Pune, Feb. 20, 2020 (GLOBE NEWSWIRE) -- The global mechanical seals market size is projected to reach USD 4.77 billion by 2026, registering a CAGR of 5.2% during the forecast period. Rising adoption of mechanical seals across the industrial spectrum will primarily drive the growth of this market in the given time period. The fundamental function of a mechanical seal is to seal or fill the gap between a stuffing box and a rotary shaft, thereby preventing any leakage of gases or liquids in rotating shaft systems. Mechanical sealing products offer a host of advantages. For example, these seals can handle any type of fluid including abrasive materials, acids, and salts and function smoothly even when the rotational shaft changes direction. Moreover, despite heavy utilization, these seals do not cause or accelerate shaft wear and tear and the materials themselves have a long shelf-life. Besides this, mechanical seals are preferred over packaging materials as they are ecologically more viable. As a result, their uptake in the food and beverages industry is steadily climbing and is fast becoming one of the top mechanical seals market trends.
In its recent report, titled “Mechanical Seals Market Size, Share & Industry Analysis, By Type (Cartridge Seals, Balanced and Unbalanced Seals, Pusher and Non-pusher, Conventional Seals and Others), By Industry (Metals & Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction & Manufacturing and Others) and Regional Forecast, 2019-2026”, Fortune Business Insights™ states that the value of this market stood at USD 3.20 billion in 2018. The other highlights of the report include:
- In-depth analysis of the market segments;
- Comprehensive research into the factors positively and negatively influencing the market;
- Detailed study of the regional and competitive dynamics of the market; and Accurate forecasting of the upcoming trends, prospects, and opportunities in the market
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Market Driver
Robust Industrial Development in Emerging Economies to Propel the Market
Emerging economies such as India and China are undergoing a period of intense economic development in the form of accelerated industrialization. Forecasts by the International Monetary Fund (IMF) reveal that India’s economy is set to grow at 5.8% in 2020 and at 6.1% in 2021. In case of China, the IMF statistics showed that the national economy rose by 6.2% in 2019. These numbers are indicative of the fact that manufacturing activities in both countries are flourishing, implying that the demand for industrial materials and equipment, such as mechanical seals, is set to rise in the coming years. Furthermore, progressive economic policies, programs, and schemes such as Make in India will encourage mechanical seals manufacturers to develop advanced solutions and fuel the market growth during the forecast period.
Regional Dynamics
Favorable Investment Climate to Prove Beneficial for the Market in Asia-Pacific
Among regions, Asia-Pacific is foreseen to dominate the mechanical seals market share in the forthcoming decade as the market size of the region in 2018 was at USD 1.13 billion. Formulation and implementation of investment-friendly policies in India, China, and Japan are expected to be the key growth drivers for the market here. Apart from this, expansion of industries such as marine, construction, and oil & gas will spike the demand for mechanical sealing solutions in the region during the forecast period.
In North America, market growth is mainly premised on the increasing number of infrastructure projects and promotion of R&D in Science, Technology, Engineering, and Mathematics (STEM) field. Growing adoption of mechanical seals in aerospace and railways is expected to propel the market in Europe, while a well-established oil and gas industry in the Middle East will accelerate the global market revenue.
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Competitive Landscape
Focused Investment in Innovation to Spur Competition
The mechanical seals market report envisages an intense period of competition in this market owing to the laser-like focus of key players on developing novel and sustainable solutions for consumers. This is a smart strategy adopted by the leading companies as it would aid them consolidate their position in the market and widen their offerings.
Industry Developments:
- December 2019: Freudenberg Sealing Technologies expanded its Low Emission Sealing Solutions (LESS) through the addition of Levitorq, the company’s next-gen low friction bearing. The product is designed to collect and push lubrication under the washer, thereby facilitating enhanced performance and higher critical speeds.
- March 2019: The Chicago-based rotating equipment specialist, John Crane, launched the T4111 Single-use Elastomer Bellows Cartridge Seal, engineered to seal centrifugal and rotary pumps. The product is designed for general use along with being low cost and having a simple cartridge seal structure.
List of Prominent Players Profiled in the Mechanical Seals Market Report Include:
-
- Fenner Group Holdings Limited (Hallite Seals)
- Freudenberg SE
- Dover Corporation (Waukesha Bearings)
- Trelleborg AB
- Flowserve Corporation
- Tenneco Inc. (Federal-Mogul LLC)
- SHV (ERIKS Group)
- EnPro Industries, Inc. (Garlock GmbH)
- John Crane (Smiths Group plc)
- SKF (AB SKF)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Mechanical Seals Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Cartridge Seals
- Pusher and Non-pusher
- Balanced and Unbalanced Seals
- Conventional Seals
- Others (Bellows Seals, etc.)
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Metals & Mining
- Food & Beverage
- Oil & Gas
- Energy and Power
- Aerospace
- Marine
- Construction & Manufacturing
- Others (Chemicals, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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