Food processing

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Dublin, December 10, 2021 (GLOBE NEWSWIRE) – The report “Industrial Seals Market – Forecasts 2021 to 2026” has been added to ResearchAndMarkets.com offer.

The industrial seals market is expected to grow at a CAGR of 2.26% to reach US $ 1,842.491 million by 2026, from US $ 1,575.668 million in 2019.

Strict environmental leakage regulations to prevent harm to human health and the environment is one of the main drivers of the industrial seals market.

Determining factors

Seals are widely used in several industries such as automotive, aerospace, electrical, food, petrochemical, marine, pharmaceutical, pumping, railway, oil and gas and water industries, the steady growth of these industries will increase thereafter. the demand for gaskets during the forecast period. In addition, increasing E&P business globally and increasing demand for standardized sealing applications in the oil and gas industries will also drive the demand for industrial seals.

In addition, the increasing number of refineries in the Asia-Pacific region will continue to support the growth of the industrial seals market during the forecast period. Since gaskets are mainly required in plumbing systems, the increase in construction activity will also drive the growth of the industrial gaskets market in the coming years.

Segmentation and market trends

By material type, the semi-metallic segment is expected to hold a dominant market share due to the increasing demand from various industries such as chemical processing, industrial machinery, food and pharmaceutical industry, and pulp and paper industries in during the forecast period.

By product type, the flexible gaskets segment is expected to hold a large market share as it is preferred over other gaskets in many end-use industries due to its flexible graphite and high temperature sheet characteristics.

By the end use industries, chemicals, pulp and paper, textiles are all expected to grow at a high CAGR due to the increasing use of gaskets in their processes. Geographically, North America holds a significant market share due to strict EPA regulations and increased crude oil production in the United States and Mexico.

In addition, Asia-Pacific will be the fastest growing market region due to increasing industrialization in countries like India and China.

Growth factors

Growing industrialization in countries

The main driver of the industrial seals market is the increasing industrialization in several countries, especially in emerging economies, across the world.

Increasing industrialization has resulted in an increase in the number of manufacturing plants, machinery and other mechanical instruments, which in turn will accelerate the demand for industrial seals during the forecast period. In countries like China, India, Brazil and Russia, there has been a steady increase in the number of industries that will further propel market demand in the years to come.

Constraints

Consumption of low-cost asbestos-based gaskets

Consumption of cheap asbestos-based gaskets, especially by developing countries, may restrain the growth of industrial gaskets market.

Asbestos is banned in many developed countries, however, many developing countries like China and India still consume it, which may reduce the demand for industrial seals in countries as developing countries are a target. important to industry.

Impact of COVID-19 on the industrial seals market

The Covid-19 pandemic has had a negative impact on the industrial seals market, due to the lockdown and travel and trade restrictions imposed by governments, worldwide, the business operations of many industries such as processing chemical, food and beverage processing, textile and water, and wastewater treatment industries have been disrupted, leading to a drop in demand for industrial gaskets in 2020 as industries suffer from increased pressure. huge losses.

However, with the ease of restrictions, the market is expected to rebound during the forecast period.

Competitive outlook

Major market players are implementing growth strategies like product launches, mergers and acquisitions, etc. to gain competitive advantage over their competitors.

The market leaders in industrial seals consist of

Segmentation:

By type of material

  • Metallic

  • Semi-metallic

  • Non metallic

By product type

  • Ring seals

  • Soft seals

  • Spiral wound seals

  • Corrugated gaskets

  • O-rings

  • Others

By end-use industry

  • Food preparation

  • Pharmaceutical

  • Textiles

  • Chemical products

  • Pulp and paper

  • Others

By geography

  • North America

  • United States

  • Canada

  • Mexico

  • South America

  • Brazil

  • Argentina

  • Europe

  • UK

  • Germany

  • France

  • Spain

  • Middle East and Africa

  • Saudi Arabia

  • Israel

  • Asia Pacific

  • Japan

  • China

  • India

  • Indonesia

  • Taiwan

  • Thailand

  • Others

For more information on this report visit https://www.researchandmarkets.com/r/291npa

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