New York, USA, March 27, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global oil & gas processing seals market. According to the report, the global market is projected to surpass $8,110.50 million and grow with a CAGR of 2.6% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the oil & gas processing seals market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Oil & Gas Processing Seals Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global oil & gas processing seals market. During the pandemic, the spread of the coronavirus led businesses to slow down and, in some circumstances, close industrial sites. Additionally, the COVID-19 pandemic hindered the market because lockdowns, social distancing norms, and trade restrictions caused severe disruptions in the global supply chain network. Hence, oil & gas processing sealing solutions saw a decline in demand because of the production slowdown. All these factors hindered the market growth during the pandemic.
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Factors Impacting the Oil & Gas Processing Seals Market Growth
The key factor propelling the growth of the global oil & gas processing seals market is a significant rise in oil & gas exploration operations and the global expansion of oil & gas distribution infrastructure worldwide. Furthermore, oil and gas seal manufacturers are utilizing innovative manufacturing techniques and technologies in response to the growing worldwide awareness about sustainability, which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the uncertainties regarding oil & gas prices may induce market hesitancy and reduce industry investments, which is anticipated to deter the market’s growth.
The report segments the global oil & gas processing seals market into type, material, application, and region.
Single Processing Seals Sub-Segment to Observer Leading Growth
The single processing seals sub-segment of the type segment is projected to grow enormously in the forecast period. This growth is mainly because single processing seals have a single sealing structure that is considered to have a low risk of failing.
Metal Sub-Segment to Grab a Foremost Share of the Market
The metal sub-segment of the material segment is foreseen to observe leading growth in the forecast period. This growth is mainly because metal-cased oil seals are used when installed in a housing bore made of the same material.
Downstream Sub-Segment to Witness Rapid Growth
The downstream sub-segment of the material segment is predicted to grow enormously in the forecast period. This growth is mainly owed to the growing seal usage in petrochemical and oil refinery processes that involve processing and purifying natural gas as well as refining crude oil.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global oil & gas processing seals market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to rising demand for oil & gas processing seals from numerous end-user sectors and rapid industrialization in this region.
Key Market Players
The report states some of the foremost players operating in the global oil & gas processing seals market including
- BRUSS Sealing Systems GmbH
- AMG Sealing Limited
- Cooper Standard
- Daetwyler Holding Inc.
- ElringKlinger AG
- Dana Limited
- Flowserve Corporation
- GARLOCK FAMILY OF COMPANIES
- Freudenberg Sealing Technologies
- KLINGER Holding GmbH
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in April 2022, Trelleborg Sealing Solutions, a foremost global supplier of sealing solutions, introduced two new products: XploR™ S-Seal & XploR™ FS-Seals for high-pressure and high -temperature oil & gas environments in industries.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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