NEWARK, Del, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The sales of high pressure seals have risen significantly from 2018 to 2022, with a noteworthy average annual growth rate of 5.3%. Based on a recent FMI survey report, the global sales of high pressure seals reached a value of about US$ 4,783.4 million in 2022. This market offers several geographical prospects as well, with distinct areas exhibiting varied growth trends.
The worldwide market for high pressure seals is predicted to reach a projected value of about US$ 5,036.9 million in the current year 2023. In addition to this, a stable CAGR of 5.3% in global demand for high pressure seals is predicted to continue between 2023 and 2033. As a consequence, the global market's value is predicted to be close to US$ 8,442.1 million by the conclusion of this projection period.
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High pressure seals are widely used in many different sectors, including oil and gas, aerospace, automotive, and manufacturing, which is driving their rising demand. These seals have become indispensable in industrial facilities as they are essential for preserving the integrity of machinery and systems that work under high pressure. The sales of high pressure seals are anticipated to increase as these industries develop and grow, driving up the sales of manufacturers in this market.
Presently, the use of high-quality high pressure seals is getting fueled by the growing emphasis on improving operating efficiency and reducing leakage and downtime. Also, sophisticated high pressure seals that meet certain sector needs have emerged suitable in many core industries which has further boosted the market's expansion.
“The emphasis on operational efficiency and the reduction of leakage and downtime is propelling the adoption of high-quality seals. Tailored solutions meeting specific industry needs further amplify market expansion,” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Global High Pressure Seal Market Study Report by FMI
- Until the year 2022, the United States dominated the worldwide market and contributed almost 23% of the global revenue that year. To retain their market position, players in the United States are concentrating more on maintaining product differentiation, cost-effectiveness, and customer service.
- Germany is the prominent manufacturer of high pressure seals in the Europe market and it held nearly 8.6% of the global revenue share in 2022.
- The industrialization and infrastructural development of emerging nations in Asia is booming, increasing the need for high pressure seals in these regions. China is projected to follow a year-on-year growth rate of 5.9% in sales of high pressure seals during the years from 2023 to 2033.
- India is expected to follow China in sales of high pressure seals and is anticipated to exhibit 5.6% CAGR during the forecast years.
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Competitive Landscape for the High Pressure Seal Market Players
As more companies have entered the market to take advantage of the rising demand, the competition in this sector also has increased currently.
Some top market players are
- AES Corporation
- Smith’s Group Plc.
- Garlock Sealing Technologies LLC
- AB SKF
- James Walker & Co
- Parker Hannifin Corporation
- EagleBurgmann Germany GmbH & Co. KG
- Flowserve Corp.
- Performance Sealing Corp.
- EI du Pont de Nemours & Co.
To create cutting-edge sealing solutions that deliver improved performance and durability in difficult situations, these leading manufacturers are investing largely in research and development.
The growing need for dependable and effective seals in most industries has paved the way for the emergence of new market players in industrializing nations. Meanwhile, manufacturers who can build a large presence and distribution system in the oil-producing countries of the Middle East and Africa stand to gain greatly. Nevertheless, the requirement for ongoing innovation to suit changing industry demands is one of the main issues in such emerging economies.
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Key Segments Covered in the High Pressure Seal Industry Analysis
By Material:
- Metal
- Thermoplastic Polyurethane (TPU)
- Hydrogenated Nitrile Butadiene Rubber (HBR)
- Fluorocarbon-based Synthetic Rubber
- Ethylene Propylene Dyne Terpolymer (EPDM)
By End Use:
- Oil & Gas
- Chemicals
- Automotive
- Mining
- Aerospace
- Power Generation
- Healthcare
- Others (Manufacturing, etc.)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and 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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