastomeric seals adoption are expected to propel market growth. Fortune Business Insights™ mentions this information in its report titled “Industrial Seals Market, 2022-2029.”
Industrial seals are used to optimize performance in machines with their reliability. It provides excellent productivity and efficiency. Rapid industrialization is expected to boost the adoption of industrial seals. Its excellent productivity and efficiency are expected to bolster market development. Furthermore, rapid customized elastomeric seals adoption is expected to boost demand. These factors may bolster market growth in the coming years.
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Lack of Labor and Shutdown of Industries to Impede Marker Development
This market is expected to be negatively affected during the COVID-19 pandemic due to lack of labor and shutdown of industries. The sudden spike in COVID patients is expected to restrict manufacturing activities, thereby hindering industry development. The halt on manufacturing and lack of raw materials because of transport restrictions may hinder the supply chain. However, the adoption of advanced sanitization, production machinery, and reduced capacities may lead to market development. This factor may propel industry progress during the pandemic.
Key Players Profiled in the Report
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Type, End-use Industry, and Region are Studied
By type, the market is segmented into axial seals, radial seals, and mechanical seals. As per the end-use industry, it is categorized into mining, food & beverage, oil & gas, energy and power, aerospace, marine, construction, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Strong Demand for Resistant, Durable, and Thermal Seals to Bolster Market Growth
Rising awareness regarding industrial seals’ benefits is expected to boost its demand. The rising demand for thermal, durable, and resistant seals may attract demand. The seal enables machines to operate efficiently and for long hours. Further, rapid development of the manufacturing sector and the adoption of advanced product are expected to foster industry progress. Moreover, the rising demand for elastomeric seals is expected to bolster the demand for the product. These factors may drive the industrial seals market growth.
However, the rising adoption of seal-less driving shafts may impede industry growth.
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Rising Unregistered and Registered Manufacturing Companies to Boost Market Growth in Asia Pacific
Asia Pacific is expected to drive the industrial seals market share due to rising unregistered and registered manufacturing companies. The market in Asia Pacific stood at USD 4.43 billion in 2021 and is expected to grow significantly during the coming years. Further, the rising demand for better-quality seals at lower prices is expected to foster market development.
In North America, several prominent players are expected to boost industrial seals manufacturing. Further, the rising number of mid-sized and small seals manufacturing firms and rising government initiatives may foster industry progress.
In Europe, rising manufacturing plants, technological advancements, and lack of raw materials are expected to foster industrial seal adoption. These factors may propel industry growth.
Companies Announce Novel Material and Products to Enhance their Brand Image
Prominent companies operating in the market announce novel products to attract consumers and boost brand image. For example, Hallite Seals International Ltd. launched its material test house and product in September 2021. The facility is equipped with best-in-class technology to boost the company’s research and development facility. This development may enable the company to boost its brand image. Further, the adoption of partnerships, mergers, acquisitions, and expansions may enable companies to boost their global market position.
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