Dublin, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The "Oil and Gas Processing Seals Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Oil and Gas Processing Seals Market Report
The oil and gas processing seals market by revenue is expected to grow at a CAGR of over 2% during the period 2020-2025.
Several seal manufacturers are significantly focusing on innovations in terms of design and efficiency. Increasing investments and the recent discovery of oil fields in emerging countries such as India, Australia, and Brazil are expected to increase sealing solutions during the forecast period. With the increasing awareness of sustainability across the globe, oil and gas seal manufacturing companies adopt innovative manufacturing practices and technologies. The adoption of smart precision manufacturing and the availability of raw materials for seal manufacturing is expected to propel the production.
The COVID-19 outbreak has hit several industries; however, the oil and gas industry has been the worst affected. The spread of the coronavirus has compelled several companies to slow down their production, and, in many cases, production sites have been closed. Hence, the demand for oil and gas processing sealing solutions has proportionally declined due to production slowdown. The global oil and gas processing seals industry focuses on improving efficiency and productivity, especially in the Middle East and Africa, and North America.
Global Oil and Gas Processing Seals Market Segmentation
In terms of material type, elastomer seals hold the largest share in the global oil and gas processing seals market and are expected to continue their growth. In terms of geography, APAC holds the highest share in the elastomeric market due to the growing demand from oil and gas and other related industries. Owing to the cost-effective nature of the material, high elasticity, and high resistance to chemicals, elastomeric demand is expected to increase during the forecast period, albeit moderately. However, low tolerance to high pressure and temperature than thermoplastics is likely to hinder the elastomeric segment's growth opportunity.
The downstream industry accounts for the highest share of the global oil and gas industry. In terms of geography, the Middle East and Africa region accounted for the largest share in the global oil and gas processing seals market in 2019. However, North America and APAC are expected to grow steadily during the forecast period. The demand for diesel in India is expected to double by 2030 nearly. Moreover, favorable government regulations, such as 100% FDI in India's private refinery projects sector, are a major factor driving the growth of the APAC downstream industry.
INSIGHTS BY VENDORS
The global oil and gas processing seals market is moderately fragmented due to several highly established vendors across regions. Vendors in the market adopt several strategies to tackle intense competition among players offering their products with high efficiency across all downstream, upstream, and midstream oil and gas application industries. Mergers and acquisitions in the market are observed at frequent intervals to gain scale and scope opportunities. Many companies are also focused on launching innovative products to strengthen their market position that significantly induces the competitive landscape.
Prominent Vendors
- EnPro Industries
- Flowserve Corporation
- John Crane
- Parker-Hannifin Corporation
- Idex Corporation
- Trelleborg
Other Prominent Vendors
- Freudenberg Oil and Gas Technologies
- M. Barnwell Services
- Green Tweed
- CDI Energy Products
- Aesseal
- Saint-Gobain
- Techno AD
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Impact Of COVID-19
7.3 Global Economy: 2019
7.4 Global Oil and Gas Industry Outlook
8 Market Opportunities & Trends
8.1 Smart Oil Filed Innovation
8.2 Developments In Sealing Products In Adherence To Challenging Environment
8.3 Adoption Of Enhanced Oil Recovery (EOR) Technique
9 Market Growth Enablers
9.1 Increasing Upstream Production Activities
9.2 Huge Consumption of Oil And Gas Globally
9.3 Unconventional Oil Production in US & Beyond
10 Market Restraints
10.1 Shift to Renewable & Alternative Energy Sources
10.2 Adverse Impact Of COVID-19
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Material
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Elastomers
12.4 Thermoplastics
12.5 Others
13 Product
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 O-Rings
13.4 U-Cup Seals
13.5 Back-Up Rings
13.6 Spring Energized Seals
13.7 Others
14 Application
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Downstream Oil and Gas Industry
14.4 Upstream Oil and Gas Industry
14.5 Midstream Oil and Gas Industry
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
Competitive Landscape
- EnPro Industries
- Flowserve Corporation
- John Crane
- Parker-Hannifin Corporation
- Idex Corporation
- Trelleborg
Other Prominent Vendors
- Freudenberg Oil and Gas Technologies
- M. Barnwell Services
- Green Tweed
- CDI Energy Products
- Aesseal
- Saint-Gobain
- Techno AD
For more information about this report visit https://www.researchandmarkets.com/r/7i1is0
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.