The global mechanical seals market is segmented into end-use-industry such as oil and gas, chemical industry, water and wastewater industry, power industry, pharmaceutical, mining and minerals, food and beverage and others, out of which, with 30.1% share, the oil and gas industry segment dominated the overall mechanical seals market in 2016 and is projected to capture a noteworthy CAGR by 2024. Apart from this, water and wastewater industry segment is believed to register a phenomenal CAGR by the end of 2024. Likely, growing adoption of advanced mechanical seals to prevent leakage is envisioned to bolster the growth of global mechanical seals market.
Global mechanical seals market is anticipated to post a notable CAGR of 9.2% during the forecast period i.e. 2017-2024. Moreover, the mechanical seals products market is projected to account for exponential sales by the end of 2024. Additionally, robust expansion of oil and gas industry along with introduction of innovative mechanical seals for numerous platforms such as rotatory is believed to propel the growth of mechanical seals market.
The cartridge seals segment by product type is projected to grow at a robust CAGR over the forecast period. In terms of geography, with 42.8% share in 2016, Asia-Pacific region accounted for the biggest market of global mechanical seals. Moreover, China, India and japan are the dominating countries in this region owing to rapid industrialization. Moreover, growing population has augmented the demand for more energy which is expected to foster the growth of oil and gas industry. This factor is believed to flourish the growth of mechanical seals market over the forecast period.
Strengthening economic growth of developed and developing nations such as U.S., China, India and others have fuel the growth of various industries such as pharmaceuticals, chemical, oil and gas which is projected to directly impact the growth of mechanical seals market. Moreover, motorization of the population in the developing countries is one of the major factors augmenting the demand for oil. This factor is projected to bolster the market of mechanical seals.
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Expansion of Wastewater Industry
Upsurge demand for mechanical seals from water and wastewater industry is believed to be the dynamic factor behind the rapid growth of mechanical seals market. Moreover, increased manufacturing activities are also propelling the market of mechanical seals across the globe. Furthermore, heavy spending in pipelines and refineries in major countries is also predicted to boost the demand for mechanical seals by 2024. On the contrary, presence of other alternatives such as mechanical packaging is envisioned to dampen the growth of mechanical seals market over the forecast period.
The report titled “Mechanical Seals Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global mechanical seals market in terms of market segmentation by product type, by end-use-industry and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global mechanical seals market which includes company profiling of AESSEAL plc., A.W. Chesterton Company, EagleBurgmann, Flowserve Corporation, Flex-A-Seal, Inc., John Crane, Avon Seals Private Limited, TREM Engineering SC , PPC Mechanical Seals, and Meccanotecnica Umbra S.p.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mechanical seals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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