The global industrial seals market size stood at USD 10.78 Billion in 2018 is projected to reach USD 16.31 Billion by 2026, exhibiting a CAGR of 5.3% during the forecast period.

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The primary function of an industrial seal is to optimise the performance of a machine by offering the process reliability. Moreover, seals are also used in the applications that involve the rotary and reciprocating motions. Over the past few decades, industrial seals are playing an important role in providing optimum efficiency and productivity.

It can retain lubrication and block contamination in bearing systems. The industrial seals manufacturers develop seals in various sizes, depending on the shaft diameter of machines. Also, such seals are made up of several different materials, such as industrial rubber, Fluorosilicone (FVMQ), Polytetrafluoroethylene (PTFE), Polyurethane (AU, EU) and others.

The industrial seals market has grown significantly over the decades and is expected to grow moderately in the coming future. Growing industrialization in developing countries is expected to drive market growth during the forecast period. Seals manufacturing companies produce industrial seals for static, dynamic and special (Customized) applications.

Wherein, in static applications, the manufacturer produces seals for stationary surfaces, and in dynamic applications, the manufacturer produces seals for reciprocating and rotating components. Whereas, in special applications, the manufacturer produces seals for customized shafts, which is used in different machines.

Major types of seals available in the market are axial, radial and mechanical seals. There are many factors that are influencing the growth of the industrials seals market in developing countries.

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Factors such as increasing natural gas in processing plants, owing to the demand for shale gases is the primary factor that is driving the market. Moreover, growth in machine tool industry is another factor that is influencing the market share because power machines that are used in pumps and compressors require seals to separate two or more fluids in rotating shaft.

Therefore, the growing market demand for seals in multiple end-use applications is expected to drive the market in the coming years. Furthermore, the highest market share is expected to be witnessed in Asia Pacific followed by Europe.

MARKET DRIVERS

“Growth in Power Generation Industry”

According to the International Energy Agency (IEA), renewables energy resources are expected to grow significantly, especially to generate electricity. This growth can directly influence the industrial seals market size in the coming future. Also, the governments of several countries are now focusing on investing in the energy and power industry, owing to the rising world temperature. Moreover, several countries are spending heavily on low-carbon energy research and development.



In 2018, according to the UN Environment Programme (UNEP) and its partners, 98 gigawatts of new solar capacity were installed globally.



Furthermore, a power plant requires the cooling processes to keep the temperature normal. These cooling units consist of huge machines for continuous processes. To keep the smooth and fast functioning of the machine, it requires mechanical seals. These seals provide safety and economic viability of the system. Besides, multiple manufacturers are working continuously on developing industrial seals, as in the coming years, the investment in the energy and power industry will increase. Therefore, the continuous increasing investments in the power generation industry is driving the industrial seal market growth.

“Demand for Thermal, Durable and Resistant Seals in Several Industries”

The large capacity manufacturing unit requires equipment that can work for long hours for continuous production processes. For the better optimization of a machine, consumers are installing thermal resistant seals, which allows machines to work properly and for long hours. Furthermore, the temperature plays an important role in the operation of industrial seals in every machine. Therefore, the demand for thermal resistant industrial seals is increasing with the development of the manufacturing sector across the globe. Also, from the past few years, the demand for the large capacity manufacturing units has been increased in various industries.

Also, the industrial seal manufacturing companies are now more focused on developing thermal resistant industrial seals. These thermal resistant seals are manufactured by using elastomeric materials.

Also, the consumers are looking forward to adopting such seals that can work in high temperatures and can provide a better performance, as compared with traditional seals.

SEGMENTATION

By Type Analysis

“The radial seals segment is expected to generate the highest revenue in the forecast period”

Continuous adoption of contacting seals in several industries is anticipating to grow the radial seals segment in the forecast period. The radial shaft segment is estimated to have a significant growth opportunity followed by mechanical seals segment, owing to the increasing usage of small diameter radial shaft (SDS) and large diameter shaft (LDS) in the end-use applications.

The axial and mechanical segments are expected to grow moderately, owing to the rapid increase in the growth of the industry sector in several regions.

In the mechanical segment, compared to other sub-segments, the cartridge sub-segment is expected to grow at a higher CAGR in the forecast period, owing to the trend of adoption of cartridge seals in multiple applications.

