ID: MRFR/CnM/4750-HCR | February 2023 | Region: Global | 140 Pages
High Pressure Seals Market is projected to be worth USD 8.16 billion by 2030, registering a CAGR of 7.57% during the forecast period (2021 - 2030).
$8.16 billion
7.57%
Asia-Pacific
2021-2030
High Pressure Seals Market Overview
High Pressure Seals Market is projected to be worth USD 8.16 billion by 2030, registering a CAGR of 7.57% during the forecast period (2021 - 2030). High-pressure seals are used to seal high-pressure fluid systems to prevent fluid (liquid or gas) leakage through the clearance and to ensure smooth flow and safety. These seals are designed to withstand extreme pressures and temperatures and are known for their higher durability and weatherability than conventional seals. High-pressure seals are used in a variety of industries, including oil and gas, chemical processing, food and beverage, pharmaceutical, power generation, aerospace, and automotive.
With rapid industrialization and increased demand from end-use industries such as oil and gas and chemical, the global market for high-pressure seals is expanding. This is primarily due to an increase in the use of these seals for oil and drilling rigs, hydraulic pumps, and fluid transportation. Another reason behind this market surge is the rise in demand for high-performance seals in the chemical industry as well as in the power generation sector, due to rising safety concerns to avoid accidents.
Global High-Pressure Seals Market Share, by Region, 2018 (%) Â
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).Recent Development
Recently, Omniseal Solutions, a California-based specialized precision components, and systems engineering group, acquired High Tech Metal Seals (HTMS), a designer and manufacturer of engineered metal seals for the industrial, energy, aviation, and space markets. This acquisition aims at complementing the company's product range by offering tailor-made solutions in the sealing industry. Earlier in 2019, the same company acquired American Seal and Engineering Co. (ASE), a leader in technical sealing solutions also used in the energy and aerospace industries,
Hallite Seals International Ltd., a leading manufacturer of hydraulic and pneumatic seals, opened its new state-of-the-art product and material testing facility. The new Hallite facility, located inside the global manufacturing building in Hampton, UK, combines laboratory and product testing space that was previously housed in separate buildings. The reimagined facility, built and equipped for a wide range of material and product characterization, advances the company's capabilities and focuses on innovative growth.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: Significant Value |
CAGR | CAGR of 7.57% (2021-2030) |
Base Year | 2021 |
Forecast Period | 2021-2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Material, Application, End-Use |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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) |
Key Market Opportunities | New product launches and R&D Amongst major key Players |
Key Market Drivers | surging demand for high pressure seals from end-use industries, such as oil & gas and chemical |
The global high pressure seals market is expected to expand at 7.57% CAGR from 2021-2030.
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.