Market Highlights
The Global
High-Performance Seals Market is estimated to be valued
at USD 8,049.9
Million by 2024 and
is Expected to register a CAGR
of 6.81% during the forecast period.
The use of high-performance seals in upstream, midstream, and
downstream operations is increasing in the mining industry as they ensure safe,
reliable, and efficient operation of a wide range of onshore and offshore
equipment. The growing adoption of electric vehicles in line with the stringent
regulations for environment protection is expected to boost the demand for
high-performance seals for battery sealing.
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Segment Analysis
The global High-Performance Seals Market has
been segmented on the basis of material type, end-use industries, and region.
On the basis of material type, the global market has been
segmented into rubber, plastic/polymer, composite, metal, and rubber-metal. The
rubber segment is further sub-segmented into ethylene propylene diene monomer
(EPDM), ethylene acrylate rubber (AEM), hydrogenated nitrile butadiene rubber
(HNBR), thermoplastic polyurethane (TPU), nitrile butadiene rubber (NBR),
polyacrylate (ACM), polychloroprene (CR), silicone, and fluoroelastomers (FKM).
The plastic/polymer segment is further categorized into polytetrafluoroethylene
(PTFE), polyvinylidene fluoride (PVDF), polyether ether ketone (PEEK),
ultra-high molecular weight polyethylene (UHMW-PE). The composites segment is
sub-segmented into carbon fiber, glass, cellulose, and others.
The rubber segment accounted for a major
market share in 2017 and
is expected to reach a value of USD
2,891.0 million by 2024. The growth is attributed to the
superior characteristics of rubber such as abrasion resistance, tear
resistance, resilience, and elongation. Rubber seals are multi-purpose bit of
kit that allows sealing of two different surfaces or two opposite surfaces
(interior and exterior). This prevents water damage, water leakage, corrosion,
weathering as well as provides an airtight barrier, which prevents loss of
air/heat. These factors make rubber an excellent choice of material for rubber
seals.
Based on the end-use industry, the global
market has been segmented into oil & gas, power generation, aerospace &
defense, chemicals, automotive, pharmaceutical, food & beverage, and
others. The aerospace & defense segment is projected to register a
healthy CAGR of 7.40% during
the forecast period on account of increasing application of high-performance
seals in aircraft braking systems, gearboxes, flap actuators, satellites,
cryogenic refueling systems, and launch pad dampeners.
Market Players
Market Research Future (MRFR) recognizes ElringKlinger
Kunststofftechnik GmbH (Germany), Trelleborg Sealing Solutions (Sweden), James
Walker (US), IDG-Dichtungstechnik GmbH (Germany), CARCO S.R.L (Italy), Race-Tec
Sealing Limited (UK), Greene, Tweed (US), PXL SEALS (France), DowDuPont (US),
SKF (Sweden), Techoseal (France), Saint-Gobain Performance Plastics (US),
Freudenberg Sealing Technologies (Germany), Utex Industries, Inc (US),
EagleBurgmann (Germany), Elastotech SA (France), John Crane (US), Hallite Seals
(UK), ATP S.p.a. (Italy), ERIKS NV (the Netherlands), Techné (France), Le joint
français (France), Dichtomatik (Germany), Repack-S (France) and Parker Hannifin
Corp (US) as the key players in the global High-Performance Seals Market.
Regional Analysis
The global High-Performance
Seals Market, by region, has been
segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. As per MRFR analysis, Asia-Pacific was the
leading market for high-performance seals in 2017 and is
expected to continue the trend during the review period. The North American
market accounted for more than 20% of
the global market share in 2017 owing
to the high demand for high-performance seals in major end-use industries such
as chemical, aerospace & defense,
automotive, pharmaceutical, and food & beverage.
Key Findings of the Study:
- The Global High-Performance Seals Market
is Projected to reach USD
8,049.9 million by 2024 at a CAGR of 6.81% during
the review period of 2018
to 2024.
- Asia-Pacific accounted for the largest
market share with China being the major contributor to the growth of the
regional market.
- The key manufacturers are focusing on
strategic growth initiatives such as new product launches, capacity
expansion, acquisitions, and distribution agreements to meet the rising
demand for high-performance seals across various end-use industries.
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