NEWARK, Del, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global mechanical seals market is anticipated to secure a valuation of US$ 3.3 billion in 2023 and reach US$ 5.0 billion by 2033. The global market is estimated to register a CAGR of 4.1% during the forecast period.
How is the Automotive Sector Driving the Mechanical Seals Market?
The automotive sector influences the global market due to its dynamic change. Here are a few aspects of the automotive sector that contribute key role in the global market:
- Growing Automotive Production: The automotive sector is the primary consumer of adopting mechanical seals in large quantities. This sector expands in various applications, including brakes, engines, transmissions, and cooling systems.
- Stringent Emission Regulations: Automotive manufacturers are seeking reliable and efficient mechanical seals for exhaust systems to meet stringent emission regulations. These seals help to reduce leakages and prevent emissions to maintain environmental standards.
- Shift Towards Electric Vehicles: The automotive sector is rapidly expanding by recently innovating electric vehicles. Manufacturers are increasingly adopting mechanical seals for electronic vehicle components, including electric motors and battery packs.
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- Advanced Manufacturing Technologies: Manufacturers are focused on developing innovative technologies to improve and enhance manufacturing processes. These technologies increase high performance and improve durability with advanced materials.
- Increased Vehicle Lifespan: Increasing the adoption of mechanical seals promotes vehicles' lifespan. These seals increase the performance of mechanical components. The automotive sector continuously builds more reliable and durable vehicles to increase sales.
- Reduce Fuel Consumption: Manufacturers are improving fuel efficiency in electric and combustion engine vehicles by adopting mechanical seals. These seals play a crucial role in reducing friction, drivetrain systems, improving efficiency, and reducing fuel consumption.
- Increasing Demand for Aftermarket Parts: The global market is expanding due to increasing demand for aftermarket mechanical seals in the automotive sector. This service helps to repair, replace, and maintain the parts.
- Automotive Research and Development Activities: Automotive manufacturers invest heavily in research and development to increase vehicle safety and performance. These manufacturers develop mechanical seals customized to meet end users' requirements.
These are a few opportunities that increase the demand for mechanical seals in the automotive sector.
Key Takeaways:
- The global mechanical seals market is estimated to capture a valuation of US$ 5.0 billion with a CAGR of 4.1% by 2033.
- The United States is anticipated to dominate the global market by capturing a share of 23.4% during the forecast period.
- Japan is estimated to secure a share of 14.7% in the global market by 2033.
- With a share of 12.7%, Germany is significantly driving the global market during the forecast period.
"Mechanical seals are vital components in rotating equipment, ensuring the integrity of fluid systems by preventing leakage between two surfaces. Employed in various industrial applications, these seals provide an effective barrier against the escape of liquids or gases, contributing to the overall reliability and efficiency of pumps, compressors, and other machinery. Their robust design and precise engineering make mechanical seals a cornerstone in maintaining the operational integrity of critical equipment across diverse sectors." says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
How are the Key Players Uplifting the Global Market?
The global market is highly fragmented by the number of prominent players investing their time in research and development activities. These players are trying to innovate unique products to satisfy consumers' requirements. Key players adopt various marketing tactics to uplift the global market, including mergers, acquisitions, collaborations, and product launches.
Top 10 Key Players in the Mechanical Seals Market
- AW Chesterton Company
- EagleBurgmann India Private Limited
- Flowserve Corporation
- Flex-a-seal
- John Crane Group
- Bal Seal Engineering
- Cooper-Standard
- Federal-Mogul
- Flexitallic Group
- Garlock Sealing Technology
Recent Developments in the Global Market are:
In 2020, A.W. Chesterton Company announced its newly launched material technologies, such as large run-out shafts and worn equipment for effective work.
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Mechanical Seals Market by Segmentation
By Type:
- O-ring Mechanical Seals
- Lip Mechanical Seals
- Rotary Mechanical Seals
By End Use Industry:
- Oil and Gas Industry
- General Industry
- Chemical Industry
- Water Industry
- Power Industry
- Other Industries
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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