New York, Sept. 16, 2019 (GLOBE NEWSWIRE) -- The increasing use of midstream and downstream applications are driving the demand for Oil & Gas Processing Seals Market.
The global oil & gas processing seals market is forecast to reach USD 6.74 Billion by 2026, according to a new report by Reports and Data. Oil & Gas Processing Seals prevents leakage of oil and gas and can also withstand extreme temperatures.
The deployment of oil and gas seals are done on mixers and pumps to eradicate any chances of leakage of gases and liquids. These seals help in providing low friction and extended service life for applications that often use extreme pressure over an extensive temperature range. The large-scale production of shale gas in developing as well as developed countries are leading to a favorable growth for the oil & gas processing seals market. Oil and Gas seals have garnered huge popularity on the global platform, owing to their innate nature of enduring high temperature.
The development in double seals for both dynamic and static uses, is expected to help the oil & gas processing seals market to gain traction in the coming years. Pervasive usage of the products, like the double seal for prevention of leakage, will provide lucrative growth opportunities for the oil & gas processing seals sector.
The Middle East and African (MEA) region are expected to contribute significantly towards the oil & gas processing seals market. The rise in production facilities, and ongoing technological developments, which resulting in large-scale application of the oil and gas seals, will boost the regional market demand. MEA held a market share of 37.8% in the year 2018.
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Further key findings from the report suggest
- The large-scale production of shale gas in developing as well as developed countries are leading to a favorable growth for the oil & gas processing seals market.
- Double Seal held a market share of 67.4% in the year 2018. Double Seals are apt for high pressure and temperature and are often used to prevent the products inside to leak out and reach the environment, avoiding wastage of expensive liquid, and it also provides an alternative when the process fluid is not stable and reliably lubricated.
- Downstream dominated the application segment and is forecasted to hold a market share of 43.5% in the year 2026. It includes the refining of crude oil and the purifying and processing of natural gas oil at refineries and petrochemical plants. It also includes marketing and distribution of petroleum products.
- Elastomers are commonly used in the production of O-Rings, and other seals. They are available in the form of other elastomeric materials such as FFKM (Perfluoroelastomers), NBR (Nitrile Rubber), FKM (Fluoroelastomers), and EPDM (Ethylene propylene diene monomer).
- The Asia Pacific region held a market share of 36.0% in the year 2018. An escalation in demand for oil and gas processing seals is because of the growing oil and gas industries as well as chemical and petroleum industries in the region.
- Key participants Saint-Gobain, Flowserve Corporation, Dupont, John Crane, Techno Ad Ltd., Trelleborg AB, Parker Hannifin Corporation, M.Barnwell Services Limited, Precision Polymer Engineering, and FTL Technology, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Oil & Gas Processing Seals market on the basis of type, material, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Single Seal
- Double Seal
Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Metals
- Elastomer
- Seal Face Material
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Upstream
- Midstream
- Downstream
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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