ID: MRFR/CnM/4750-HCR | February 2021 | Region: Global | 140 pages
Global High Pressure Seals Market is projected to grow at a CAGR of 7.25% during the forecast period.
High-pressure seals are high-performance seals that can withstand pressure up to 35 bar or above. The common purpose of high-pressure seals is to prevent the leakage of fluid (liquid or gas) through the clearance and ensure smooth flow and safety. These seals are widely known for high durability and better weatherability than conventional seals. Owing to the aforementioned properties these seals find a variety of applications in various end-use industries such as oil & gas, power generation, chemical, automotive and others. For instance, PTFE (Polytetrafluoroethylene) seals on the account of long shelf life and high-pressure resistance are widely used in automotive applications such as gearboxes, motors, and others.
The Global Market is expected to be driven by up surging demand for high pressure seals from end-use industries, such as oil & gas and chemical. This is primarily attributed to the increased use of high pressure seals for FPSOs, oil & drilling rigs, hydraulic pumps and in upstream, midstream and downstream segments for the transportation of fluids. The surging demand for high performance seals in chemical industries in extreme pressure applications is likely to fuel the market demand during the forecast period.
Furthermore, the increased use of high-pressure seals in power generation sector coupled with the rising safety concerns to prevent accidents in various end-use industries is further creating lucrative opportunities for the players operating in high pressure seals market.
However, the rising demand for sealless pumps and increasing dependency on renewable sources of energy is likely to hamper the growth of high pressure seals in the global market. Also, in order to minimize the energy consumption, there is a radical shift towards pumps operating at low pressure. This is expected to pose a limitation to the high-pressure seals market worldwide.
Global High-Pressure Seals Market Share, by Region, 2018 (%)
Source: MRFR Analysis
The Global High Pressure Seals Market is analyzed for five major regions, namely– North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific dominates the global high-pressure seals market and is projected to register the highest CAGR during the forecast period owing to the rapidly growing industrialization in the region. Additionally, the increased use of high-pressure seals in the expanding power generation sector and the emerging economies of countries in Asia-Pacific is expected to drive the regional market demand. China is the largest consumer in the global high pressure seals market and is the fastest-growing market in the region owing to the rising demand of pressure seal gaskets from expanding end-use industries such as pharmaceutical, automobile, and others. Furthermore, India and other Southeast Asian countries are propelling market growth in the region. For instance, according to India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector was valued at USD 33 billion in 2017 and is projected to register a CAGR of 22.4 percent during 2015-2020. Thus, fueling the demand for high-pressure seals in pharmaceutical industries.
North America accounted for a substantial market share in 2018. The increased demand for high-pressure seals from well-established aerospace and defense industries is propelling the regional market demand. The US is the leading country in the region owing to the presence of major players such as DuPont, Parker, Performance Sealing, James Walker and Bal Seal in the region. Furthermore, Canada is likely to grow with a significant CAGR in the foreseen period owing to favorable infrastructure for oil transportation and shale gas extraction.
Europe is also expected to register significant growth during the forecast period due to the extensive use of high-pressure seals in compressors, cryogenics, valves, motors, and other dynamic components in the automotive sector. Germany is the major contributor in the regional market on account of the presence of various automobile components and automobile producers in the region.
Latin America and the Middle East & Africa are expected to show substantial growth during the forecast period owing to the increasing use of high-pressure seals in exploration and production operations and downstream applications.
The Global High-Pressure Seals Market has been segmented based on material, end-use, and region.
Based on material, the global market is classified into metals, elastomers, PTFE, rubber-metal combination and others.
Based on application, the global market has been classified into pumps, valves, compressors, pipes, ducts and others.
Based on end-use, the global market has been classified into oil & gas, aerospace & defense, power generation, chemical, pharmaceutical, automotive and others.
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
EagleBurgmann (Germany), Gallagher Fluid Seals, Inc. (US), PERFORMANCE SEALING INC. (us), FTL Technology (UK), Trelleborg Group. (Sweden), James Walker (UK), John Crane (US), Kalsi Engineering, Inc. (US), Parker Hannifin Corp (US), Flowserve Corporation (US), DuPont de Nemours, Inc. (US), F.lli Paris S.r.l. a socio unico (Italy) and Bal Seal Engineering (US).
Frequently Asked Questions (FAQ) :
The global high pressure seals market is expected to expand at 7.25% CAGR from 2019 to 2025.
Massive market demand from chemical and oil & gas sectors is the major driver of the global high pressure seals market.
Demand for sealless pumps and inclination towards renewable sources of energy are challenges faced by the global high pressure seals market.
The APAC region is touted to dominate the global high pressure seals market till 2025 due to rapid industrialization.
DuPont de Nemours, Inc., FTL Technology, EagleBurgmann, Kalsi Engineering, Inc., James Walker, Bal Seal Engineering, John Crane, Trelleborg Group, PERFORMANCE SEALING INC., Parker Hannifin Corp, Flowserve Corporation, F.lli Paris S.r.l. a socio unico, and Gallagher Fluid Seals, Inc. are key players of the global high pressure seals market.