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The global industrial seals market is segmented by type, which is further segmented into axial seals, radial seals, and mechanical seals. Whereas, the mechanical segment is further segmented into pusher and non-pusher, conventional seals, balanced and unbalanced seals, and cartridge seals.

By Application Analysis

“Oil and Gas is expected to dominate the market during the forecast period.”

Usage of energy is playing an important role in influencing the market growth. Renewables are expected to have the fastest growth in the electricity sector by providing almost 30% of power demand in 2023, according to the International Energy Agency. Moreover, this growth will be up from 24% in 2017. Also, 70% of electricity will be generated from the renewables, which is further led by solar PV, wind and other sources. Therefore, the oil and gas segment is expected to grow significantly at higher rate, followed by food & beverages, aerospace and other segments.

The usage of industrial seals in the mining industry is expected to decrease in the coming future, owing to the continuous decrease in the growth of the mining industry. Therefore, the mining industry segment is anticipated to grow slowly over the forecast period.

By application, the market is bifurcated into mining, food & beverages, oil & gas, energy and power, aerospace, marine, construction and other (chemical, etc.).

REGIONAL ANALYSIS

The Asia Pacific market size was valued at USD 3.76 Billion in 2018 and is expected to arise as a dominating region in the global industrial seals market during the forecast period. An increase in the number of registered and unregistered manufacturing companies in the region is primarily driving the market in the region. Moreover, companies are offering a better quality of seals at low prices to their customers, which is also a major reason for customers across the world to purchase industrial seals from countries, such as India and China.

North America is anticipated to grow at a higher rate, owing to the presence of prominent players in the USA. Furthermore, owing to the increasing number of small and mid-sized seals manufacturing companies and government initiatives of establishing manufacturing plants of different products.

Asia Pacific Industrial Seals Market Size, 2018

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Furthermore, the industrial seals market in Europe is anticipated to grow significantly, owing to the presence of well-established players in the region. Moreover, In Europe, the market in Italy is expected to grow significantly in the forecast period, owing to the increasing manufacturing plants in the country.

The market value in the Middle East and Africa and Latin America would have moderate growth owing to the several technological advancements and the growth of industrialization in both the regions.

INDUSTRY KEY PLAYERS

“Market Players like SKF, Flowserve Corporation and John Crane (Smiths Group Plc.) are more focused on increasing their regional presence.”

SKF holds the largest market share in the global industrial seals market. This is because the company offers a large number of varieties to its clients. Also, the company operates in almost every region and has a large number of customer engagement for the market. Furthermore, companies such as Flowserve Corporation, Eagleburgman, Tenneco Inc. (Federal-Mogul LLC), John Crane (Smiths Group Plc.) and others have established their manufacturing plants in developing countries, where the production cost is less as compared with others. Companies are adopting such strategies to provide the seals with high quality to their clients.

Furthermore, most of the companies are focused on partnering with small and mid-sized companies to make their regional presence stronger. Also, by adopting such strategies, companies can offer an enhanced product portfolio to their clients with minimum timelines.

List Of Key Companies Profiled



SKF (AB SKF)



Flowserve Corporation



John Crane (Smiths Group plc)



Trelleborg AB



EnPro Industries, Inc. (Garlock GmbH)



Dover Corporation (Waukesha Bearings)



SHV (ERIKS Group)



Freudenberg SE



Tenneco Inc. (Federal-Mogul LLC)



Fenner Group Holdings Limited (Hallite Seals)



REPORT COVERAGE

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The report provides an elaborative analysis of the global industrial seals market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.

Report Scope & Segmentation









ATTRIBUTE





DETAILS









Study Period





2015-2026









Base Year





2018









Forecast Period





2019-2026









Historical Period





2015-2017









Unit





Value (USD Billion)









Segmentation





By Type



Axial Seals



Radial Seals



Mechanical Seals



Pusher and Non-pusher

Conventional Seals

Balanced and Unbalanced Seals

Cartridge

















By End-Use-Industry



Mining



Food & Beverage



Oil & Gas



Energy and Power



Aerospace



Marine



Construction



Others (Chemicals, etc.)











By Geography



North America (U.S. and Canada)



Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)



Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)



Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Latin America (Brazil, Mexico, and Rest of Latin America)











INDUSTRY DEVELOPMENT