Seals Market is expected to reach US$ 84.7 Billion in 2027, growing at a CAGR of 4.9% during 2021- 2027, reports Stratview Research.
Raipur, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Seals Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Seals Market is driven by a host of factors, some of which are noted below:
Rising adoption of customized seals.
The demand of thermal resistant seal is increasing owing to the producing sector across the globe.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Seals Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
By End-Use Industry Type (Transportation, Processing, Electrical & Electronics, Mobile Machinery, Manufacturing Tools, Energy & Power, and Others),
By Product Type (O-rings, Gaskets, Energized Seals, Lip Seals, Mechanical Seals, and Others),
By Material Type (Elastomeric Seals, Thermoplastic Seals, and Metallic Seals),
By End-User Type (OE and Aftermarket),
By Region (North America, Asia-Pacific, and Rest of the World)
Seals Market Insights
Market Trends by end-use industry type
The seals market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the biggest demand generator for seals with a market share of around 34% during 2021 is projected to grow at a robust CAGR during the forecast period. Seals are used in aircraft, passenger cars, LCVs, M&HCVs, railways, ships, and boats making transportation the dominant segment.
Market Trends by product type
the market is segmented as O-rings, gaskets, energized seals, lip seals, mechanical seals, and others. Lip seals are expected to remain the largest as well as the fastest-growing segment with a market share of around 20.5% during 2021 is projected to grow at a robust CAGR during the forecast period Lip seals are majorly used in rotary applications such as pumps, turbines, aircraft engines, and automobile engines, giving the segment a dominant position. Lips seals are also widely used in manufacturing industries such as food processing, pharmaceuticals, and chemicals
Market Trends by Material type
The market has been classified into Elastomeric Seals, Thermoplastic Seals, and Metallic Seals. Under these, the Elastomeric Seals segment held a market share of 62% in 2021 and is projected to grow at a robust CAGR in the coming years.
Which region offers the best opportunity and growth?
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for seals during the forecast period. Because of the region's large population, manufacturing industries have a high demand for transportation and finished goods. Furthermore, governments of many countries in the region are promoting their country's manufacturing sector through various initiatives such as the Indian government's Make in India. These factors are increasing the demand for seals in the region from various OEMs and aftermarkets.
COVID-19 Impact on the Seals Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
Greene Tweed & Co., Inc.
James Walker & Co.
John Crane (Smiths Group)
What deliverables will you get in this report?
In-depth analysis of the Seals Market
Detailed market segmentation.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
Related reports which might be useful:
Elastomeric Seals Market
Mechanical Seal Market
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