High-Performance Seals Market Overview
The global high-performance seals market is growing rapidly, witnessing the augmenting demand from the various burgeoning industries such as power generation, automotive aerospace & defense, and pharmaceutical. However, the oil & gas sector is the largest end-user high-performance seals and therefore drives substantial market demand. The O&G industry consumes a huge amount of high-performance seals for its requirements in the drilling tools & bits, drilling mud systems, blow-out preventers, casing & pipe connections, compressors & pumps, and control valves.
As a result, these high-performance seals garner a colossal market prominence and market demand. According to Market Research Future (MRFR), the global high-performance seals market growth is poised to generate a value of USD 8,049.9 MN by 2024. In its recently published analysis, MRFR also asserts that the market would register approximately 6.81% CAGR during the review period (2018-2024). Other prominent end-user industries such as the power generation, food & beverage, and aerospace & defense, are also creating huge market demand.
Moreover, constant technological advancements and investments transpired in the development of advanced high-performance seals industry drive the market growth. Furthermore, improvement of resistance to temperature & chemicals and mechanical properties of high-performance seals are offering several growth opportunities to the market players. Simultaneously, the vast consumption of these high-performance seals in the medical devices and the construction, industry is aiding the growth of the market, globally.
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High-Performance Seals Market Key Players
Major Players:Players leading the global high-performance seals market analysis, include Trelleborg Sealing Solutions (Sweden), ElringKlinger Kunststofftechnik GmbH (Germany), SKF (Sweden), IDG-Dichtungstechnik GmbH (Germany), James Walker (US), CARCO S.R.L (Italy), DowDuPont (US), PXL SEALS (France), Saint-Gobain Performance Plastics (US), EagleBurgmann (Germany), Freudenberg Sealing Technologies (Germany), John Crane (US), Race-Tec Sealing Limited (UK), Hallite Seals (UK), ATP S.p.a. (Italy), Techné (France), ERIKS NV (the Netherlands), Elastotech SA (France), Techoseal (France), Le joint français (France), Greene, Tweed (US), Dichtomatik (Germany), Utex Industries, Inc (US), Parker Hannifin Corp (US), and Repack-S (France), among others.
High Performance Seals Market – Geographical Analysis
The Asia Pacific region dominates the global high-performance seals industry with the largest market share. The presence of several noteworthy industry players and the constant technological advancements. The region is further projected to register a CAGR of over 7% throughout the forecast period. In the year 2017, the high-performance seals market in China accounted for more than 50%, becoming the largest market in the region. However, the Indian high-performance seals market is projected to register more than 8.5% CAGR during the forecast period (2018 to 2024).Moreover, some of the rapidly growing sectors such as F&B and automotive in emerging countries such as Japan, China, South Korea, and India, are propelling the growth of the regional market.
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