Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Oil & Gas Seals Market by Type, Material, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global oil & gas seals market is anticipated to reach $8,110.50 million by 2031, growing from $6,299.80 million in 2021 at a CAGR of 2.6% from 2022 to 2031.
Key Market Players
- Parker Hannifin Corporation
- Flowserve Corporation
- Freudenberg Group
- Trelleborg AB
- Sinoseal Holding Co., Ltd.
- Hallite Seals
- NAK Sealing Technologies Corporation
- EnPro Industries
- john crane
- EagleBurgmann
Increasing oil exploration and production is projected to drive the market growth. Petroleum product output is increasing rapidly over the globe.
The developing oil & gas, chemical, and petrochemical sectors are projected to boost demand for oil & gas processing seals in the future. Emerging countries are actively trying to embrace cutting-edge technologies and manufacturing methods in the petroleum sector. This has resulted in the need for advanced and reliable sealing solutions, driving the growth of the oil & gas seals market.
The fluctuating oil & gas prices can create uncertainty in the market and lead to reduced investment in the industry, which in turn can affect the demand for seals.
The oil & gas industry is majorly dependent on the price of oil & gas, and changes in these prices can directly impact the industry's profitability. In addition, petroleum-derived materials such as polyurethane and hydrogenated acrylonitrile butadiene rubber are used in oil & gas processing seals. The price of these materials fluctuates due to fluctuations in the price of petroleum, which may impede market growth during the forecast period.
Petroleum product production is increasing rapidly around the world. In the future, the burgeoning oil & gas chemical petrochemical sectors in Asia-Pacific are expected to boost demand for oil & gas processing seals. Various countries such as India and China are actively working to adopt cutting-edge technologies and manufacturing processes in the petroleum industry, which is expected to drive the global market growth even further. Every year, more than 4 billion metric tons of oil is produced worldwide.
Almost one-third of this total is produced solely in the Middle East. These are major factors projected to create growth opportunities for the major market players during the forecast period.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. There were import-export restrictions laid down on major oil & gas seals producing countries such as the U.S. and China, which imposed significant challenges on the market. The COVID-19 pandemic had a significant impact on the oil & gas seal market growth.
The reduction in demand for oil & gas products, due to the lockdowns and travel restrictions, led to a decrease in the demand for oil & gas seals. This in turn led to a slowdown in the production and sales of oil & gas seals. In addition, supply chain disruptions caused by the pandemic also affected the market. However, with the gradual easing of restrictions and the increase in demand for oil & gas products, the market is expected to recover and grow in the future.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oil & gas seals market analysis from 2021 to 2031 to identify the prevailing oil & gas seals market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the oil & gas seals market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global oil & gas seals market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Single Processing Seals
- Double Processing Seals
By Material
- Metal
- Elostomers
- Face Materials
By Application
- Upstream
- Midstream
- Downstream
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/9jqpq5
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