Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Global O-ring Seals Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global O-ring seals market achieved a valuation of USD 14.49 billion in 2022, and it is projected to grow at a CAGR of 3.4% from 2023 to 2028, reaching a value of USD 17.89 billion. O-ring seals find extensive usage in both static and dynamic applications, offering a cost-effective and reliable sealing solution across various industries.
Driving Factors
The increasing adoption of O-ring seals across industries like automotive, aerospace, and oil and gas is fueling the market growth. In the aerospace sector, O-ring seals are widely used in hydraulic systems, fuel systems, and engine components, driving their demand. The oil and gas industry relies heavily on these seals for applications like drilling equipment, valves, and pumps.
Moreover, the market is being propelled by the global focus on energy efficiency and environmental sustainability. Governments and regulatory bodies worldwide are imposing stringent emission norms and environmental regulations, pushing industries to adopt energy-efficient and eco-friendly technologies. O-ring seals play a critical role in ensuring the proper functioning and sealing of such technologies, leading to an increased demand.
Additionally, the growing popularity of electric vehicles is creating new opportunities for the O-ring seals market. As the automotive industry transitions towards electric mobility, the demand for O-ring seals in electrical and electronic products is expected to witness significant growth.
Market Segmentation
The market can be categorized based on type, application, and region. Types of O-ring seals include synthetic rubber and thermoplastic elastomer. Applications of O-ring seals encompass electrical and electronic products, aerospace equipment, energy, food and beverages, healthcare and medical, automotive and transportation, machinery manufacturing, and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Competitive Landscape
In the competitive landscape, the report evaluates market shares, plant turnarounds, capacities, investments, and acquisitions and mergers among major O-ring seals companies. Some of the key players include:
- NOK Corporation
- Freudenberg Sealing Technologies GmbH
- Parker-Hannifin Corporation
- Trelleborg Sealing Solutions
- AB SKF
- Others
The market is highly competitive, with key players striving to innovate and improve their products to meet the evolving needs of industries and regulatory standards.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $15.15 Billion |
| Forecasted Market Value (USD) by 2028 | $17.89 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
Key Topics Covered
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
4 Key Assumptions
5 Executive Summary
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global O-ring Seals Market Analysis
9 North America O-ring Seals Market Analysis
10 Europe O-ring Seals Market Analysis
11 Asia Pacific O-ring Seals Market Analysis
12 Latin America O-ring Seals Market Analysis
13 Middle East and Africa O-ring Seals Market Analysis
14 Market Dynamics
15 Competitive Landscape
16 Key Trends and Developments in the Market
For more information about this report visit https://www.researchandmarkets.com/r/8hbe0l
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