Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Industrial Seals Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial seals market, valued at US$9.159 billion in 2021, is poised for significant growth at a Compound Annual Growth Rate (CAGR) of 4.17%.
By 2028, it is estimated to reach a market size of US$12.191 billion. Industrial seals, vital mechanical devices, prevent fluid or gas leakage between surfaces in contact with each other. These seals find applications across diverse industries such as oil and gas, chemical, food and beverage, and pharmaceuticals.
Key Highlights of the Global Industrial Seals Market:
- Innovation and Advanced Seals: The market is witnessing a surge in innovation with manufacturers focusing on advanced industrial seals that offer enhanced performance, extended lifespan, and superior reliability. Investment in research and development is driving the creation of innovative products to cater to evolving industry needs.
- Digital Technology Integration: The market is experiencing increased adoption of digital technologies, including the Industrial Internet of Things (IIoT) and predictive maintenance. These technologies enable real-time equipment monitoring, helping detect potential issues before they result in equipment failure.
- Customized Solutions: Demand for customized industrial seals tailored to meet specific industry requirements is growing. Industries such as food and beverage, subject to strict regulations, are driving the demand for specialized industrial seals.
Driving Factors:
- Demand from End-Use Industries: Growing industries such as oil and gas, chemical, food and beverage, and pharmaceuticals are contributing to the increasing demand for industrial seals. The United States Census Bureau reports rising shipments of industrial machinery and equipment, indicating a demand surge.
- Maintenance Emphasis: A growing focus on equipment maintenance and repair is boosting the need for industrial seals, which play a crucial role in preventing leaks and ensuring efficient equipment operation.
- Make in India Initiative: The Indian government's Make in India initiative, aimed at increasing the manufacturing sector's contribution to the GDP, is expected to drive the demand for industrial seals in the region.
Market Developments:
- In January 2023, Kice Industries, in collaboration with Israel-based Tamar Seal, introduced innovative sealing technology for its VJOT-series rotary airlocks. These mechanical seals offer enhanced defense against contamination, leakage, and breakage, even under challenging dry-running conditions. The technology allows for sealant replacement without disassembling machinery.
- In February 2023, Safcon Seals Pvt Ltd launched the high-security tamper-resistant RevGuard Meter Seal, designed to provide maximum meter security and eliminate income loss. The smart meter seal features a robust locking mechanism and digital reading and recording of seal numbers.
Companies Mentioned
- SKF
- THE TIMKEN COMPANY
- EPM
- John Crane
- Flowserve Corporation
- Specialized Engineering Against Leakage GmbH
- Freudenberg SE
- Trelleborg Group
- SSP Manufacturing Inc.
- Totally Seals
Market Segmentation:
By Type
- O-Rings
- Piston Seals
- Rotary Seals
- Oil Seals
- Others
By End-User
- Construction
- Food & Beverage
- Oil and Gas
- Energy and Power
- Aerospace
- Marine
- Others
By Geography
North America
- USA
- Canada
- Mexico
South America
- Brazil
- Argentina
- Others
Europe
- United Kingdom
- Germany
- France
- Spain
- Others
Middle East and Africa
- Saudi Arabia
- Israel
- Others
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $9.16 billion |
| Forecasted Market Value (USD) by 2028 | $12.19 billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/d5aphc
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