Mechanical Seals Industry Overview, Growth Opportunities & Forecast 2022 to 2032
The global mechanical seals market is estimated to develop at a stable CAGR of roughly 4.1% between 2022 and 2032. The global market is anticipated to be worth US$ 3,267.1 million in 2022 and US$ 4,876.5 million by 2032. The global mechanical seals market increased at a CAGR of roughly 3.8% between 2016 and 2021, according to Future Market Insights’ historical analysis.
The market’s expansion can be attributed to the expanding manufacturing and industrial sectors. Mechanical seals aid in the prevention of leakage in high-pressure systems. Mechanical packaging was used prior to mechanical seals; however, it was not as effective as seals, so its demand increased over the projection period.
Mechanical seals are known as leakage control devices that are deployed on rotating equipment like mixers and pumps in order to avoid the leakage of liquid and gases from escaping into the environment. Mechanical seals make sure that the medium stays within the system circuit, protecting it from external contaminations and reducing environmental emissions.
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Mechanical seals frequently consume energy as the fictional properties of the seal has a significant impact on the amount of power consumed by the machinery on which it is used. The four major classes of mechanical seals are traditional contact seals, cooled and lubricated seals, dry seals, and gas-lubricated seals.
A flat and smooth finish on mechanical seals is eligible in order to prevent leakage to its full efficiency. Mechanical seals are most commonly made by utilizing carbon and silicon carbide but most commonly it is used in the manufacturing of mechanical seals because of their self-lubricating properties. The two major components of a mechanical seal are the stationary arm and the rotatory arm.
Key Takeaways
The dominant reason for the growth of the market is the surging manufacturing along with increasing industrial sectors all over the world. This trend is accounted for the surge in the number of supportive investment and foreign investment policies across the globe. The surge in the production of shale gas in developing and developed countries is known as a prominent factor driving the growth of the market. The latest oil and gas exploration activities, combined with extensive investments in refineries and pipelines are escalating the growth of the global mechanical seal market. In addition, the emergence of new technologies is also a vital element boosting the overall growth of the global mechanical seal market. Moreover, surging applications within the food & beverage industry including food tanks are also anticipated to favor the expansion within the global mechanical seals market in coming years.
Competitive Landscape
Due to the presence of such a high number of participants, the global mechanical seal market is highly competitive. In order to efficiently meet the increasing demand for high-performance seals from various industries, it is crucial that key manufacturers in the market get engaged in the development of new materials that are able to perform well under harsh conditions as well.
A hand full of other reputable key market players are focusing on research and development activities in order to come up with a combination of metal, elastomer, and fibers that can offer the required properties and deliver the desired performance under tough conditions.
More Insights into the Mechanical Seals Market
North America is expected to dominate the global mechanical seals market by accounting for a total market share of around 26.2% during the forecast period. The growth in the market is attributed to the rapid expansion of end-use industries such as oil and gas, chemical, and power and the subsequent use of mechanical seals in these sectors. The US alone houses about 9,000 independent oil and gas power plants.
The highest growth is witnessed in the North American region due to a surge in the adoption of mechanical seals in order to ensure precise and perfect sealing of pipelines. This ideal positioning can be attributed to increasing manufacturing activities in the region flourishing, implying that the demand for industrial materials and equipment, such as mechanical seals, is set to rise in the coming year.
Europe is anticipated to offer immense growth opportunities for the mechanical seals market since the region is accountable for around 22.5% of the global market share. Growth of the market in the region is attributed to the increasing growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major industries.
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Key Segments Profiled in the Mechanical Seals Industry Survey
Global Mechanical Seals Market by Type:
O-ring Mechanical Seals Lip Mechanical Seals Rotary Mechanical Seals
Global Mechanical Seals Market by End Use Industry:
Mechanical Seals in Oil and Gas Industry Mechanical Seals in General Industry Mechanical Seals in Chemical Industry Mechanical Seals in Water Industry Mechanical Seals in Power Industry Mechanical Seals in Other Industries
Global Mechanical Seals Market by Region:
North America Mechanical Seals Market Latin America Mechanical Seals Market Europe Mechanical Seals Market Asia Pacific Mechanical Seals Market Middle East and Africa Mechanical Seals Market